Company: NDRA
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-110887
Chunk: 98

Company: ENDRA Life Sciences Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 98
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 from the sale of our products. The financial statements do not include
any adjustments that might be necessary should we be unable to continue as a going concern.

Operating Activities

During the nine months ended September 30, 2025, we used $3,570,847
of cash in operating activities primarily as a result of our net loss of $3,858,201, offset by share-based compensation of $316,531, amortization
of right of use assets of $83,834, depreciation expense of $33,928, change in fair value of warrant liability of $(203,400), and net changes
in operating assets and liabilities of $56,461.

During the nine months ended September 30, 2024,
we used $5,884,842 of cash in operating activities primarily as a result of our net loss of $7,358,943, offset by share-based compensation
of $467,240, amortization of right of use assets of $124,320, inventory reserve of $4,687, depreciation expense of $35,489, fixed assets
write-off of $8,808, warrant expense of $7,323,685, change in fair value of warrant liability of $(3,341,829), gain on settlement of warrant
exercises of $(3,071,252), and net in operating assets and liabilities of $77,047.

19

Investing Activities

During the nine months ended September 30, 2025, we used $17,280 in
investing activities related to purchases of fixed assets. During the nine months ended September 30, 2024, we used $16,000 in investing
activities related to purchases of fixed assets, and received $3,204 in proceeds from sale of fixed assets.

Financing Activities

During the nine months ended September 30, 2025, our financing activities
provided $1,152,684 in proceeds from issuances of common stock. During the nine months ended September 30, 2024, our financing activities
provided $1,148,470 in proceeds from issuances of common stock, $5,368,363 in proceeds from warrant exercises. We also used $28,484 to
repay a loan from TD Bank under the Canadian Emergency Business Account.

Long-Term Liquidity

We have not completed the commercialization of
any of our TAEUS technology platform applications. We expect to continue to incur significant expenses relating to the development of
our