Company: NDRA
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-110887
Chunk: 92

Company: ENDRA Life Sciences Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 92
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 which the offering was consummated, the Company may spend up to $750,000 of offering proceeds on the pilot
validation study and no more than $1 million in the aggregate, including offering proceeds, on such study.

Financial Operations Overview

Revenue

No revenue has been generated by our TAEUS technology,
which we have not commercially sold as of September 30, 2025.

Research and Development Expenses

Our research and development expenses primarily
include wages, fees and equipment for the development of our TAEUS technology platform and the proposed applications. Additionally, we
incur certain costs associated with the protection of our products and inventions through a combination of patents, licenses, applications
and disclosures. These costs and expenses include:

    ●
    employee-related expenses, such as salaries, bonuses and benefits, consultant-related expenses such as consultant fees and bonuses, stock-based compensation, overhead related expenses and travel-related expenses for our research and development personnel;

    ●
    expenses incurred under agreements with contract research organizations (“CROs”), contract manufacturing organizations (“CMOs”) as well as consultants that support the implementation of our clinical and non-clinical studies;

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    ●
    manufacturing and packaging costs in connection with conducting clinical trials;

    ●
    formulation, research and development expenses related to our TAEUS technology; and

    ●
    costs for sponsored research.

We plan to incur research and development expenses
for the foreseeable future as we expect to continue the development of TAEUS and pursue FDA approval of the NAFLD TAEUS system. At this
time, due to the inherently unpredictable nature of clinical development and regulatory approvals, we are unable to estimate with certainty
the costs we will incur and the timelines we will require in our continued development efforts.

Sales and Marketing Expenses

Sales and marketing expenses consist primarily
of headcount and consulting costs, and marketing and tradeshow expenses. Currently, our marketing efforts are through our website and
attendance of key industry meetings and conferences. During the second quarter of 2024, we restructured our sales operations to better
align with the Company’s near-term sales prospects. We plan to begin staffing our sales efforts once we have obtained FDA approval
for the sale of the NAFLD TAEUS device.

General and Administrative Expenses

General and administrative expenses consist primarily
of salaries and related expenses for our management and personnel, and professional fees, such as for accounting, consulting and legal
services. We anticipate continued costs associated with being a public company,