Company: NDRA
Filing Date: 2025-10-30
Form Type: 424B5
Source: 0001213900-25-103705
Chunk: 33

Company: ENDRA Life Sciences Inc.
Filing Date: 2025-10-30
Form: 424B5
Chunk 33
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 tangible book value per share after this offering.

Net tangible book value per share represents total
tangible assets less total liabilities, divided by the number of shares of common stock outstanding. Our historical net tangible book
value as of June 30, 2025 was approximately $1.5 million, or $1.96 per share of common stock.

After giving effect to the issuance of 744,340
shares of our common stock issued in the Private Placement, our pro forma net tangible book value as of June 30, 2025 would have been
approximately $5.8 million, or approximately $3.86 per share of common stock.

After giving effect to the sale of our common
stock in the aggregate amount of $1,750,000 at an assumed public offering price of $5.28 per share, the last reported sale price of our
common stock on the Nasdaq Capital Market on October 28, 2025, and after deducting commissions and estimated offering expenses payable
by us, our as adjusted pro forma net tangible book value as of June 30, 2025 would have been approximately $8.8 million, or approximately
$4.84 per share. This represents an immediate increase in pro forma net tangible book value of approximately $0.98 per share to existing
stockholders and an immediate dilution in as adjusted pro forma net tangible book value of approximately $0.44 per share to new investors
in this offering.

The following table illustrates this dilution
on a per share basis. The as adjusted information is illustrative only and will adjust based on the actual public offering price, the
actual number of shares sold and other terms of the offering determined at the time shares of our common stock are sold pursuant to this
prospectus supplement. The as adjusted information assumes that all of our common stock in the aggregate amount of $1,750,000 is sold
at the assumed public offering price of $5.28 per share. The shares sold in this offering, if any, will be sold from time to time at various
prices.

| Assumed public offering price per share                                                       |     |   |      |     | $ |  5.28 |   |
| Net tangible book value per share as of June 30, 2025                                         |     | $ | 1.96 |     |   |       |   |
| Pro forma net tangible book value as of June 30, 2025                                         |     | $