QT Imaging prices $10M public offering

QT Imaging Holdings has priced an underwritten public offering expected to raise about $10M in gross proceeds.

The Novato, CA-based breast imaging technology company is offering 2M shares of common stock or pre-funded warrants at a public offering price of $5 per share. Each pre-funded warrant is being sold at the share price minus a nominal $0.0001 exercise price, according to the company.

Gross proceeds are expected to be about $10M before underwriting discounts, commissions, and other offering expenses. QT Imaging said it plans to use the net proceeds for working capital and general corporate purposes.

The offering is expected to close on or about May 18, subject to customary closing conditions. Ladenburg Thalmann & Co. is serving as sole book-running manager, with Northland Capital Markets acting as co-manager.

QT Imaging develops breast imaging technology centered on its QTscan system, which uses transmission ultrasound rather than ionizing radiation or compression. The company positions the approach as a tool for breast imaging and monitoring, including dense breast tissue assessment.

The financing follows a series of recent company updates. QT Imaging reported first-quarter 2026 revenue of $6.5M on May 13 and reaffirmed full-year 2026 revenue guidance. Its investor relations page also lists recent announcements around a breast surgical oncology advisor, integrated multimodality breast imaging viewer, and next-generation reconstruction software.

The public offering may give the company additional operating flexibility as it continues commercialization and product-development work. StreetInsider reported that QT Imaging CEO Raluca Dinu, PhD, said the financing, along with a 2-year extension of the maturity date of the company’s senior secured term loan, provides flexibility for “commercial, clinical, and strategic growth initiatives.”

For breast imaging vendors, small-cap financing events can matter because commercialization typically requires sustained spending on sales, service, clinical evidence, software development, regulatory work, and customer support. That makes the use of proceeds and financing structure relevant to imaging centers, investors, and partners watching the company’s market position.

The transaction also comes after QT Imaging filed a mixed shelf registration in March and continued to make product announcements in April. Those updates suggest the company is trying to maintain access to capital while advancing its breast imaging platform and related software tools.

No clinical or regulatory milestone was announced with the offering itself. The immediate news is financial: QT Imaging has priced the raise, identified its managers, and set an expected closing date.