Company: NDRA
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-110887
Chunk: 33

Company: ENDRA Life Sciences Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 33
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 require the input of highly subjective assumptions, including the option’s expected life and the
price volatility of the underlying stock. The fair value of each option grant is estimated on the date of grant using the
Black-Scholes option valuation model which uses certain assumptions related to risk-free interest rates, expected volatility,
expected life of the common stock options, and future dividends, and the resulting charge is expensed using the straight-line
attribution method over the vesting period.

Recent Accounting Pronouncements

See Note 2 of the accompanying financial statements
for a discussion of recently issued accounting standards.

17

Results of Operations

Three months ended September 30, 2025 and
2024

Revenue

We had no revenue during the three months ended
September 30, 2025 and 2024.

Cost of Goods Sold

We had no cost of goods sold during the three
months ended September 30, 2025 and 2024.

Research and Development

Research and development expenses were $432,113
for the three months ended September 30, 2025, as compared to $794,444 for the three months ended September 30, 2024, a decrease of $362,331,
or 46%. The costs include primarily wages, fees, equipment and third-party costs for the development of our TAEUS product line. Research
and development expenses decreased from the prior year as we complete development of our initial TAEUS product and began focusing our
spending on clinical trials and commercialization of the product that has been developed.

Sales and Marketing

Sales and marketing expenses were $45,285 for
the three months ended September 30, 2025, as compared to $83,157 for the three months ended September 30, 2024, a decrease of $37,872,
or 46%. The costs include primarily headcount and pre-selling activities for our TAEUS product line. Sales and marketing expenses decreased
largely due to continued reductions in expenses resulting from our restructuring in the second quarter of 2024. Currently, our marketing
efforts are through our website and attendance of key industry meetings.

General and Administrative

Our general and administrative expenses for the
three months ended September 30, 2025 were $893,305, compared to $631,413 for the three months ended September 30, 2024, an increase of
$261,892, or 41%. Our wage and related expenses for the three months ended September