Company: NDRA
Filing Date: 2025-07-25
Form Type: S-1/A
Source: 0001654954-25-008477
Chunk: 45

Company: ENDRA Life Sciences Inc.
Filing Date: 2025-07-25
Form: S-1/A
Chunk 45
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 | $ | 5.99 |
| Dilution per share to new investors participating in this offering                      |     |   |      |     | $ | 0.58 |

Each $1.00 increase or decrease in the assumed public offering price of $6.57 per share, which is based on the last reported sales price of our common stock on the Nasdaq Capital Market on July 24, 2025, would increase or decrease, as applicable, our as adjusted net tangible book value as of March 31, 2025 after this offering by approximately $14.9 million, or $0.95 per share, and would increase or decrease dilution to investors in this offering by $0.09 per share, assuming that the number of shares offered by us, as set forth on the cover page of this prospectus, remains the same and after deducting the Underwriter fees and estimated offering expenses payable by us. We may also increase or decrease the number of shares we are offering. 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 are based on 562,213 shares of our common stock outstanding as of March 31, 2025, and excludes the shares issuable under our warrants and options outstanding as of March 31, 2025, 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;                                                                        |
| · | 236 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 $34,731.35 per share; and |
| · | 179,771 shares of common stock reserved for future issuance under the Incentive Plan.                                                                                                      |

| 29 |

<div align='center'>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