Company: NDRA
Filing Date: 2025-11-06
Form Type: S-3
Source: 0001213900-25-107232
Chunk: 36

Company: ENDRA Life Sciences Inc.
Filing Date: 2025-11-06
Form: S-3
Chunk 36
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 | Represents 400,000 Arca Warrant Shares. Philip Liu is the Chief Legal                                                                      
 Officer of Arca and has the power to vote or dispose of the securities reported herein that are held by Arca. As a result, Arca and Philip 
 Liu may be deemed to have beneficial ownership of the securities reported herein that are held by Arca. The address of Arca Investment     
 Management, LLC is 4551 Glencoe Avenue, Marina del Rey, CA 90292.                                                                          |

| (11) | Represents 8,932 Placement Agent Warrant Shares. David Rosenberg has                                                                        
 the power to vote or dispose of the securities reported herein that are held by Lucid Capital Markets LLC. As a result, Lucid Capital       
 Markets LLC and David Rosenberg may be deemed to have beneficial ownership of the securities reported herein that are held by Lucid Capital 
 Markets. The address of Lucid Capital Markets LLC is 570 Lexington Avenue, 40th Floor, New York, NY 10022.                                  |

| (12) | Represents 8,932 Placement Agent Warrant Shares. The address of David Rosenberg is c/o Lucid Capital                               
 Markets LLC at 570 Lexington Avenue, 40th Floor, New York, NY 10022. Shares reported in this row as beneficially owned by          
 Mr. Rosenberg exclude shares held by Lucid Capital Markets LLC that he may be deemed to beneficially own, as described in footnote 
 11 above.                                                                                                                          |

<div align='center'>18

DIVIDEND POLICY</div>

We have not declared or paid
any cash dividends on our capital stock. We currently intend to retain any future earnings for use in the operation of our business and
do not anticipate paying any dividends on our common stock in the foreseeable future. Any future determination to declare dividends will
be made at the discretion of our board of directors and will depend on our financial condition, operating results, capital requirements,
general business conditions and other factors that our board of directors may deem relevant.

<div align='center'>PLAN OF DISTRIBUTION</div>

Each Selling Stockholder
of the securities and any of their pledgees, assignees and successors-in-interest may, from time to time, sell any or all of their securities
covered hereby on the principal trading market or any other stock exchange, market or trading facility on which the securities are traded
or in private transactions. These sales may be at fixed or negotiated prices. A Selling Stockholder may use any one or more
of