Company: NDRA
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-110887
Chunk: 18

Company: ENDRA Life Sciences Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 18
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 price) was $3.37. 
The grants included both standard RSUs issued to members of the Board of Directors and performance-based RSUs (“PBRSUs”)
issued to employees. The PBRSUs are subject to both service and performance vesting conditions.

During the three months ended September 30, 2025,
the Company recognized $104,765 in stock-based compensation expense related to these RSU and PBRSU grants. This expense is included
in total operating expenses in the condensed consolidated statements of operations.

10

During the nine months ended September 30, 2025,
the Company recognized $144,295 in stock-based compensation expense related to these RSU and PBRSU grants. This expense is included
in total operating expenses in the condensed consolidated statements of operations.

Unrecognized stock-based compensation expense
related to these RSUs will be recognized over the remaining vesting period, which is one year for standard RSUs and subject to performance
conditions for PBRSUs. As of September 30, 2025, the total compensation expense to be recognized in future periods is $351,664 over the
next two years.

Restricted Common Stock

On November 30, 2023, the Company issued 115 shares
of restricted common stock (the “Restricted Stock”) of the Company to PatentVest, Inc. (“PatentVest”) pursuant
to a Restricted Stock Agreement and Consulting Services Agreement, each with PatentVest, in exchange for certain services related to the
Company’s patent portfolio. The fair value of the Restricted Stock was determined to be $200,485 using the market price of the stock
on the date of the issuance. The Restricted Stock is subject to a vesting schedule pursuant to the Restricted Stock Agreement and the
shares may not be sold, assigned, transferred, pledged, hypothecated, disposed of or otherwise encumbered prior to becoming vested. During
the three months ended March 31, 2024, the Company recorded as vested 46 shares valued at $80,000. The Restricted Stock is subject to
a vesting schedule pursuant to the Restricted Stock Agreement and the shares may not be sold, assigned, transferred, pledged, hypothecated,
disposed of or otherwise encumbered prior to becoming vested. No services were provided by PatentVest, Inc. in the period ended September
30, 2025.

Note 9 - Common Stock Warrants

In June 2024, as part of a