Company: NDRA
Filing Date: 2025-11-26
Form Type: 424B4
Source: 0001213900-25-115097
Chunk: 14

Company: ENDRA Life Sciences Inc.
Filing Date: 2025-11-26
Form: 424B4
Chunk 14
---
 respects. It is possible that regulators may interpret laws in a manner that adversely affects the liquidity or
value of HYPE. In addition, because our DAT strategy is initially concentrated in HYPE, adverse developments specific to HYPE,
including protocol-level failures, governance decisions, validator network instability, or ecosystem contraction, could
disproportionately impact our financial condition.

Any decrease in the fair
value of HYPE below our carrying value for such assets could require us to incur a loss due to the decrease in fair market value, and
such charge could be material to our financial results for the applicable reporting period, which may create significant volatility in
our reported earnings. Any decrease in reported earnings or increased volatility of such earnings could have a material adverse effect
on the market price of our common stock. In addition, the application of generally accepted accounting principles in the United States,
with respect to HYPE, may change in the future and could have a material adverse effect on our financial results and the market price
of our common stock.

In addition, if investors
view the value of our common stock as dependent upon or linked to the value or change in the value of our HYPE holdings, the price of
HYPE may significantly influence the market price of our common stock.

Absent federal regulations, there is a possibility that certain cryptocurrencies may be classified as “securities.” Any classification of a cryptocurrency as a “security” would subject us to additional regulation and could materially impact the operation of our business.

Cryptocurrency refers to
digital assets that are issued by and transmitted through an open-source protocol, collectively maintained by a peer-to-peer network
of decentralized user nodes. We believe that digital assets intrinsically linked to a blockchain system, and the value of which is derived
from or is reasonably expected to be derived from the use of the blockchain system, such as HYPE, are not securities, but neither the
SEC nor any other U.S. federal or state regulator has formally taken such a position. Despite the Trump Administration’s Executive
Order titled “Strengthening American Leadership in Digital Financial Technology” which includes as an objective “protecting
and promoting the ability of individual citizens and private sector entities alike to access and to maintain self-custody of digital
assets,” cryptocurrency has not yet been classified with respect to U.S. federal securities laws. Therefore, while (for the reasons
discussed below) we believe that HYPE and other cryptocurrencies intrinsically linked to a blockchain system are digital commodities
and not a “