Company: NDRA
Filing Date: 2025-05-09
Form Type: DRS
Source: 0001654954-25-005304
Chunk: 16

Company: ENDRA Life Sciences Inc.
Filing Date: 2025-05-09
Form: DRS
Chunk 16
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 and the anticipated growth of our business.

Pending our use of the net proceeds from this offering, we intend to maintain the net proceeds as cash deposits or cash management instruments, such as U.S. government securities or money market mutual funds.

| 15 |

<div align='center'>CONFIDENTIAL TREATMENT REQUESTED PURSUANT TO 17 C.F.R. § 200.83

CAPITALIZATION</div>

The following table sets forth our capitalization as of December 31, 2024:

| · | on an actual basis; and                                                                                                                                                                                |
| · | on a pro forma, as adjusted basis, after giving effect to the application of the net proceeds of this offering and after deducting the Underwriter fees and estimated offering expenses payable by us. |

The information set forth in the following table should be read in conjunction with and is qualified in its entirety by “Use of Proceeds” above, as well as our “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and our financial statements and the notes to those financial statements incorporated by reference in this prospectus. See “The Offering” in this prospectus for information relating to the expected number of shares of our common stock to be outstanding after this offering. Our capitalization following the closing of this offering will be adjusted based on the actual public offering price and other terms of this offering determined at pricing.

|                                                                                                                         |     | As of December 31, 2024 |              |   |     |                                           |   |
|:------------------------------------------------------------------------------------------------------------------------|:----|:------------------------|-------------:|:--|:----|:------------------------------------------|:--|
|                                                                                                                         |     | Actual                  |              |   |     | Pro Forma, As Adjusted for this Offering* |   |
| Cash and cash equivalents                                                                                               |     | $                       |    3,229,480 |   |     | $                                         |   |
| Stockholders’ (Deficit) Equity:                                                                                         |     |                         |              |   |     |                                           |   |
| Series A Convertible Preferred Stock, $0.0001 par value; 10,000 shares authorized; 17,488 shares issued and outstanding |     |                         |            - |   |     |                                           | - |
| Common stock, $0.0001 par value; 20,000,000 shares authorized; 536,908 shares issued and outstanding                    |     |                         |           53 |   |