Company: NDRA
Filing Date: 2025-05-09
Form Type: DRS
Source: 0001654954-25-005304
Chunk: 18

Company: ENDRA Life Sciences Inc.
Filing Date: 2025-05-09
Form: DRS
Chunk 18
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 million shares in the number of shares we are offering would increase our as adjusted net tangible book values of December 31, 2024 after this offering by $ million, or $ per share, and would not materially impact dilution to investors in this offering assuming the assumed public offering price per share remains the same, and after deducting the Underwriter fees and estimated offering expenses payable by us. Each decrease of million shares in the number of shares we are offering would decrease our as adjusted net tangible book value as of December 31, 2024 after this offering by $ million, or $ per share and would not materially impact dilution to investors in this offering assuming the assumed public offering price per share remains the same, and after deducting the Underwriter fees and estimated offering expenses payable by us. The as adjusted information is illustrative only, and we will adjust this information based on the actual public offering price and other terms of this offering determined at pricing.

The foregoing tables and calculations (other than the historical net tangible book value calculation) are based on 536,908 shares of our common stock outstanding as of December 31, 2024, and excludes the shares issuable under our warrants and options outstanding as of December 31, 2024, as follows:

| · | 180,707 shares of common stock issuable upon the exercise of outstanding warrants at a weighted-average exercise price of $85.38 per share;                                                |
| · | 1 share of common stock issuable upon the conversion of outstanding shares of Series A Convertible Preferred Stock;                                                                        |
| · | 278 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 $30,628.90 per share; and |
| · | 179,771 shares of common stock reserved for future issuance under the Incentive Plan.                                                                                                      |

| 17 |

<div align='center'>CONFIDENTIAL TREATMENT REQUESTED PURSUANT TO 17 C.F.R. § 200.83

DESCRIPTION OF OUR SECURITIES</div>

We are a Delaware company and our affairs are governed by our amended and restated certificate of incorporation and bylaws, the Delaware General Corporation Law (the “DGCL”), and the common law of the State of Delaware.

The following summary is not complete and is subject to, and is qualified in its entirety by reference to, the provisions of amended and restated certificate of incorporation and bylaws, copies of which