ENDRA Life Sciences Reports First Quarter 2026 Financial Results and Provides Business Update
ANN ARBOR, Mich.–(BUSINESS WIRE)–ENDRA Life Sciences Inc. (NASDAQ: NDRA) (“ENDRA” or the “Company”), a pioneer in thermoacoustic biomarker imaging for early detection and monitoring of steatotic liver disease (SLD), today reported financial results for the quarter ended March 31, 2026, and provided a business update.
Business Update
- Initiated Evaluation of Strategic Alternatives
- On March 25, 2026, the Company announced that its Board of Directors has initiated a process to evaluate strategic alternatives aimed at maximizing shareholder value.
- ENDRA will continue to execute on its strategic and operating initiatives during the review process, and has not set a timetable for completion of the process.
- Demonstrated Strong Clinical Progress with TAEUS® Liver
- On May 14, 2026, the Company announced multi-site clinical validation results for its TAEUS® Liver device demonstrating strong agreement with MRI-PDFF, high reproducibility and consistent performance across operators, sites and patient populations. The analysis, which included 64 patients across U.S. and Canadian sites, reported a correlation to MRI-PDFF of r=0.90, diagnostic accuracy with Area Under the Receiver Operating Characteristic (AUROC) values ranging from 0.95-0.99 at key thresholds, reproducibility with an Intraclass Correlation Coefficient (ICC) of 0.89 and no meaningful dependence on body mass index (BMI) or body habitus.
- On February 26, 2026, ENDRA reported favorable results from a new study that demonstrated the device’s robust intra-user repeatability and inter-user reproducibility, essential factors for long-term monitoring of SLD, which now affects approximately 30% of adults worldwide. The study involved 14 subjects and a total of 56 unique measurements, with TAEUS achieving an ICC of 0.89 with standard error of measurement of 3.3% using independent operators.
- These data support TAEUS’s objective to deliver a standardized, accurate and repeatable liver fat test for the growing population affected by SLD. TAEUS Liver has the potential to be deployed in routine clinical practice to address large, underserved populations and could potentially be utilized by pharmaceutical companies for patient recruitment and follow-up in clinical trials.
Management Commentary
“During the first quarter, we continued to strengthen the clinical foundation for TAEUS Liver while maintaining disciplined operational execution,” said Alexander Tokman, CEO of ENDRA Life Sciences. “The recently announced multi-site validation data demonstrated strong agreement with MRI-PDFF across operators and patient populations. These data reinforce our belief that TAEUS Liver has the potential to deliver a practical, point-of-care solution for the large and growing population affected by steatotic liver disease. We remain focused on advancing our regulatory and commercialization strategy while managing our resources carefully.”
First Quarter 2026 Financial Results
In the first quarter of 2026, cash used in operations decreased to $1.1 million from $1.3 million in the same period of 2025.
Total operating expenses for the first quarter of 2026 were $2.2 million compared with $1.5 million in the prior-year period. The increase included an increase in non-cash stock-compensation expense of $491,000 and an increase of $302,000 in long-term prepaid expenses associated with clinical learnings related to the TAEUS Liver device. As a result, the net loss in the first quarter of 2026 was $1.3 million compared to $1.0 million in the same quarter last year.
As of March 31, 2026, ENDRA had approximately $356,000 in cash and cash equivalents and held approximately $2.4 million in its Digital Asset Treasury, representing an additional component of its capital management strategy.
About ENDRA Life Sciences Inc.
ENDRA Life Sciences is the pioneer of Thermo Acoustic Enhanced UltraSound (TAEUS®), a ground-breaking technology being developed to assess tissue fat content and monitor tissue ablation during minimally invasive procedures, at the point of patient care. TAEUS® is focused on the measurement of fat in the liver as a means to assess and monitor steatotic liver disease and metabolic dysfunction-associated steatohepatitis, chronic liver conditions that affect over two billion people globally, and for which there are no practical diagnostic tools. Our press releases and financial and other material information are routinely posted to and accessible on the Investors section of our website, www.endrainc.com.
Forward-Looking Statements
All statements in this press release that are not based on historical fact are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements—based on certain assumptions and describing our future plans, strategies, and expectations—can generally be identified by the use of terms such as “approximate,” “anticipate,” “attempt,” “believe,” “can,” “could,” “estimate,” “expect,” “forecast,” “future,” “goal,” “hope,” “intend,” “may,” “plan,” “possible,” “potential,” “project,” “seek,” “should,” “will,” “would,” or other comparable terms (including the negative of any of the foregoing), although some forward-looking statements are express differently. Each forward-looking statement contained in this release is subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statement.
Applicable risks and uncertainties include, among others: expectations regarding our treasury strategy and our ability to execute it successfully; our limited commercial experience, limited cash resources, and history of losses; our ability to obtain adequate financing to fund operations in the future; our ability to regain and maintain compliance with Nasdaq listing standards; delays or changes in regulatory requirements, policies, or guidelines; the repeatability of clinical results across larger trial populations; potential delays in submitting required regulatory applications or other submissions to, or receiving approvals from, the U.S. Food and Drug Administration (“FDA”) or other regulatory agencies; our ability to obtain and maintain required CE mark certifications and secured required FDA and other governmental approvals for our Thermo Acoustic Enhanced Ultrasound (“TAEUS®”) applications; our ability to develop commercially viable products based on our TAEUS® technology; market acceptance of our technology; the effect of macroeconomic conditions on our business; results of studies, which may be negative or inconclusive; our ability to secure and maintain development partners; reliance on third parties, collaborations, strategic alliances, and licensing arrangements; the competitive landscape in the healthcare industry; our ability to protect our intellectual property; changes in healthcare industry practices or reimbursement policies; our ability to comply with regulations from federal, state, local, and foreign governmental agencies; risks related to shifts in regulatory, accounting, or tax treatment affecting our treasury activities; the potential impact of any changes in financial reporting requirements; the risk that our stock price may be affected by the performance or valuation of assets held in our treasury; a determination that we are an investment company under the Investment Company Act of 1940; our ability to achieve profitability; our dependence on key members of management; and other risks and uncertainties described in the Risk Factors and Management’s Discussion and Analysis of Financial Condition and Results of Operations sections of the Company’s most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission.
You should not rely on forward-looking statements as predictions of future events. Forward-looking statements in this press release speak only as of the date of issuance, and ENDRA assumes no obligation to update such statements to reflect actual results or changes in expectations, except as required by law.
[Financial Tables Follow]
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ENDRA Life Sciences Inc. |
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March 31, |
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December 31, |
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2026 |
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2025 |
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(Unaudited) |
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Assets |
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Current Assets |
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Cash |
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$ |
356,462 |
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$ |
762,365 |
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Prepaid expenses |
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180,204 |
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|
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205,604 |
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Total Current Assets |
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536,666 |
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967,969 |
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Non-Current Assets |
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|
|
|
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|
|
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Fixed assets, net |
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33,024 |
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42,516 |
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Right of use assets |
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431,725 |
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461,949 |
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Prepaid expenses, long term |
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– |
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365,417 |
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Digital Assets |
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2,430,781 |
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2,009,960 |
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Other assets |
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5,986 |
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5,986 |
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Total Assets |
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$ |
3,438,182 |
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$ |
3,853,797 |
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Liabilities and Stockholders’ Equity |
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Current Liabilities |
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Accounts payable and accrued liabilities |
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$ |
701,487 |
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$ |
621,578 |
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Lease liabilities, current portion |
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133,953 |
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129,378 |
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Total Current Liabilities |
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835,440 |
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750,956 |
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Long Term Debt |
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Lease liabilities |
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327,253 |
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362,974 |
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Warrant Liability |
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488,604 |
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479,747 |
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Total Long Term Debt |
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815,857 |
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842,721 |
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Total Liabilities |
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1,651,297 |
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1,593,677 |
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Commitments and Contingencies |
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– |
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– |
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Stockholders’ Equity |
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Series A Convertible Preferred Stock, $0.0001 par value; 10,000 shares authorized; 17.488 and 17.488 shares issued and outstanding, respectively |
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– |
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– |
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Series B Convertible Preferred Stock, $0.0001 par value; 1,000 shares authorized; no shares issued and outstanding |
|
|
– |
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|
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– |
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Series C Convertible Preferred Stock, $0.0001 par value; 100,000 shares authorized; no shares issued and outstanding |
|
|
– |
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|
– |
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Common stock, $0.0001 par value; 1,000,000,000 shares authorized; 1,240,751 and 1,176,477 shares issued and outstanding, respectively |
|
|
122 |
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116 |
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Additional paid in capital |
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113,563,705 |
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112,725,513 |
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Accumulated deficit |
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(111,776,942 |
) |
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(110,465,509 |
) |
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Total Stockholders’ Equity |
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1,786,885 |
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2,260,120 |
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Total Liabilities and Stockholders’ Equity |
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$ |
3,438,182 |
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$ |
3,853,797 |
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ENDRA Life Sciences Inc. |
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Three Months |
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Three Months |
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March 31, |
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March 31, |
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2026 |
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2025 |
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Operating Expenses |
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Research and development |
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$ |
776,410 |
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$ |
528,685 |
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Sales and marketing |
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4,278 |
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68,991 |
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General and administrative |
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1,393,060 |
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|
871,606 |
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Total operating expenses |
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2,173,748 |
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|
1,469,282 |
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|
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Operating loss |
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(2,173,748 |
) |
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(1,469,282 |
) |
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Other (expenses) income |
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Other income |
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|
351 |
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24,390 |
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Digital asset staking compensation |
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11,060 |
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– |
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Unrealized gain on change in fair value of digital assets |
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|
738,177 |
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– |
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Realized gain on change in fair value of digital assets |
|
|
121,584 |
|
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|
|
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Changes in fair value of warrant liability |
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|
(8,857 |
) |
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|
408,562 |
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Total other (expenses) income |
|
|
862,315 |
|
|
|
432,952 |
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|
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|
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Loss from operations before income taxes |
|
|
(1,311,433 |
) |
|
|
(1,036,330 |
) |
|
|
|
|
|
|
|
|
|
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Provision for income taxes |
|
|
– |
|
|
|
– |
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|
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Net Loss |
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$ |
(1,311,433 |
) |
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$ |
(1,036,330 |
) |
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Net loss per share – basic and diluted |
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$ |
(1.09 |
) |
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$ |
(1.86 |
) |
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Weighted average common shares – basic and diluted |
|
|
1,199,586 |
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|
557,582 |
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View source version on businesswire.com: https://www.businesswire.com/news/home/20260518282190/en/
Company Contact:
Investor Relations
[email protected]
www.endrainc.com
Investor Relations Contact:
Yvonne Briggs
Alliance Advisors IR
(310) 691-7100
[email protected]
KEYWORDS: Michigan United States North America
INDUSTRY KEYWORDS: Research Medical Devices Clinical Trials Health Technology Biotechnology Radiology Health Pharmaceutical Science
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