Qt Imaging Holdings, Inc. · NASDAQ:QTI
Qt Imaging — SPAC Merger (December 2022)
69 slides from Qt Imaging's SPAC merger presentation, Dec 12, 2022
Slide 1: Ultralow Frequency Transmitted Sound Imaging
Ultralow Frequency Transmitted Sound Imaging December 2022 Exhibit 99.2
Slide 2: Disclaimer
Copyright © 2022 QT Imaging, Inc. All Rights Reserved. Disclaimer About this Presentation This investor presentation (this “Presentation”) is provided for informational purposes only and has been prepared to assist interested parties in making their own evaluation with respect to the proposed busine
Slide 3: Disclaimer – Cont.
Copyright © 2022 QT Imaging, Inc. All Rights Reserved. Disclaimer – Cont. Industry and Market Data Industry and Market data used in this Presentation have been obtained from public sources and third-party industry publications. Such data has not been independently verified by QT Imaging or GigCapita
Slide 4: Disclaimer – Cont. Forward Looking Statements
Copyright © 2022 QT Imaging, Inc. All Rights Reserved. Disclaimer – Cont. Forward Looking Statements – Cont. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of the parties to the Prop
Slide 5: Disclaimer – Cont. Forward Looking Statements
Copyright © 2022 QT Imaging, Inc. All Rights Reserved. Disclaimer – Cont. Forward Looking Statements – Cont. If any of these risks, uncertainties or other factors materialize or QT Imaging’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward
Slide 6: Disclaimer – Cont. Trademark and Intellectual Property
Copyright © 2022 QT Imaging, Inc. All Rights Reserved. Disclaimer – Cont. Trademark And Intellectual Property QT Imaging and GigCapital5 own or have proprietary rights to various trademarks, service marks and trade names used in this Presentation that are important to their respective businesses, ma
Slide 7: Disclaimer – Cont. Additional Information and Where To Find It
Copyright © 2022 QT Imaging, Inc. All Rights Reserved. Disclaimer – Cont. Additional Information and Where To Find It In connection with the Proposed Business Combination, it is intended that GigCapital5 will prepare the GigCapital5 proxy statement/prospectus in a registration statement on Form S-4
Slide 8: Copyright
Copyright © 2022 QT Imaging, Inc. All Rights Reserved.
Slide 9: Overview of GigCapital5, Inc.
Overview of GigCapital5, Inc. GigCapital5, Inc. (NYSE: GIA) is a $41M publicly traded Special Purpose Acquisition Company (“SPAC”) GigCapital5’s IPO was completed in September 2021 Led by a proven management team of experienced entrepreneurs and executives Deep public company management and board ex
Slide 10: Built by a Veteran Healthcare Entrepreneur & Experienced Management
Built by a Veteran Healthcare Entrepreneur & Experienced Management CEO & CHIEF MEDICAL OFFICER CHIEF PRODUCT OFFICER John Klock, MD Dr. Klock was involved in the founding of multiple disruptive medical companies, including BioMarin Pharmaceuticals ($19B market cap) where he served as President. Dr.
Slide 11: Executive Summary
Executive Summary Broad-based, no radiation medical imagining solution: breast • infant body • orthopedics FDA-cleared breast scanner with better sensitivity and specificity than mammography Patent-protected technology: 14 granted US/Europe • 14 pending SW platform protected by trade secrets Worldwi
Slide 12: Mission Statement
Mission Statement Develop a safer, more accurate comprehensive imaging system Develop a safe body imaging technology for healthy persons and infants Develop a safe body imaging technology that can be point of care Increase the speed of medical imaging Lower the cost of medical imaging Improve medica
Slide 13: NIH Grant History
NIH Grant History YEAR GRANT NUMBER GRANT TITLE INSTITUTION AMOUNT 1976 1R01GM022549 Breast Tissue Characterization by Ultrasound Mayo Clinic (Jim Greenleaf) 1982-1989 1R01CA029728 Breast Cancer Detection using Ultrasound Tomography University of Utah $760,855 1987 1R43CA045852 Model scanner validat
Slide 14: Current and Future Platforms
TREATMENT APPLICATIONS INFANT BODY SCANNING BODY SCANNER PLATFORM DEVELOPMENT 2022 2023 - 2025 DEDICATED BREAST SCANNER IMAGE-BASED BIOPSIES AND ROBOTIC SURGERY PLATFORM DEVELOPMENT ORTHOPEDIC SCANNING 2025 + Current and Future Platforms Copyright © 2022 QT Imaging, Inc. All Rights Reserved.
Slide 15: QT's Technology Has the Opportunity to Transform Several Large Markets
. Under development New market opportunity given limitations of current imaging modalities for infants Commenced feasibility study Variety of image-guided procedures including biopsies, injections and cryoablation QT’S Technology Has the Opportunity to Transform Several Large Markets 15 2022 GLOBAL
Slide 16: Technology Overview
TECHNOLOGY OVERVIEW
Slide 17: QT Has Introduced a New Imaging Modality
er IMPROVED PATIENT EXPERIENCE Elimination of breast compression which could lead to improved compliance with screening guidelines (35% non-compliant) QT Has Introduced a New Imaging Modality LOWER COST The upfront and ongoing operating cost is significantly less than MRI or CT SUPERIOR IMAGE QUALIT
Slide 18: High Resolution, Quantitative Accuracy Requires 3D Model of Field Energy
Transmitter The 3D nature of the transmitted acoustic field is seen here. High Resolution, Quantitative Accuracy Requires 3D Model of Field Energy Top view of acoustic field Acoustic energy through knee tibio-femoral space Receiver Tx Rx Hoffa’s pad as a ‘lens’ in one view Copyright © 2022 QT Imagin
Slide 19: Proprietary Transmission Ultrasound Design Allows for 3D Image Reconstruction
Sound pressure plane wave 0.3 to 2 MHz Multi row vertical detector – 2,048 pixels Quantitative – acquisition in a 3D space Inverse scattering image reconstruction in 3D (not slice reconstruction) 150 trillion calculations per image 2048 elements, each 0.45x2.5mm 0.3 MHz – 2.0 MHz 64 elements, 1.5x20
Slide 20: How to Get These Images: 3D Ultrasound Volography
How to Get These Images: 3D Ultrasound Volography Massive redundancy 8 x 256 2D receiver array Transmitter Reflection arrays Water bath QT Imaging Scanner Key Specs – Breast Scanner Laboratory Resolution Reflective images: 0.9mm Transmission images: 1.3mm Clinical Feature detection: below 11mm Only
Slide 21: The Ground Truth: QT Can See Down to the Level of Histology
The Ground Truth: QT Can See Down to the Level of Histology Source: John C. Klock, Elaine Iuanow, Bilal Malik, Nancy A. Obuchowski, James Wiskin, and Mark Lenox. Anatomy-Correlated Breast Imaging and Visual Grading Analysis Using Quantitative Transmission Ultrasound. International Journal of Biomedi
Slide 22: Heavily Protected by Patents and Trade Secrets
Heavily Protected by Patents and Trade Secrets Patents and Trade Secrets QT uses a combination of patents and trade secrets to protect its technology Software IP is QT’s most valuable asset and is protected by trade secrets 14 active US/EP patents with an additional 14 patents pending with the PTO T
Slide 23: Breast Health
BREAST HEALTH
Slide 24: QTscan Addresses Critical Deficiencies in Current Breast Imaging Paradigm
50% 50% Dense breastOther 35% 65% Do not follow guidelines Follow guidelines OVER 80% OF CALLBACK BIOPSIES ARE BENIGN 98% OF RECALLS ARE AVOIDABLE What it means to have dense breasts. Center for Disease Control and Prevention The Role of Ultrasound in Screening Dense Breasts. NCBI. (3) Mammography.
Slide 25: Modality Comparisons: The QT Scan Provides Exceptional Image Quality
Modality Comparisons: The QT Scan Provides Exceptional Image Quality Copyright © 2022 QT Imaging, Inc. All Rights Reserved. The QT Imaging Advantage… ...OVER MAMMOGRAPHY Improved image quality Safer (no radiation), allowing for more frequent imaging Greater sensitivity and specificity Licensed techn
Slide 26: Invasive Ductal Carcinoma Case
Invasive Ductal Carcinoma Case 10 XRM HHUS MRI QT Scan Copyright © 2022 QT Imaging, Inc. All Rights Reserved.
Slide 27: Higher Sensitivity and Specificity Than All Other Modalities
Higher Sensitivity and Specificity Than All Other Modalities QT Imaging MRI Handheld Ultrasound Mammography Image Quality Safety Speed Cost Efficiency Patient Experience Copyright © 2022 QT Imaging, Inc. All Rights Reserved.
Slide 28: QT Offers Only True 3D Data Capture and Image Reconstruction
Prod uct Invenia ABUS Acuson S2000 ABVS AWBUS Sofia 3D Delphinus SoftVue QT Breast Scanner Design Type Articulating Arm Articulating Arm Articulating Arm Guided Handheld Rotating Armature Water Bath Water Bath Output Stacked 2D Reflection Slices Stacked 2D Reflection Slices Stacked 2D Reflection Sli
Slide 29: Clinical Results
CLINICAL RESULTS
Slide 30: Clinical Trials – Dense Breast Imaging Study
Cysts Implant with Mass Cancer Clinical Trials – Dense Breast Imaging Study Confirmed DBT = 40% False-Negatives Copyright © 2022 QT Imaging, Inc. All Rights Reserved.
Slide 31: Clinical Trials – Two Blinded Randomized Trials
Clinical Trials – Two Blinded Randomized Trials VS QT was Non-inferior to Digital Breast Tomosynthesis in Mass Detection Study #1 Study #2 Copyright © 2022 QT Imaging, Inc. All Rights Reserved.
Slide 32: Clinical Trials – Prostate Cancer Study
Clinical Trials – Prostate Cancer Study VS QT had 86% sensitivity and 94% specificity 7T MRI had 65% sensitivity and 96% specificity These results were reported at three scientific meetings: American Urological Association meeting Sept. 2021 Engineering and Urology Society 35th Annual Meeting, “2022
Slide 33: QT Imaging is an Nvidia Inception Partner
QT Imaging is an Nvidia Inception Partner Speed up factor for one (1) A100 vs Two (2) P6000s across several QT Imaging reconstruction ‘protocols’ J. Wiskin and J. Klock, "3D Ultrasound tomography timing validation for clinical deployment," in 2022 IEEE International Ultrasonics Symposium (IUS), 2022
Slide 34: Imaging Advances
Imaging Advances Normal 5 Degree Tilted Array Copyright © 2022 QT Imaging, Inc. All Rights Reserved.
Slide 35: Imaging Advances – Cont.
Imaging Advances – Cont. Normal Artifact Reduction Using Machine Learning Copyright © 2022 QT Imaging, Inc. All Rights Reserved.
Slide 36: Regulatory Status
REGULATORY STATUS
Slide 37: Regulatory Clearances – December 2022 Update
Regulatory Clearances – December 2022 Update 37 INDICATION FOR USE DESCRIPTION STATUS NEXT STEPS SCREENING YOUNG AT-RISK WOMEN ALLOWS FOR PRIMARY SCREENING OF YOUNGER WOMEN WITH CANCER GENES OR STRONG FAMILY HISTORY ALL DATA NEARLY COMPLETED FDA SUBMISSION Q1 2023 CLINICAL TRIAL IN TORONTO CANADA AL
Slide 38: FDA Breakthrough Device Designation for Screening
FDA Breakthrough Device Designation for Screening Fast-track 45-Day Review Preferred Standards for Clearance Guidance for Indications for Use CPT code fast track Copyright © 2022 QT Imaging, Inc. All Rights Reserved.
Slide 39: Open Angle Scanner
OPEN ANGLE SCANNER
Slide 40: Open Angle Scanner
Open Angle Scanner Copyright © 2022 QT Imaging, Inc. All Rights Reserved.
Slide 41: Developing an Open Angle Scanner Will Expand the Technology to New Markets
Developing an Open angle Scanner Will Expand the Technology to New Markets FURTHER OPPORTUNITIES FOR MARKET ENTRY The Open Angle Scanner uses an open, partial angle configuration with the same platform technology as the QT Breast Scanner An open, partial angle configuration reduces the viewing field
Slide 42: Feasibility Studies Completed; Open Angle Scanner Development Underway
Feasibility Studies Have Been Successfully Completed and the Development of the Open Angle Scanner Is Underway DEVELOPMENT STAGE QT has successfully completed feasibility studies for partial angle reconstruction QT has verified the ability to perform data acquisition and image reconstruction with a
Slide 43: Technology for Orthopedics Validated and Published in Nature (2020)
Technology for Orthopedics Validated and Published in Nature (2020) Copyright © 2022 QT Imaging, Inc. All Rights Reserved.
Slide 44: QT vs MRI: Human Knee
QT vs MRI: Human Knee QT Scan MRI – Proton Density Fat-Suppressed Articular cartilage Biceps femoris Gastrocnemius muscle Hoffa’s pad Patellar tendon Biceps femoris – lack of signal on MRI Lack of signal More detail in tissue Copyright © 2022 QT Imaging, Inc. All Rights Reserved.
Slide 45: Quantitative Segmentation for Speed of Sound
QT SPEED OF SOUND VALUES Quantitative Segmentation for Speed of Sound QT Imaging has validated orthopedic imaging using cadavers Articular cartilage: 1664 (26.5) m/s Medial collateral ligament: ~ 1690 (38) m/s Muscle (sartorius): 1571 (28) m/s Fat: 1437 (18.5) m/s Copyright © 2022 QT Imaging, Inc. A
Slide 46: Point-of-Care Target Markets
Orthopedic Surgeons (In-Office) Sports Teams (On-the Field) Military (Ships and Field Use) Point-of-Care Target Markets Copyright © 2022 QT Imaging, Inc. All Rights Reserved.
Slide 47: Infant Body Scanner
Infant Body Scanner There is a significant opportunity for a safe, inexpensive whole body infant scanner Copyright © 2022 QT Imaging, Inc. All Rights Reserved.
Slide 48: Breast Body Imaging Validation
Breast Body Imaging Validation WHOLE BODY PIGLET CROSS SECTION QT Imaging MRI (T2 Fat-suppressed sequence) Copyright © 2022 QT Imaging, Inc. All Rights Reserved.
Slide 49: QT vs 3T MRI
QT vs 3T MRI QT Imaging 3T MRI Copyright © 2022 QT Imaging, Inc. All Rights Reserved.
Slide 50: QT Lung Imaging
QT Lung Imaging Copyright © 2022 QT Imaging, Inc. All Rights Reserved.
Slide 51: QT Eye Imaging Validation
Breast CT QT Eye Imaging Validation MRI Copyright © 2022 QT Imaging, Inc. All Rights Reserved.
Slide 52: Eye Imaging Validation – Cont.
SPEED OF SOUND IMAGING Breast QT Imaging Histology Eye Imaging Validation – Cont. Copyright © 2022 QT Imaging, Inc. All Rights Reserved.
Slide 53: Open Angle Scanner Development Timeline
Open Angle Scanner Development Timeline Ortho Software Development Infant Software Development Open Angle Hardware Development Software Development 510(k) Rollout Submitted w/Hardware Image-Guided Procedure Software Development Software Development 2022 2023 2024 Software Development Prototype Desig
Slide 54: Clinical Adoption
CLINICAL ADOPTION
Slide 55: QT Imaging Platform Has Broad Application Across Breast Health
QT Imaging Platform Has Broad Application Across Breast Health DIAGNOSI S SUPPLEMENTAL SCREENING MONI TORI NG Adjunct to mammography Dense Breasts Intermediate to high-risk women Implants Primary Screening for mammogram ineligible patients (age <35) Young, high-risk women Women with previous breast
Slide 56: Pricing Structures Allow Providers Flexibility in Using the QT Scanner
Traditional Upfront Purchase: MSaaS (Medical Scan as a Service)/Per Click Model: Turnkey Model (includes scan interpretation): * all require annual maintenance and custom disposables Pricing Structures Allow Providers Flexibility in Using the QT Scanner INITIAL TARGET MARKETSPRICING MODEL* Community
Slide 57: Reimbursement Will Be Driven by the Value and Savings Provided to Patients
Reimbursement Will Be Driven by the Value and Savings Provided to Patients FUTURE CURRENT Existing CPT codes, non-specific to QT technology: Unilateral or Bilateral breast ultrasound (76641 or 76642) 3D rendering (76377) Other ultrasound procedures (76999) CPT code specific to QTscan® Higher reimbur
Slide 58: Operations and Financials
OPERATIONS AND FINANCIALS
Slide 59: QT Imaging Has Full Range of Operational Capabilities
QT Imaging Has Full Range of Operational Capabilities OPERATIONS SCIENCE, R&D, ENGINEERING MANFUACTURING ENGINEERING REGULATORY AND QUALITY ACCOUNTING/ FINANCE SolidWorks, MATLAB, Altium, CadLink NetSuite ERP SolidWorks, CUDA, Nsight, C++, C, MATLAB, Python, F95, colab, Fiji, AnalyzePro FDA register
Slide 60: Hardware Assembly and Software Development Are Internally Managed
QT ASSEMBLY AND BUILD PROCESS Hardware Testing and inspection of all incoming components and sub assemblies Data Acquisition Subsystem (QT proprietary design) Transducers (QT proprietary design) Beam Formers (QT proprietary design) GPU (Based on Nvidia) Assembly of ~900 parts (excluding common hardw
Slide 61: Scanner Deployment and Availability
Scanner Deployment and Availability Seven machines deployed Seven machines near completion Parts for five additional machines currently in inventory Eight machines in the pipeline for sale in 2023 Pipeline of finished goods, WIP, and raw material inventory will enable us to fulfill demands from Asia
Slide 62: Capital Is Required to Gain Additional FDA Clearances and Build Next Generation Scanner
Capital Is Required to Gain Additional FDA Clearances for Breast and Build Out Next Generation Scanner $5M $6M Five NA placements; seven international placements in 2023 Generate clinical data Publish data Develop market advocates Screening Clearance for high-risk young women Product enhancements Bu
Slide 63: Transaction Detail
Transaction Detail (1) Enterprise Value Post Combination of approx. $219M QT Imaging shareholders to roll 100% of their equity; Equity Value Pre-Combination of approx. $147M(3) Seeking to raise $26M PIPE Transaction expected to be completed in H1 2023, QT Imaging to trade on NYSE under ticker “QTI”
Slide 64: Risk Factors
Copyright © 2022 QT Imaging, Inc. All Rights Reserved. Risk Factors All references to “QT Imaging,” “Company,” “we,” “us” or “our” refer to the business of QT Imaging, Inc. The risks presented below are certain of the general risks of the Company, GigCapital5, Inc (“SPAC”), and the proposed transact
Slide 65: Development Stage Technology Risks
Development Stage Technology Risks The market for the Company’s medical scanner is subject to technological change. The success of the Company depends on the timely perception of new trends, developments and customer needs, constant further development of engineering expertise and ensuring that prod
Slide 66: Risk Factors – Cont. Intellectual Property Risks
Copyright © 2022 QT Imaging, Inc. All Rights Reserved. Risk Factors – Cont. Intellectual Property Risks Although the Company has been granted several patents, no assurances can be given that the scope of any patent protection will exclude competitors or provide competitive advantages to the Company,
Slide 67: Risk Factors – Cont. General Business Risks
Copyright © 2022 QT Imaging, Inc. All Rights Reserved. Risk Factors – Cont. General Business Risks Downturns or volatility in general economic conditions could have a material adverse effect on the Company’s business, financial condition, results of operations and liquidity. The Company's competitiv
Slide 68: Risk Factors – Cont. Risks Related to the Business Combination
Copyright © 2022 QT Imaging, Inc. All Rights Reserved. Risk Factors – Cont. Risks Related to the Business Combination The Proposed Business Combination may disrupt current plans and operations of the Company. If the Proposed Business Combination’s benefits do not meet expectations of investor or sec
Slide 69: Thank You!
Thank You!