Company: NDRA
Filing Date: 2025-11-06
Form Type: S-3
Source: 0001213900-25-107232
Chunk: 26

Company: ENDRA Life Sciences Inc.
Filing Date: 2025-11-06
Form: S-3
Chunk 26
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 the crypto
markets have been characterized by significant volatility in price; limited liquidity and trading volumes compared to sovereign currencies
markets; relative anonymity; a developing regulatory landscape; potential susceptibility to market abuse and manipulation; compliance
and internal control failures at exchanges; and various other risks inherent in its entirely electronic, virtual form and decentralized
network. During times of market instability, we may not be able to sell our cryptocurrency at favorable prices or at all. Further, cryptocurrency
which we hold with our custodians does not enjoy the same protections as are available to cash or securities deposited with or transacted
by institutions subject to regulation by the Federal Deposit Insurance Corporation or the Securities Investor Protection Corporation.
Additionally, pursuant to the asset management agreement we intend to enter into with the asset manager, we are currently and may generally
be unable to enter into term loans or other capital raising transactions collateralized by our unencumbered cryptocurrency or otherwise
generate funds using our cryptocurrency holdings, including in particular during times of market instability or when the price of cryptocurrency
has declined significantly. If we are unable to sell our cryptocurrency, enter into additional capital raising transactions using cryptocurrency
as collateral, or otherwise generate funds using our cryptocurrency holdings, or if we are forced to sell our cryptocurrency at a significant
loss, in order to meet our working capital requirements, our business and financial condition could be negatively impacted.

Cryptocurrencies do not pay interest
or dividends.

Cryptocurrencies do not pay interest or other returns and we can only generate cash from our cryptocurrency holdings if we sell our cryptocurrency or implement strategies to create income streams or otherwise generate cash by using our cryptocurrency holdings. Even if we pursue any such strategies, we may be unable to create income streams or otherwise generate cash from our cryptocurrency holdings, and any such strategies may subject us to additional risks.

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We are not subject to legal and regulatory obligations that apply to investment companies such as mutual funds and exchange-traded funds, or to obligations applicable to investment advisers.

Mutual funds, exchange-traded
funds and their directors and management are subject to extensive regulation as “investment companies” and “investment
advisers” under U.S. federal and state law; this regulation is intended for the benefit and protection of investors. We are not
subject to, and do not otherwise voluntarily comply with, these laws and regulations. This means, among other things, that the execution
of or changes to our cryptocurrency treasury strategy, our use of leverage, the manner in which our cryptocurrency