Company: NDRA
Filing Date: 2025-07-09
Form Type: S-1
Source: 0001654954-25-007870
Chunk: 36

Company: ENDRA Life Sciences Inc.
Filing Date: 2025-07-09
Form: S-1
Chunk 36
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 per share;                                                |
| · | 1 share of common stock issuable upon the conversion of outstanding shares of Series A Convertible Preferred Stock;                                                                        |
| · | 236 shares of common stock issuable upon the exercise of outstanding stock options issued pursuant to the Incentive Plan at a weighted average exercise price of $34,731.35 per share; and |
| · | 179,771 shares of common stock reserved for future issuance under the Incentive Plan.                                                                                                      |

| 28 |

<div align='center'>DILUTION</div>

As of March 31, 2025, our historical net tangible book value was $1.7 million, or $3.12 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 March 31, 2025.

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 $8.30 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                                                 |     |   |      |     | $ | 8.30 |
| Historical net tangible book value per share as of March 31, 2025                       |     | $ | 3.12 |     |   |      |
| Increase in as adjusted net tangible book value per share attributable to new investors |     | $ | 4.46 |     |   |      |
| As adjusted net tangible book value per share                                           |     |   |      |     | $ | 7.57 |
| Dilution per share to new investors participating in this offering                      |     |   |      |     | $ | 0.73 |

Each $1.00 increase or decrease in the assumed public offering price of $8.30 per share, which is based on the last reported sales price of our common stock on the Nasdaq Capital Market on July 8, 2025, would increase or decrease, as applicable, our as adjusted net tangible book value as of March 31,