Company: NDRA
Filing Date: 2025-05-09
Form Type: DRS
Source: 0001654954-25-005304
Chunk: 17

Company: ENDRA Life Sciences Inc.
Filing Date: 2025-05-09
Form: DRS
Chunk 17
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<div align='center'>CONFIDENTIAL TREATMENT REQUESTED PURSUANT TO 17 C.F.R. § 200.83

DILUTION</div>

As of December 31, 2024, our historical net tangible book value was $2.6 million, or $4.77 per share of our common stock. Our historical net tangible book value per share represents total tangible assets less total liabilities divided by the number of shares of our common stock outstanding on December 31, 2024.

Our as adjusted net tangible book value represents our historical net tangible book value as adjusted to give effect to the sale of shares of our common stock in this offering at an assumed public offering price of $ per share, after deducting the estimated Underwriter fees and estimated offering expenses payable by us. We determine dilution, or accretion, per share to investors participating in this offering by subtracting as adjusted net tangible book value per share after this offering from the assumed public offering price per share paid by investors participating in this offering.

| Assumed public offering price per share                                                 |     |   |      |     |   |
|:----------------------------------------------------------------------------------------|:----|:--|-----:|:----|:--|
| Historical net tangible book value per share as of December 31, 2024                    |     | $ | 4.77 |     | $ |
| Increase in as adjusted net tangible book value per share attributable to new investors |     | $ |      |     |   |
| As adjusted net tangible book value per share                                           |     |   |      |     | $ |
| Dilution per share to new investors participating in this offering                      |     |   |      |     | $ |

Each $0.10 increase or decrease in the assumed public offering price of $ per share, which is based on the last reported sales price of our common stock on the Nasdaq Capital Market on , 2025, would increase or decrease, as applicable, our as adjusted net tangible book value as of December 31, 2024 after this offering by $ , or $ per share, and would increase or decrease dilution to investors in this offering by $ per share, assuming that the number of shares offered by us, as set forth on the cover page of this prospectus, remains the same and after deducting the Underwriter fees and estimated offering expenses payable by us. We may also increase or decrease the number of shares we are offering. Each increase of