Breaking Down ENDRA Life Sciences Inc. (NDRA) Financial Health: Key Insights for Investors

You're looking at ENDRA Life Sciences Inc. (NDRA) because their Thermo Acoustic Enhanced UltraSound (TAEUS) system promises a major diagnostic shift, but honestly, the near-term financial picture is a tightrope walk that demands your attention right now. The company posted a net loss of $1.6 million for the third quarter of 2025, a solid reduction from $2.35 million a year prior, and cut operating cash burn by 30% to $1.2 million, showing real cost discipline. Still, as of September 30, 2025, they had only $0.8 million in cash, a critically low figure for a pre-revenue MedTech firm with a market capitalization hovering around $3.51 million as of mid-November 2025. Here's the quick math: the October 2025 private placement brought in $4.9 million in gross proceeds, but the controversial move to allocate roughly $3.0 million-a full 61% of the raise-to a volatile digital asset treasury, while ring-fencing only $750,000 for the crucial TAEUS pilot study, completely changes the risk profile. That capital allocation is a huge signal. We need to break down what this financial engineering means for the core technology, the path to FDA clearance, and your investment decision.

Revenue Analysis

You're looking for a clear picture of ENDRA Life Sciences Inc. (NDRA)'s top line, and the direct takeaway is simple: the company is currently a pre-revenue entity. They are focused on the development and regulatory approval of their core product, so traditional product sales revenue is nonexistent in the 2025 fiscal year.

The core business model centers on the Thermoacoustic Enhanced Ultrasound (TAEUS™) platform, a non-invasive device for measuring liver fat. This is a crucial tool for managing metabolic dysfunction-associated steatotic liver disease (MASLD), but it hasn't generated product revenue yet. For the nine months ended September 30, 2025, the company's revenue from product and service sales was $0.00. This makes the year-over-year revenue growth rate from 2024 to 2025 effectively 0% in the core business segment.

Here's the quick math: Zero revenue in the core business means all costs must be covered by financing. Still, the company is making progress on cost control, which is important. For the nine months ended September 30, 2025, the net loss was $3.86 million, a significant reduction from the $7.36 million loss in the same period a year prior. That's a 48% reduction in net loss year-to-date.

The company is targeting four primary customer segments for future revenue, planning a subscription-based model alongside traditional direct sales once the TAEUS platform is commercialized:

• Pharmaceutical companies and Clinical Research Organizations.
• High-End Primary Care Networks.
• Bariatric and Metabolic Clinics.
• Primary and Internal Medicine practices.

What this financial picture hides is a major change in strategy. In October 2025, ENDRA Life Sciences Inc. (NDRA) launched a new strategic financial initiative: a Digital Asset Treasury (DAT). This isn't a product revenue stream, but it's designed to generate non-dilutive financial returns to fortify the balance sheet. They allocated approximately $3.0 million of the $4.9 million gross proceeds from a recent private placement to this strategy. This move is a clear signal that management is looking for alternative, non-core ways to fund operations while they push the TAEUS platform toward commercialization and regulatory clearance.

To be fair, a pre-revenue status is defintely normal for a medical device company in the clinical development phase, especially one seeking De Novo FDA approval. You can review the long-term strategic goals here: Mission Statement, Vision, & Core Values of ENDRA Life Sciences Inc. (NDRA).

For now, the revenue table is straightforward:

The key action for you is to watch for two things: the results of the TAEUS pilot validation study and any initial revenue recognition from the DAT strategy in the Q4 2025 report.

Profitability Metrics

You need to know if ENDRA Life Sciences Inc. (NDRA) is a viable operating business, and the short answer is no, not yet; it is a pre-revenue, R&D-stage company with a deeply negative profitability profile. The company's financial health is defined by its burn rate against its cash reserves, not by profit margins.

For the nine months ended September 30, 2025, ENDRA Life Sciences Inc. reported a net loss of $3.86 million, a significant improvement from the prior year, but still a loss. The company operates with $0.00 in total revenue, which means its gross profit, operating profit, and net profit margins are all effectively 0% or severely negative. This is the single most important number to grasp.

Here's the quick math: when you have no sales, you have no gross profit (revenue minus cost of goods sold). The company's focus is entirely on managing its operating expenses (OpEx) to extend its runway.

• Gross Profit Margin: 0% (no revenue from core product sales)
• Operating Profit Margin: Deeply negative (forecasted annual EBIT loss of -$12 million)
• Net Profit Margin: Deeply negative (net loss of $1.6 million for Q3 2025)

Trends in Operational Efficiency

To be fair, the management team has defintely worked on cost control, which is a positive trend. Total operating expenses for the third quarter of 2025 were $1.4 million, which is down from $1.5 million in the same quarter a year ago. This cost-optimization initiative led to a 37% cut in year-to-date operating costs, bringing them to $4.1 million. This is crucial because it slows the cash burn, buying more time for the TAEUS® device to reach commercialization.

Still, the company's strategic capital allocation introduces a new layer of risk that impacts operational efficiency. Following a private placement, ENDRA Life Sciences Inc. earmarked only $750,000 for the core TAEUS pilot validation study, while allocating approximately $3.0 million (over 61% of the gross proceeds) to a volatile digital asset treasury. This move transforms the company from a pure-play MedTech developer into a high-risk hybrid entity, which complicates traditional financial analysis and raises questions about management's priorities for the core product.

Industry Comparison: A Stark Contrast

For context, the medical device industry is a high-margin business once products scale. A peer company like Varex, for example, reported a Non-GAAP gross margin of 35% and a Non-GAAP operating margin of 9% for their fiscal year 2025. Medtech companies, on average, often see margins around 22%.

The table below clearly maps the gap between ENDRA Life Sciences Inc.'s current reality and the industry benchmark. This is the chasm the company must cross to achieve financial sustainability.

What this estimate hides is the potential for a massive, immediate swing to positive gross margins once the TAEUS® device is approved and sales commence. But until then, the margins are zero. You can read more about the company's full financial picture in Breaking Down ENDRA Life Sciences Inc. (NDRA) Financial Health: Key Insights for Investors.

Debt vs. Equity Structure

You need to know how ENDRA Life Sciences Inc. (NDRA) funds its operations, and the clear takeaway is that while their overall debt load is low, their reliance on equity financing is extremely high due to a severely depleted equity base. This creates a volatile capital structure.

As of the most recent quarter in 2025, ENDRA Life Sciences Inc. carries a total debt of approximately $525,328. This is a relatively small absolute number for a publicly traded medical technology company. However, the balance sheet shows this debt is predominantly long-term in nature, with total long-term debt reported at $992,421 as of September 30, 2025. This suggests minimal immediate short-term debt obligations, which is a small positive for near-term liquidity.

The real story is the Debt-to-Equity (D/E) ratio, which measures financial leverage (how much debt a company uses versus shareholder funds). Here's the quick math:

• ENDRA Life Sciences Inc.'s D/E Ratio: 3.07 (or 307%)
• Medical Device Industry Average D/E Ratio: Approximately 0.70

A ratio of 3.07 means the company is using over three times more debt than shareholder equity to finance its assets. To be fair, this high ratio is less about massive debt and more about a low or negative stockholders' equity, a common issue for pre-revenue biotech/med-tech firms burning cash on research and development. This is why the company faced a Nasdaq compliance issue, which is defintely a risk factor.

The company has been aggressively pursuing equity over debt to manage this imbalance. In October 2025, ENDRA Life Sciences Inc. closed a Private Investment in Public Equity (PIPE) financing, generating approximately $4.9 million in gross proceeds, with the potential for an additional $9.5 million from warrant exercises. This equity infusion was crucial, as it allowed the company to regain compliance with Nasdaq's minimum stockholders' equity requirement.

This pattern of financing-issuing new shares and warrants-is highly dilutive to existing shareholders, but it's the necessary trade-off to stay solvent and fund operations. They also filed a prospectus supplement for Debt Securities in October 2025, which gives them the option to issue debt, but the recent action confirms their preference for equity funding to shore up the balance sheet. Still, the underlying financial risk is high: the company has a high Probability of Bankruptcy of over 79% for 2025, indicating significant financial distress risk. You must weigh the dilution risk against the operational runway this new capital provides. For a deeper dive into the company's overall financial picture, you can check out Breaking Down ENDRA Life Sciences Inc. (NDRA) Financial Health: Key Insights for Investors.

Liquidity and Solvency

You need to know if ENDRA Life Sciences Inc. (NDRA) has enough short-term cash to cover its bills, and the answer is a qualified 'yes' right now, largely due to recent financing. While the company is still pre-revenue and burns cash from operations, a recent capital raise has provided a critical liquidity buffer.

The most recent data, as of the third quarter ending September 30, 2025, shows the company's liquidity ratios are tight but technically solvent. The Current Ratio sits at 1.31, meaning ENDRA Life Sciences Inc. has $1.31 in current assets (like cash, prepaid expenses) for every dollar of current liabilities (bills due within a year). The Quick Ratio (or acid-test ratio), which strips out less liquid assets like inventory, is 0.99. This means the company is right on the edge; without relying on selling any inventory, it can almost cover all its immediate obligations.

Here's the quick math on their short-term position:

• Current Ratio: 1.31 (MRQ)
• Quick Ratio: 0.99 (MRQ)
• Total Current Assets (Q3 2025): $1,048,709
• Cash and Cash Equivalents (Q3 2025): $794,036

Working capital, which is current assets minus current liabilities, is positive but remains a concern in the long run without a path to profitability. The trend, however, shows management is actively working to manage the burn rate. For the third quarter of 2025, the company's cash burn from operations decreased 30% to $1.2 million compared with $1.7 million in the same quarter of 2024. That's a defintely positive sign of cost-optimization initiatives taking hold.

The cash flow statement tells the story of an early-stage medical technology company. Trailing Twelve Months (TTM) cash flow from operations is a significant outflow of -$5.09 million, which is typical as they invest heavily in developing their TAEUS® technology. Investing cash flow is a minimal outflow of -$17.28K (TTM), suggesting capital expenditure is low right now.

The real action is in the financing section. Subsequent to the third quarter of 2025, ENDRA Life Sciences Inc. completed a private placement (PIPE) that generated $4.9 million in gross proceeds. This infusion of capital is the primary reason the company has fortified its liquidity position, and it's a clear action to ensure short-term solvency. They also launched a strategic initiative to enhance balance sheet flexibility, including a digital asset treasury strategy, which is a novel approach to generating non-dilutive returns. This move helped them regain compliance with Nasdaq's minimum stockholders' equity requirement.

The key takeaway is that while the operational cash flow remains negative, the recent financing has bought ENDRA Life Sciences Inc. a crucial runway to continue its regulatory and commercialisation efforts. You can dig deeper into the people behind these financial moves by Exploring ENDRA Life Sciences Inc. (NDRA) Investor Profile: Who's Buying and Why?

The risk remains the rate of cash burn against the remaining cash balance, but the recent financing and the 30% reduction in quarterly cash burn are clear, actionable steps that improve the near-term outlook. Your next step should be to monitor the Q4 2025 report for the first full quarter reflection of the $4.9 million cash infusion and any further reduction in operating expenses.

Valuation Analysis

Is ENDRA Life Sciences Inc. (NDRA) overvalued or undervalued? The quick answer is that traditional valuation metrics don't apply here, so you have to look at the future, not the past. As a clinical-stage medical technology company, ENDRA Life Sciences Inc. is currently unprofitable, which makes standard ratios like Price-to-Earnings (P/E) and Enterprise Value-to-EBITDA (EV/EBITDA) effectively meaningless for a direct comparison.

Since the company is still in the commercialization phase for its TAEUS technology, we see a forecasted annual Earnings Per Share (EPS) for the 2025 fiscal year around -$7.48, which is why the P/E ratio is not applicable (N/A). Similarly, the forecasted annual EBIT (Earnings Before Interest and Taxes) for 2025 is expected to be a loss of approximately -$12 million, making the EV/EBITDA ratio N/A as well.

Here's the quick math on the book value, though: The Price-to-Book (P/B) ratio sits at a high 19.42. This suggests that the market is valuing the company's future potential and intellectual property-its Thermo Acoustic Enhanced UltraSound (TAEUS) platform-at nearly 20 times its current net tangible asset value. That's a huge premium, but it's common for high-growth, pre-revenue biotech/medtech firms where the value is in the technology, not the balance sheet. To be fair, this P/B ratio is a clear sign of significant investor speculation on regulatory success and market adoption.

• P/E Ratio: N/A (Due to net losses).
• P/B Ratio: 19.42 (High, reflecting growth speculation).
• EV/EBITDA: N/A (Due to negative EBIT).

The stock's price action over the last 12 months tells a story of intense volatility, which is defintely a risk factor. The stock has traded in a wide range, from a 52-week low of $2.90 to a high of $11.96. As of November 2025, the stock price has seen a 52-week change of +37.56%, though it's been a bumpy ride. The recent closing price around $6.69 (as of November 18, 2025) is a good anchor point.

Like most companies focused on R&D and commercialization, ENDRA Life Sciences Inc. is not a dividend stock. The Trailing Twelve Months (TTM) dividend payout and yield are both 0.00%. If you're looking for income, this isn't the play; it's purely a growth bet.

Wall Street analysts are split, which is typical for a binary-event stock like this, but the sentiment leans toward massive upside potential. While some analysts have a 'Hold' consensus based on a split of Buy/Sell ratings, others maintain a 'Strong Buy' rating. The average 12-month price target is aggressive, ranging from $38.00 to $50.00. This implies a forecast of over 468% to 647% upside from the current price, largely predicated on the successful commercialization and regulatory clearance of TAEUS.

If you want to understand who is making these high-stakes bets, you should be Exploring ENDRA Life Sciences Inc. (NDRA) Investor Profile: Who's Buying and Why?

The clear action here is to treat ENDRA Life Sciences Inc. as a high-risk, high-reward growth stock. The valuation is not based on current fundamentals, but on a successful product launch-a classic binary event scenario.

Risk Factors

You're looking at ENDRA Life Sciences Inc. (NDRA) and seeing an innovative technology, but you need to map the risks before you commit capital. The core takeaway is that ENDRA is a pre-revenue MedTech company with a critical liquidity challenge, compounded by a recent, highly speculative capital allocation strategy. This isn't a typical growth stock; it's a high-stakes bet on regulatory approval and a volatile treasury pivot.

The most immediate and severe risk is financial. The company reported only $0.8 million in cash and cash equivalents as of September 30, 2025, which confirmed an explicit 'going concern' warning in its filings. While they reduced their Q3 2025 cash burn from operations by 30% to $1.2 million (down from $1.7 million in Q3 2024), that burn rate is still unsustainable against their cash on hand. Here's the quick math: $0.8 million in cash against a quarterly burn of $1.2 million means they need constant fundraising to survive. This leads directly to the second major risk: severe shareholder dilution.

The company has relied on highly dilutive equity raises, including two reverse stock splits in late 2024 that resulted in a cumulative 1-for-1750 ratio. A recent October 2025 Private Investment in Public Equity (PIPE) raised gross proceeds of approximately $4.9 million, which did help regain Nasdaq compliance. But still, the long-term dilution risk remains high, and the stock is highly volatile. The real shocker is the strategic risk in how that new capital was used.

The management's new strategic initiative-the Digital Asset Treasury (DAT)-introduces a massive, non-core risk. Of the $4.9 million raised, a staggering $3.0 million (or 61%) was allocated to volatile decentralized finance digital assets, specifically $HYPE tokens. To be fair, they frame this as a non-dilutive strategy to generate yield and enhance balance sheet flexibility. But this pivot to crypto fundamentally shifts the risk profile of a medical device company. By contrast, only $750,000 was ring-fenced for the crucial TAEUS pilot validation study, the very study that will determine the core product's commercial viability.

Operational and external risks are also significant, though typical for a MedTech firm:

• Regulatory Hurdles: The entire value proposition rests on the U.S. Food and Drug Administration (FDA) De Novo approval for the TAEUS technology. Failure in the upcoming pivotal multisite clinical trial (planned for approximately 250 subjects) or a delay in the De Novo submission would be catastrophic.
• Competition: The market for liver fat measurement is competitive, and the company must prove its Thermo Acoustic Enhanced UltraSound (TAEUS) technology is a superior, lower-cost alternative to established methods like MRI-PDFF.

Their mitigation strategy centers on two pillars: aggressive cost-cutting and the DAT. They've reduced year-to-date operating expenses by 37% to $4.1 million, which is a smart move. The DAT, however, is a double-edged sword: it's designed to generate returns and liquidity, but it also ties the company's financial health to the extreme volatility of the crypto market. That's a risk you defintely need to factor into your valuation. For a deeper dive into the company's financials, you can check out the full post: Breaking Down ENDRA Life Sciences Inc. (NDRA) Financial Health: Key Insights for Investors.

Growth Opportunities

You are looking at ENDRA Life Sciences Inc. (NDRA) at a pivotal moment. The company's future growth isn't about incremental sales; it's a binary bet on the commercial success of their core innovation, the Thermo Acoustic Enhanced UltraSound (TAEUS) system. This non-invasive diagnostic tool is their entire growth story, and the near-term opportunity is massive: capturing market share in the diagnosis of Steatotic Liver Disease (SLD), formerly known as NAFLD/NASH, which affects over two billion people globally.

The company has made a strategic pivot in 2025, positioning the TAEUS system as a simple, low-cost, point-of-care solution-essentially a 'blood pressure cuff' for the liver-to address the diagnostic gap in metabolic disease. This shift targets primary care and endocrinology, not just specialized liver centers, significantly expanding their potential market. Plus, the technology is already CE-marked for sale in Europe, and the next big catalyst is the US FDA approval process.

Product Innovation and Competitive Edge

The true growth driver is the TAEUS system's competitive advantage. It uses a unique combination of radio frequency and ultrasound to measure fat in the liver (steatosis) with precision similar to Magnetic Resonance Imaging (MRI). The difference? It's non-invasive, works with existing ultrasound machines, and is up to 50 times less expensive than MRI-PDFF, the current gold standard.

This cost and accessibility factor is a huge deal, defintely a game-changer for routine screening. The 2025 redesigned TAEUS Liver system is even smarter, incorporating AI-powered enhancements to boost diagnostic accuracy and a compact design to lower manufacturing costs, which is key for broad clinical adoption. Beyond the liver, the platform is also being developed for future applications like temperature monitoring during ablation therapies.

• TAEUS is 50x cheaper than MRI for liver fat measurement.
• It works with existing 700,000+ ultrasound systems globally.
• The 2025 redesign includes AI-powered accuracy and lower manufacturing cost.

Near-Term Financial Projections (FY 2025)

Honestly, the 2025 financial outlook reflects a company in the pre-commercialization phase of a major medical device launch. You should expect losses as they finalize the product and navigate regulatory hurdles. Here's the quick math on analyst expectations for the 2025 fiscal year:

What this estimate hides is the potential for a sudden, massive revenue spike if the FDA grants De Novo approval and the commercial launch is successful. The current consensus is a placeholder until that regulatory event. To be fair, the company is actively managing its cash, with Q3 2025 cash burn from operations decreasing to $1.2 million, a 30% reduction from the prior year's quarter.

Strategic Financial Actions

To support this growth push, ENDRA Life Sciences Inc. has taken concrete steps to strengthen its balance sheet in late 2025. They completed a private investment in public equity (PIPE) financing in October 2025, which generated $4.9 million in gross proceeds, with the potential for an additional $9.5 million from warrant exercises. This capital is crucial for extending their operating runway.

Also, the company launched an innovative treasury management program designed to generate consistent, non-dilutive financial returns. This strategic initiative helps enhance liquidity and provides supplemental resources to fund their operational and commercial objectives without relying solely on dilutive fundraising cycles. This is a smart move for an early-stage company. If you want a deeper dive into the institutional interest in this name, you should check out Exploring ENDRA Life Sciences Inc. (NDRA) Investor Profile: Who's Buying and Why?

Next Step: Track the release of the key results from the completed clinical feasibility study of the 2025 redesigned TAEUS Liver system, as this data will be the next major indicator of commercial viability.