# EDGAR Filing Document

**Accession Number:** 0001681682
**File Stem:** 0001213900-26-057680
**Filing Date:** 2026-5
**Character Count:** 95874
**Document Hash:** 044a261b00270edab7de34c04487aa09
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-26-057680.hdr.sgml**: 20260515

**ACCESSION NUMBER**: 0001213900-26-057680

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 65

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260515

**DATE AS OF CHANGE**: 20260515

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ENDRA Life Sciences Inc.
- **CENTRAL INDEX KEY:** 0001681682
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTROMEDICAL & ELECTROTHERAPEUTIC APPARATUS [3845]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 260579295
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-37969
- **FILM NUMBER:** 26986679

**BUSINESS ADDRESS:**
- **STREET 1:** 3600 GREEN COURT
- **STREET 2:** SUITE 350
- **CITY:** ANN ARBOR
- **STATE:** MI
- **ZIP:** 48105
- **BUSINESS PHONE:** 734-335-0468

**MAIL ADDRESS:**
- **STREET 1:** 3600 GREEN COURT
- **STREET 2:** SUITE 350
- **CITY:** ANN ARBOR
- **STATE:** MI
- **ZIP:** 48105

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Endra Inc.
- **DATE OF NAME CHANGE:** 20160805

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 10-Q**

**(Mark One)**

☒ **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2026**

**OR**

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**COMMISSION FILE NUMBER 001-37969**

---

| |
|:---|
| **ENDRA LIFE SCIENCES INC.** |
| *(Exact name of registrant as specified in its charter)* |

---

---

| | |
|:---|:---|
| **Delaware** | **26-0579295** |
| *(State of incorporation)* | *(I.R.S. Employer<br> Identification No.)* |

---

**<u>3600 Green Court, Suite 350, Ann Arbor, MI 48105-1570</u>**

*(Address of principal executive office)* (*Zip code*)

**<u>(734) 335-0468</u>**

*(Registrant's telephone number, including area code)*

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Common Stock, par value $0.0001 per share | NDRA | The Nasdaq Stock Market LLC |

---

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act:

Large accelerated filer ☐ Accelerated filer ☐ <br> Non-accelerated Filer ☒ Smaller reporting company ☒ <br> Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of May 15, 2026, there were 1,270,077 shares of our common stock, par value $0.0001 per share, outstanding.

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| **[PART I - FINANCIAL INFORMATION](#a_001)** | **[PART I - FINANCIAL INFORMATION](#a_001)** | 1 |
| Item 1. | [Condensed Consolidated Financial Statements (unaudited)](#a_002) | 1 |
|  | [Condensed Consolidated Balance Sheets - March 31, 2026 (unaudited) and December 31, 2025](#a_003) | 1 |
|  | [Condensed Consolidated Statements of Operations - Three months Ended March 31, 2026 and 2025 (unaudited)](#a_004) | 2 |
|  | [Condensed Consolidated Statements of Stockholders' Equity – Three months Ended March 31, 2026 and 2025 (unaudited)](#a_005) | 3 |
|  | [Condensed Consolidated Statements of Cash Flows - Three months Ended March 31, 2026 and 2025 (unaudited)](#a_006) | 4 |
|  | [Notes to the Condensed Consolidated Financial Statements (unaudited)](#a_007) | 5 |
| Item 2. | [Management's Discussion and Analysis of Financial Condition and Results of Operations](#a_008) | 17 |
| Item 3. | [Quantitative and Qualitative Disclosures About Market Risk](#a_009) | 24 |
| Item 4. | [Controls and Procedures](#a_010) | 24 |
| **[PART II – OTHER INFORMATION](#a_011)** | **[PART II – OTHER INFORMATION](#a_011)** | 25 |
| Item 1. | [Legal Proceedings](#a_012) | 25 |
| Item1A. | [Risk Factors](#a_013) | 25 |
| Item 2. | [Unregistered Sales of Equity Securities and Use of Proceeds](#a_014) | 25 |
| Item 3. | [Defaults Upon Senior Securities](#a_015) | 25 |
| Item 4. | [Mine Safety Disclosure](#a_016) | 25 |
| Item 5. | [Other Information](#a_017) | 25 |
| Item 6. | [Exhibits](#a_018) | 25 |
|  | [Signatures](#a_019) | 26 |

---

i

**PART I - FINANCIAL INFORMATION**

**Item 1. Financial Statements**

**ENDRA Life Sciences Inc.**

**Condensed Consolidated Balance Sheets**

---

| | | |
|:---|:---|:---|
|  | **March 31,**<br>**2026** | **December 31,**<br>**2025** |
|  | (Unaudited) | |
| **<u>Assets</u>** |  |  |
| **Current Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Cash | $356462 | $762365 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 180204 | 205604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Current Assets | 536666 | 967969 |
| **Non-Current Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Fixed assets, net | 33024 | 42516 |
| &nbsp;&nbsp;&nbsp;Right of use assets | 431725 | 461949 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses, long term | - | 365417 |
| &nbsp;&nbsp;&nbsp;Digital Assets | 2430781 | 2009960 |
| &nbsp;&nbsp;&nbsp;Other assets | 5986 | 5986 |
| **Total Assets** | $3438182 | $3853797 |
| **<u>Liabilities and Stockholders' Equity</u>** |  |  |
| **Current Liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | $701487 | $621578 |
| &nbsp;&nbsp;&nbsp;Lease liabilities, current portion | 133953 | 129378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Current Liabilities | 835440 | 750956 |
| **Long Term Debt** |  |  |
| &nbsp;&nbsp;&nbsp;Lease liabilities | 327253 | 362974 |
| &nbsp;&nbsp;&nbsp;Warrant Liability | 488604 | 479747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Long Term Debt | 815857 | 842721 |
| **Total Liabilities** | 1651297 | 1593677 |
| **Commitments and Contingencies** | - | - |
| **Stockholders' Equity** |  |  |
| &nbsp;&nbsp;&nbsp;Series A Convertible Preferred Stock, $0.0001 par value; 10,000 shares authorized; 17.488 and 17.488 shares issued and outstanding, respectively | - | - |
| &nbsp;&nbsp;&nbsp;Series B Convertible Preferred Stock, $0.0001 par value; 1,000 shares authorized; no shares issued and outstanding | - | - |
| &nbsp;&nbsp;&nbsp;Series C Convertible Preferred Stock, $0.0001 par value; 100,000 shares authorized; no shares issued and outstanding | - | - |
| &nbsp;&nbsp;&nbsp;Common stock, $0.0001 par value; 1,000,000,000 shares authorized; 1,240,751 and 1,176,477 shares issued and outstanding, respectively | 122 | 116 |
| &nbsp;&nbsp;&nbsp;Additional paid in capital | 113563705 | 112725513 |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (111776942) | (110465509) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Stockholders' Equity | 1786885 | 2260120 |
| **Total Liabilities and Stockholders' Equity** | $3438182 | $3853797 |

---

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

**ENDRA Life Sciences Inc.**

**Condensed Consolidated Statement of Operations**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Three Months<br> Ended**<br>**March 31,**<br>**2026** | **Three Months<br> Ended**<br>**March 31,**<br>**2025** |
| **Operating Expenses** |  |  |
| &nbsp;&nbsp;&nbsp;Research and development | $776410 | $528685 |
| &nbsp;&nbsp;&nbsp;Sales and marketing | 4278 | 68991 |
| &nbsp;&nbsp;&nbsp;General and administrative | 1393060 | 871606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 2173748 | 1469282 |
| Operating loss | (2173748) | (1469282) |
| **Other (expenses) income** |  |  |
| &nbsp;&nbsp;&nbsp;Other income | 351 | 24390 |
| &nbsp;&nbsp;&nbsp;Digital asset staking compensation | 11060 | - |
| &nbsp;&nbsp;&nbsp;Unrealized gain on change in fair value of digital assets | 738177 | - |
| &nbsp;&nbsp;&nbsp;Realized gain on change in fair value of digital assets | 121584 |  |
| &nbsp;&nbsp;&nbsp;Changes in fair value of warrant liability | (8857) | 408562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other (expenses) income | 862315 | 432952 |
| Loss from operations before income taxes | (1311433) | (1036330) |
| Provision for income taxes | - | - |
| &nbsp;&nbsp;&nbsp;**Net Loss** | $(1311433) | $(1036330) |
| **Net loss per share – basic and diluted** | $(1.09) | $(1.86) |
| **Weighted average common shares – basic and diluted** | 1199586 | 557582 |

---

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

**ENDRA Life Sciences Inc.**

**Condensed Consolidated Statements of Stockholders' Equity**

**(Unaudited)**

***Three Months Ended March 31, 2025***

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Series A Convertible** | **Series A Convertible** | **Series B Convertible** | **Series B Convertible** |  |  | | | |
|  | **Preferred Stock** | **Preferred Stock** | **Preferred Stock** | **Preferred Stock** | **Common stock** | **Common stock** | | | |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Additional**<br>**Paid in**<br>**Capital** | <br>**Accumulated**<br>**Deficit** | **Total**<br>**Stockholders'**<br>**Equity** |
| **Balance as of December 31, 2024** | 17.488 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | 536908 | $&nbsp;&nbsp;&nbsp;&nbsp; 53 | $105998412 | $(103438099) | $2560366 |
| Common stock issued for cash |  | - |  | - |  | - | 83046 | - | 83046 |
| Fair value of vested common stock |  | - |  | - | 25305 | 2 | 145801 | - | 145803 |
| Fair value of vested stock options |  | - |  | - |  | - | 83046 | - | 83046 |
| Net loss | - | - |  | - | - | - | - | (1036330) | (1036330) |
| **Balance as of March 31, 2025** | 17.488 | $- |  | $- | 562213 | $55 | $106227259 | $(104474429) | $1752885 |

---

***Three Months Ended March 31, 2026***

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Series A Convertible** | **Series A Convertible** | **Series B Convertible** | **Series B Convertible** | | | | | |
|  | **Preferred Stock** | **Preferred Stock** | **Preferred Stock** | **Preferred Stock** | **Common stock** | **Common stock** | | | |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Additional**<br>**Paid in**<br>**Capital** |<br>**Accumulated**<br>**Deficit** | **Total**<br>**Stockholders'**<br>**Equity** |
| **Balance as of December 31, 2025** | 17.488 | $&nbsp;&nbsp;&nbsp;&nbsp; - |  | $&nbsp;&nbsp;&nbsp;&nbsp; - | 1176477 | $&nbsp;&nbsp;&nbsp;&nbsp;116 | $112725513 | $(110465509) | $2260120 |
| Common stock issued for cash |  | - |  | - | 64274 | 6 | 263741 | - | 263747 |
| Fair value of vested stock options |  | - |  | - |  | - | 7908 | - | 7908 |
| Fair value of vested restricted stock awards |  |  |  |  |  |  | 30588 |  | 30588 |
| Fair value of vested restricted stock units |  | - |  | - | - | - | 535955 | - | 535955 |
| Net loss | - | - |  | - | - | - | - | (1311433) | (1311433) |
| **Balance as of March 31, 2026** | 17.488 | $- |  | $- | 1240751 | $122 | $113563705 | $(111776942) | $1786885 |

---

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

**ENDRA Life Sciences Inc.**

**Condensed Consolidated Statements of Cash Flows**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Three Months<br> Ended**<br>**March 31,**<br>**2026** | **Three Months<br> Ended**<br>**March 31,**<br>**2025** |
| **Cash Flows from Operating Activities** |  |  |
| Net loss | $(1311433) | $(1036330) |
| Adjustments to reconcile net loss to net cash used in operating activities: |  |  |
| Depreciation and amortization | 9492 | 13786 |
| Stock compensation expense | 574451 | 83046 |
| Amortization of right of use assets | 30223 | 31797 |
| Digital asset staking compensation | (11060) | - |
| Unrealized gain on change in fair value of digital assets | (738177) | - |
| Realized gain on change in fair value of digital assets | (121584) |  |
| Changes in fair value of warrant liability | 8857 | (408562) |
| Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Decrease/(increase) in prepaid expenses | 390817 | 88854 |
| &nbsp;&nbsp;&nbsp;Increase/(decrease) in accounts payable and accrued liabilities | 79908 | (68604) |
| &nbsp;&nbsp;&nbsp;Increase/(decrease) in lease liability | (31146) | 2884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in operating activities | (1119650) | (1293129) |
| **Cash Flows from Investing Activities** |  |  |
| &nbsp;&nbsp;&nbsp;Purchases of fixed assets | - | (17280) |
| &nbsp;&nbsp;&nbsp;Sale of Digital Intangible Assets | 450000 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) investing activities | 450000 | (17280) |
| **Cash Flows from Financing Activities** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from issuance of common stock for cash | 263747 | 145803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by financing activities | 263747 | 145803 |
| Net increase (decrease) in cash | (405903) | (1164606) |
| Cash, beginning of period | 762365 | 3229480 |
| **Cash, end of period** | $356462 | $2064874 |
| Supplemental disclosures of cash items |  |  |
| &nbsp;&nbsp;&nbsp;Interest paid | $12051 | $14855 |
| &nbsp;&nbsp;&nbsp;Income tax paid | $- | $- |

---

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements

**ENDRA Life Sciences Inc.**

**Notes to Condensed Consolidated Financial Statements**

**For the three months ended March 31, 2026 and 2025**

**(Unaudited)**

**Note 1 - Nature of the Business**

ENDRA Life Sciences Inc. ("ENDRA" or the "Company") is designing a medical device for accurate liver fat measurement for use in metabolic disease detection and management and GLP-1 drug eligibility and management in circumstances where other technologies are unavailable or impractical.

In 2025, the Company expanded its business strategy to include a digital asset treasury ("DAT") initiative, managed in collaboration with Arca Investment Management ("Arca"), which seeks to optimize capital preservation and generate non-dilutive returns through investments in decentralized finance ("DeFi") assets. This financial strategy operates in tandem with the Company's core medical technology mission: the commercialization of the TAEUS platform via a recurring subscription model, with a specific focus on the burgeoning GLP-1 and metabolic disease markets.

ENDRA was incorporated on July 18, 2007 as a Delaware corporation.

**Note 2 - Summary of Significant Accounting Policies**

<u>Use of Estimates</u>

The preparation of the financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates.

Management makes estimates that affect certain accounts including inventory reserve, deferred income tax assets, accrued expenses, fair value of equity instruments and reserves for any other commitments or contingencies. Any adjustments applied to estimates are recognized in the period in which such adjustments are determined.

<u>Principles of Consolidation</u>

The Company's consolidated financial statements include all accounts of the Company and its consolidated subsidiaries and/or entities as of reporting period ending date(s) and for the reporting period(s) then ended. All inter-company balances and transactions have been eliminated.

<u>Basis of Presentation</u>

The accompanying unaudited condensed consolidated financial statements and related notes have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC"). Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been omitted pursuant to such rules and regulations. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2026 are not necessarily indicative of the results that may be expected for the year ending December 31, 2026. The balance sheet at March 31, 2026 has been derived from the audited financial statements at that date. For further information, refer to the financial statements and footnotes thereto included in the Company's annual financial statements for the twelve months ended December 31, 2025 included in the Company's Annual Report on Form 10-K filed with the SEC on March 31, 2026.

<u>Cash and Cash Equivalents</u>

The Company considers all cash on hand and in banks, including accounts in book overdraft positions, certificates of deposit, and other highly liquid investments with maturities of one year or less, when purchased, to be cash. Cash equivalents include investments in an institutional money market fund, which invests in U.S. Treasury bills, notes and bonds, and/or repurchase agreements, backed by such obligations. Carrying value approximates fair value. The Company maintains its cash in bank deposit accounts which, at times, may exceed federally insured limits. The Company has not experienced any losses in such accounts and periodically evaluates the creditworthiness of the financial institutions and has determined the credit exposure to be negligible. The Company maintains cash deposits at multiple banks to mitigate the risk associated with a failure of any specific bank.

<u>Capitalization of Fixed Assets</u>

The Company capitalizes expenditures related to property and equipment, subject to a minimum rule, that have a useful life greater than one year for: (1) assets purchased; (2) existing assets that are replaced, improved or the useful lives have been extended; or (3) all land, regardless of cost. Acquisitions of new assets, additions, replacements and improvements (other than land) costing less than the minimum rule in addition to maintenance and repair costs, including any planned major maintenance activities, are expensed as incurred.

<u>Leases</u>

Accounting Standards Update ("ASU") No. 2016-02 requires a lessee to record a right of use asset and a corresponding lease liability on the balance sheet for all leases with terms longer than 12 months. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest period presented in the financial statements. At March 31, 2026 and December 31, 2025, the Company recorded a right of use asset of $431,725 and $461,949, respectively. At March 31, 2026 and December 31, 2025, the Company recorded a lease liability of $461,206 and $492,352, respectively.

<u>Digital Assets</u>

The Company maintains a DAT strategy under which it may acquire, hold, and deploy certain digital assets as part of its treasury and capital management activities. The Company's digital assets consist primarily of HYPE tokens, which are recorded on the consolidated balance sheets as "Digital assets."

<u>Measurement of Digital Assets</u>

Digital assets are accounted for as indefinite-lived intangible assets and, effective January 1, 2025, are measured at fair value in accordance with ASC 350-60, *Intangibles—Goodwill and Other—Crypto Assets*. The Company determines the fair value of its digital assets based on quoted market prices in active markets (Level 1 inputs) as of the reporting date.

Changes in the fair value of digital assets are recognized in the consolidated statements of operations within "Change in fair value of digital assets." Realized gains and losses from the sale of digital assets are also recorded within this line item. Transaction costs associated with the acquisition or disposition of digital assets are expensed as incurred within operating expenses.

<u>Digital Asset Staking</u>

The Company may participate in staking activities whereby it validates transactions on blockchain networks and earns rewards in the form of additional digital assets.

Digital asset staking rewards are recognized as revenue within "Digital asset staking compensation" in the consolidated statements of operations when the Company has (i) performed the required validation services, (ii) earned the right to receive the rewards, and (iii) the amount can be reasonably estimated. Staking rewards are measured at the fair value of the digital assets received at the time they are earned.

Digital assets received from staking activities are initially recorded at fair value and subsequently included in the Company's digital asset holdings, where they are remeasured at fair value at each reporting period.

<u>Custody and Safeguarding</u>

The Company utilizes third-party custodians to safeguard its digital assets. The Company recognizes digital assets on its balance sheet when it has control over the assets, including when assets are held by a custodian on the Company's behalf.

<u>Presentation</u>

Digital assets are classified as noncurrent assets on the consolidated balance sheets unless management intends to sell them within one year. Changes in fair value and staking compensation are presented separately within operating income (loss), unless otherwise required by the nature of the Company's operations.

<u>Revenue Recognition</u>

ASU No. 2014-09, "Revenue from Contracts with Customers" ("ASC Topic 606") provides a single set of guidelines for revenue recognition to be used across all industries and requires additional disclosures. The updated guidance introduces a five-step model to achieve its core principle of the entity recognizing revenue to depict the transfer of goods or services to customers at an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.

Under ASC Topic 606, in order to recognize revenue, the Company is required to identify an approved contract with commitments to perform respective obligations, identify rights of each party in the transaction regarding goods to be transferred, identify the payment terms for the goods transferred, verify that the contract has commercial substance and verify that collection of substantially all consideration is probable.

<u>Research and Development Costs</u>

The Company follows FASB Accounting Standards Codification ("ASC") Subtopic 730-10, "Research and Development". Research and development costs are charged to the statement of operations as incurred. During the three months ended March 31, 2026 and 2025, the Company incurred $776,410 and $528,685 of expenses related to research and development costs, respectively.

<u>Net Earnings (Loss) Per Common Share</u>

The Company computes earnings per share under ASC Subtopic 260-10, "Earnings Per Share". Basic earnings (loss) per share is computed by dividing the net income (loss) attributable to the common stockholders (the numerator) by the weighted average number of shares of common stock outstanding (the denominator) during the reporting periods. Diluted loss per share is computed by increasing the denominator by the weighted average number of additional shares that could have been outstanding from securities convertible into common stock (using the "treasury stock" method), unless their effect on net loss per share is anti-dilutive. There were 2,984,346 and 2,626,254 potentially dilutive shares, which include outstanding common stock options, and warrants, as of March 31, 2026 and December 31, 2025, respectively.

---

| | | |
|:---|:---|:---|
|  | **March 31,**<br>**2026** | **December 31,**<br>**2025** |
| Options to purchase common stock | 184 | 236 |
| Warrants to purchase common stock | 2478848 | 2478848 |
| Shares issuable upon conversion of Series A Convertible Preferred Stock | 1 | 1 |
| Restricted Stock Units | 475987 | 147169 |
| Restricted Stock Awards | 29326 | - |
| **Potential equivalent shares excluded** | **2984346** | **2626254** |

---

<u>Fair Value Measurements</u>

Disclosures about fair value of financial instruments require disclosure of the fair value information, whether or not recognized in the balance sheet, where it is practicable to estimate that value.

In accordance with ASC Topic 820, "Fair Value Measurements and Disclosures," the Company measures certain financial instruments at fair value on a recurring basis. ASC Topic 820 defines fair value, established a framework for measuring fair value in accordance with accounting principles generally accepted in the United States, and expands disclosures about fair value measurements.

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC Topic 820 established a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include:

● Level 1, defined as observable inputs such as quoted prices for identical instruments in active markets;

<sub>●</sub> Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and

<sub>●</sub> Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

Financial assets are considered Level 3 when their fair values are determined using pricing models, discounted cash flow methodologies or similar techniques and at least one significant model assumption or input is unobservable.

The carrying amounts of the Company's financial assets and liabilities, including cash, accounts receivable, prepaid expenses, accounts payable, accrued expenses, and other current liabilities, approximate their fair values because of the short maturity of these instruments. The fair value of notes payable and convertible notes approximates their fair values since the current interest rates and terms on these obligations are the same as prevailing market rates.

<u>Share-based Compensation</u>

The Company's 2016 Omnibus Incentive Plan (the "Omnibus Plan") permits the grant of stock options and other share-based awards to its employees, consultants and non-employee members of the board of directors. Each January 1 the pool of shares available for issuance under the Omnibus Plan automatically increases by an amount equal to the lesser of (i) the number of shares necessary such that the aggregate number of shares available under the Omnibus Plan equals 25% of the number of fully-diluted outstanding shares on the increase date (assuming the conversion of all outstanding shares of preferred stock and other outstanding convertible securities and exercise of all outstanding options and warrants to purchase shares) and (ii) if the board of directors takes action to set a lower amount, the amount determined by the board. In addition, on December 9, 2025, the stockholders approved the Second Amendment to the Omnibus Plan (the "Omnibus Plan Amendment") at the 2025 Annual Meeting of the Company's stockholders (the "Annual Meeting"). The Omnibus Plan Amendment increased the pool of shares available for issuance by 3,200,000 shares of common stock. Due to these increases, the pool of shares issuable under the Omnibus Plan shares increased from 1,738 shares to 3,379,771 shares as of December 31, 2025. In light of the increase effected by the Omnibus Plan Amendment, no automatic increase to the pool was effected as of March 31, 2026. As of March 31, 2026, there were 3,019,525 shares of common stock remaining available for issuance under the Omnibus Plan.

The Company records share-based compensation in accordance with the provisions of the Share-based Compensation Topic of the FASB Codification. The guidance requires the use of option-pricing models that require the input of highly subjective assumptions, including the option's expected life and the price volatility of the underlying stock. The fair value of each option grant is estimated on the date of grant using the Black-Scholes option valuation model, and the resulting charge is expensed using the straight-line attribution method over the vesting period.

Stock compensation expense recognized during the period is based on the value of share-based awards that were expected to vest during the period adjusted for estimated forfeitures. The estimated fair value of grants of stock options and warrants to non-employees of the Company is charged to expense, if applicable, in the financial statements. These options vest in the same manner as the employee options granted under the stock incentive plan as described above.

<u>Going Concern</u>

The Company's financial statements are prepared using accounting principles generally accepted in the United States ("U.S. GAAP") applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has limited commercial experience and had a cumulative net loss from inception to March 31, 2026 of $111,776,942. The Company had working capital of $(298,774) as of March 31, 2026. The Company has not established an ongoing source of revenue sufficient to cover its operating costs and to allow it to continue as a going concern and will require additional financing to fund its future planned operations, including research and development and commercialization of its products. These matters raise substantial doubt about the Company's ability to continue as going concern. The accompanying financial statements for the three months ended March 31, 2026 have been prepared assuming the Company will continue as a going concern, but the ability of the Company to continue as a going concern is dependent on the Company obtaining adequate capital to fund operating losses until it establishes a revenue stream and becomes profitable. Management's plans to continue as a going concern include raising additional capital through sales of equity securities and borrowing. However, management cannot provide any assurances that the Company will be successful in accomplishing any of its plans. If the Company is not able to obtain the necessary additional financing on a timely basis, the Company will be required to delay, reduce the scope of, or eliminate one or more of the Company's research and development activities or commercialization efforts or perhaps even cease the operation of its business. The ability of the Company to continue as a going concern is dependent upon its ability to successfully secure other sources of financing and attain profitable operations. The accompanying consolidated financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.

<u>Recent Accounting Pronouncements</u>

The Company considered recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the SEC, and determined that such pronouncements did not or in management's opinion will not have a material impact on the Company's present or future consolidated financial statements.

**Note 4 - Fixed Assets**

As of March 31, 2026 and December 31, 2025, fixed assets consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **March 31,**<br>**2026** | **December 31,**<br>**2025** |
| Property, leasehold and capitalized software | $597234 | $597235 |
| TAEUS development and testing | 125151 | 125151 |
| Accumulated depreciation | (689362) | (679870) |
| **Fixed assets, net** | $**33024** | $**42516** |

---

Depreciation expense for the three months ended March 31, 2026 and March 31, 2025 was $9,492 and $13,786, respectively.

**Note 5 - Accounts Payable and Accrued Liabilities**

As of March 31, 2026 and December 31, 2025, current liabilities consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **March 31,**<br>**2026** | **December 31,**<br>**2025** |
| Accounts payable | $456837 | $382970 |
| Payroll accrual | 146845 | 70971 |
| Accrued employee benefits | 5750 | 5750 |
| Accrued expenses | 92055 | 161887 |
| **Total** | $**701487** | $**621578** |

---

**Note 6 - Capital Stock**

*Capital Stock*

At March 31, 2026, the authorized capital of the Company consisted of 1,010,000,000 shares of capital stock, comprised of 1,000,000,000 shares of common stock with a par value of $0.0001 per share, and 10,000,000 shares of preferred stock with a par value of $0.0001 per share. The Company has designated 10,000 shares of its preferred stock as Series A Convertible Preferred Stock ("Series A Preferred Stock"), 1,000 shares of its preferred stock as Series B Convertible Preferred Stock ("Series B Preferred Stock"), 100,000 shares of its preferred stock as Series C Preferred Stock, and the remainder of the 9,889,000 preferred shares remain authorized but undesignated.

As of March 31, 2026, there were 1,240,751 shares of common stock outstanding (which excludes both the 69 unvested shares of restricted stock described in Note 7 below, the 1 share of common stock into which the outstanding shares of Series A Preferred Stock are convertible and includes 12,857 shares of common stock due to exercise of warrants and 6 shares issued but held in treasury), 17.488 shares of Series A Preferred Stock, and no shares of Series B Preferred Stock or Series C Preferred Stock issued and outstanding, and a stock payable balance of $0.

During the three months ended March 31, 2026, the Company issued a total of 64,274 shares of its common stock under the October 2025 ATM Agreement (as defined below) in return for aggregate net proceeds of $263,748, which takes into account $8,154 in compensation paid to Lucid Capital Markets, LLC ("Lucid") in its role as Sales Agent under the February 2024 ATM Agreement.

*At-the-Market Equity Offering Program*

On February 14, 2024, the Company entered into a new At-The-Market Issuance Sales Agreement with Ascendiant (the "February 2024 ATM Agreement") to sell shares of common stock for aggregate gross proceeds of up to $6.2 million, which replaced the Company's prior At-The-Market Issuance Sales Agreement. On October 13, 2025, the Company terminated the February 2024 ATM Agreement. On October 29, 2025, the Company entered into an At-The-Market Issuance Sales Agreement with Lucid, as sales agent, pursuant to which the Company may offer and sell, from time to time through Lucid, shares of Common Stock for aggregate gross proceeds of up to $1,750,000 (the "October 2025 ATM Agreement").

**Note 7 - Common Stock Options, Restricted Stock Units and Restricted Stock**

*Common Stock Options*

Stock options are awarded to the Company's employees, consultants and non-employee members of the board of directors under the Omnibus Plan and are generally granted with an exercise price equal to the market price of the Company's common stock at the date of grant. There were no issuances of stock options in the quarter ended March 31, 2026. A summary of option activity under the Company's Omnibus Plan as of March 31, 2026, and changes during the quarter then ended, is presented below:

---

| | | | |
|:---|:---|:---|:---|
|  |<br><br>**Number of**<br>**Options** |<br>**Weighted**<br>**Average**<br>**Exercise**<br>**Price** | **Weighted**<br>**Average**<br>**Remaining**<br>**Contractual**<br>**Term (Years)** |
| Balance outstanding at December 31, 2025 | 236 | $28842 | 3.16 |
| Granted | - | - |  |
| Exercised |  | - |  |
| Forfeited | - | - |  |
| Cancelled or expired | (52) | 60268 |  |
| Balance outstanding at March 31, 2026 | 184 | $19961 | 3.46 |
| Exercisable at March 31, 2026 | 184 | $19961 | 3.46 |

---

*Restricted Stock Units*

On June 11, 2025, the Company granted a total of 161,527 restricted stock units ("RSUs") under its Omnibus Plan. The fair value per share (closing stock 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. On March 2, 2026, due to shifting business priorities making the original performance conditions unfeasible, the Board has approved modifying the RSUs to vest fully on the one-year anniversary of the grant date. Due to this, there was change of PRSUs into time-based RSUs with vesting based solely on continued service through June 11, 2026 (the one-year anniversary of the original grant date).

On January 21, 2026, the Company granted a total of 330,972 RSUs under its Omnibus Plan. The fair value per share (closing stock price) was $4.31. The grants included standard RSUs issued to members of the Board of Directors and employees.

During the three months ended March 31, 2026, the Company recognized $535,955 in stock-based compensation expense related to these RSU 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. As of March 31, 2026, the total compensation expense to be recognized in future periods is $1,263,823 over the next one year.

*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 March 31, 2026.

**Note 8 - Common Stock Warrants**

In June 2024, as part of a registered offering, the Company issued pre-funded warrants to purchase up to an aggregate of 31,666 shares of common stock (the "pre-funded warrants"), together with Series A Warrants to purchase up to an aggregate of 178,255 shares of common stock and Series B Warrants (together with the Series A Warrants, the "Series Warrants") to purchase up to an aggregate of 178,255 shares of common stock.

Additionally, the Series B Warrants contain an alternative cashless exercise option whereby the holder of a Series B Warrant has the right to receive an aggregate number of shares equal to the product of (x) the aggregate number of shares of common stock that would be issuable upon a cashless exercise of the Series B Warrant using $1.75 (after adjustment) as the exercise price for that purpose and (y) 3.0.

In connection with the Offering, the Company also issued placement agent warrants ("Placement Agent Warrants" and, together with the pre-funded warrants and the Series Warrants, the "Warrants") to purchase up to 1,758 shares of common stock. The purchase price of each share of common stock and accompanying Series Warrants was $227.50 and the purchase price of each pre-funded warrant and accompanying Series Warrants was $227.325.

In connection with the 2025 Private Placement, the Company also issued placement agent warrants to purchase up to 44,660 shares of common stock at an exercise price of $9.47 per share. Additionally, and as part of the DAT strategy, the Company issued to its investment advisor warrants to purchase an aggregate of 400,000 shares of Common Stock (the "Advisory Warrants"). Advisory Warrants in respect of 100,000 shares are exercisable immediately for an exercise price equal to $6.95. Advisory Warrants in respect of 300,000 shares become exercisable in the event that AUM exceeds certain thresholds within six or nine months following the closing, at exercise prices ranging from $6.95 to $7.50.

*Warrant Exercises*

During the three months ended March 31, 2026, no warrants were exercised.

The following table summarizes all warrant activity of the Company for the three months ended March 31, 2026:

---

| | | | |
|:---|:---|:---|:---|
|  |<br>**Number of**<br>**Warrants** | **Weighted**<br>**Average**<br>**Exercise**<br>**Price** | **Weighted**<br>**Average**<br>**Contractual**<br>**Term (Years)** |
| Balance outstanding at December 31, 2025 | 2478848 | $85.38 | 4.58 |
| Granted | - | - |  |
| Exercised |  | - |  |
| Forfeited | - | - |  |
| Expired | - | - |  |
| Balance outstanding at March 31, 2026 | 2478848 | $12.24 | 3.45 |
| Exercisable at March 31, 2026 | 2178848 | $12.97 | 3.57 |

---

*Common Stock Warrants*

During the three months ended March 31, 2026 and 2025, the Company recognized a (loss) gain of $(8,857) and $408,562, respectively, for the change in fair value of warrant liability in the statement of operations. As of March 31, 2026 and December 31, 2025, the warrant liability balance was $488,604 and $479,747, respectively.

*Measurement*

The Company established the initial fair value for the warrant liability on August 20, 2024, the date the warrants were initially exercisable. Upon exercise, the instrument is marked to its fair value upon exercise, and the shares delivered are recorded at fair value in the Company's statement of stockholders' equity. The warrant liability was valued based on the following inputs for the warrants:

---

| | | |
|:---|:---|:---|
| <br>**Input** | **March 31,**<br>**2026** | **December 31,**<br>**2025** |
| Exercise Price | $75.95 | $6.32 and $75.95 |
| Stock Price | $4.65 | $4.53 and $7.41 |
| Volatility | 136.2% and 159.9% | 140.44% and 163.82% |
| Discount Rate | 3.68% and 3.83% | 3.47% - 3.63% |
| Expected Dividend | - | - |
| Expected Life (Years) | 0.89 and 3.39 | 1.13 and 5.01 |

---

**Note 9 - Digital Assets**

The Company holds digital assets as part of its treasury strategy. As of December 31, 2025 and March 31, 2026, the Company's digital asset holdings consist of HYPE tokens.

*Accounting Policy*

 

The Company accounts for its digital assets in accordance with ASC 350-60, Accounting for and Disclosure of Crypto Assets. Digital assets are measured at fair value each reporting period, with changes in fair value recognized in earnings.

Fair value is determined using observable market prices derived from active trading venues. The Company uses the market price reported in custody statements provided by Anchorage Digital Bank, the Company's digital asset custodian.

The Company's digital assets are classified within Level 1 of the fair value hierarchy because the fair value is based on quoted prices in active markets.

*Purchases and Sales*

 

In the fourth quarter 2025, the Company purchased approximately 78,863.1 HYPE tokens for an aggregate cost of $3.0 million. As of December 31, 2025, the Company's holdings also included 175.8 tokens received as staking rewards during that period.

During the quarter ending March 31, 2026, the Company sold 12,914.5 tokens for gross proceeds of $450,000. The Company recognized a realized gain of $121,584, which is included in Other Income/Expense in the consolidated statements of operations.

*Staking Activities*

 

The Company participates in staking activities related to its HYPE holdings. Staking rewards represent additional tokens earned from participation in blockchain validation activities.

Staking rewards are recognized as income when the Company obtains control of the tokens, which occurs when the tokens are credited to the Company's custody account. The rewards are measured at fair value at the time of receipt.

For the quarter ended March 31, 2026, the Company recognized $11,060 of staking reward income, which is included in Other Income in the consolidated statements of operations. There was no staking income for the quarter ended March 31, 2025.

*Digital Asset Balance*

 

---

| | |
|:---|:---|
|  | **Tokens** |
| Balance at December 31, 2025 | 79038.9 |
| Cost of tokens sold | (12914.5) |
| Digital Asset staking compensation | 363.0 |
| Unrealized gain/(loss) from fair value measurement |  |
| Balance at March 31, 2026 | 66487.4 |

---

 

---

| | | |
|:---|:---|:---|
|  | **March 31, <br> 2026** | **December 31,<br> 2025** |
| Digital assets at fair value | $2430781 | $2009960 |

---

The Company determines the fair value of its digital assets based on quoted market prices in active markets (Level 1 inputs) as of the reporting date. The aggregate cost basis of digital assets held as of March 31, 2026 was $1,692,604.

**Note 10 - Related Party Transactions**

In September 2024, the Company began using IS Bookkeeping & Payroll, which is a division of Impact Solve, LLC (dba Impact Solutions) ("Impact Solutions"), an accounting and chief financial officer service firm. The Company's Chief Financial Officer works in a part-time capacity for the Company through Impact Solutions. For the three month periods ended March 31, 2026 and March 31, 2025, Impact Solutions and IS Bookkeeping & Payroll provided services to the Company totaling $44,571 and $49,186, respectively.

**Note 11 - Commitments and Contingencies**

*Office Lease*

Effective January 1, 2015, the Company entered into an office lease agreement with Green Court, LLC, a Michigan limited liability company, for approximately 3,657 rentable square feet of space, for the initial monthly rent of $5,986, which commenced on January 1, 2015 for an initial term of 60 months. On October 10, 2017, this lease was amended increasing the rentable square feet of space to 3,950 and the monthly rent to $7,798.

On March 15, 2021, the Company entered into an amendment to the lease, adding approximately 3,248 rentable square feet, increasing the initial monthly rent to $15,452 effective May 2021, and extending the term of the lease to December 31, 2025.

On December 1, 2024, the Company entered into an amendment to the lease, decreasing the total rentable square feet to 6,513, decreasing the initial monthly rent to $15,278 effective March 2025 (after three months of no rent) and extending the term of the lease to March 31, 2029.

The Company records the lease asset and lease liability at the present value of lease payments over the lease term. The lease typically does not provide an implicit rate; therefore, the Company uses its estimated incremental borrowing rate at the time of lease commencement to discount the present value of lease payments. The Company's discount rate for operating leases at March 31, 2026 was 10%. Lease expense is recognized on a straight-line basis over the lease term to the extent that collection is considered probable. As a result, the Company has been recognizing rents as they become payable based on the adoption of ASC Topic 842. The weighted-average remaining lease term is 3 years.

As of March 31, 2026, the maturities of operating lease liabilities are as follows:

---

| | |
|:---|:---|
|  | **Operating**<br>**Lease** |
| 2026 | 129592 |
| 2027 and beyond | 407176 |
| Total | $536769 |
| Less: amount representing interest | (75563) |
| Present value of future minimum lease payments | 461206 |
| Less: current obligations under leases | (133953) |
| Long-term lease obligations | $**327253** |

---

For the three months ended March 31, 2026 and 2025, the Company incurred rent expenses of $40,939 and $51,733, respectively.

 

*Employment and Consulting Agreements*

*Alexander Tokman* - Effective August 13, 2024, the Board appointed Alexander Tokman as the Company's acting Chief Executive Officer and Chairman of the Board of Directors. In connection with his appointment, Mr. Tokman and the Company entered into an employment agreement, dated August 13, 2024 (the "Employment Agreement"). Mr. Tokman's employment with the Company is "at will" and may be terminated by him or the Company at any time and for any reason. Pursuant to the Employment Agreement, Mr. Tokman will receive an annual base salary of $300,000, subject to adjustment at the Board's discretion. Mr. Tokman is also eligible for an annual cash bonus based upon the achievement of performance-based objectives established by the Board of Directors.

If Mr. Tokman's employment is terminated by the Company without cause (as defined in the Omnibus Plan), if Mr. Tokman resigns for good reason (as defined in the Employment Agreement), or if Mr. Tokman's employment ends following the hiring no later than February 13, 2026 of a replacement chief executive officer whom Mr. Tokman assists in recruiting, Mr. Tokman will be entitled to receive, subject to his execution of a standard release agreement, 12 months' continuation of his current base salary and a lump sum payment equal to 12 months of continued healthcare coverage (or 24 months' continuation of his current base salary and a lump sum payment equal to 24 months of continued healthcare coverage if such termination occurs within one year following a change in control). Additionally, under the Employment Agreement, Mr. Tokman is eligible to receive benefits that are substantially similar to those of the Company's other senior executive officers.

*Richard Jacroux* - On August 7, 2024, the Company's Board of Directors appointed Richard Jacroux as Chief Financial Officer. Mr. Jacroux works in a part-time capacity for the Company through Impact Solutions. Mr. Jacroux receives a base monthly fee of $8,650 plus expenses in respect of his services to the Company and any hours worked in excess of 20 hours per week are paid at a rate of $150 per hour. The Company's needs have typically required more than the base fee, averaging $11,632 a month for the three months ending March 31, 2026.

*Litigation*

From time to time the Company may become a party to litigation in the normal course of business. As of March 31, 2026, there were no legal matters that management believes would have a material effect on the Company's financial position or results of operations.

**Note 12 - Segment Reporting**

Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief operating decision maker, or decision-making group, in deciding how to allocate resources in assessing performance. The Company has one reportable segment: biotech. The biotech segment consists of the development of clinical and preclinical product candidates for the development of the Company's proprietary new enhanced thermoacoustic technology platform. The Company's chief operating decision maker ("CODM") is the chief executive officer.

The accounting policies of the biotech segment are the same as those described in the summary of significant accounting policies. The CODM assesses performance for the biotech segment based on net loss, which is reported on the income statement as consolidated net loss. The measure of segment assets is reported on the balance sheet as total consolidated assets.

To date, the Company has not generated any product revenue. The Company expects to continue to incur significant expenses and operating losses for the foreseeable future as it advances product candidates through all stages of development and clinical trials and, ultimately, seek regulatory approval.

As such, the CODM uses cash forecast models in deciding how to invest into the biotech segment. Such cash forecast models are reviewed to assess the entity-wide operating results and performance. Net loss is used to monitor budget versus actual results. Monitoring budgeted versus actual results is used in assessing performance of the segment and in establishing management's compensation, along with cash forecast models.

The table below summarizes the significant expense categories regularly reviewed by the CODM for the three months ended March 31, 2026, and 2025:

---

| | | |
|:---|:---|:---|
| <br>**Operating Expenses** | **Three Months**<br>**Ended**<br>**March 31,**<br>**2026** | **Three Months**<br>**Ended**<br>**March 31,**<br>**2025** |
| &nbsp;&nbsp;&nbsp;Research and development | $776410 | $528685 |
| &nbsp;&nbsp;&nbsp;Sales and marketing | 4278 | 68991 |
| &nbsp;&nbsp;&nbsp;General and administrative | 1393060 | 871606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 2173748 | 1469282 |
| Operating loss | (2173748) | (1469282) |
| Other segment items <sup>(a)</sup> | 862315 | 432952 |
| **Net loss** | $**(1311433)** | $**(1036330)** |
| Reconciliation of net loss |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustments and reconciling items | - | - |
| **Consolidated net loss** | $**(1311433)** | $**(1036330)** |

---

<sup>(a)</sup> Other segment items included in segment loss includes digital asset staking compensation, changes in fair value of digital asset, warrant expense, changes in warrant liability and interest income.

**Note 13 - Subsequent Events**

The Company has assessed operations through, May 15, 2026, the filing date of this Quarterly Report on Form 10-Q and determined that there were no material subsequent events requiring adjustment to, or disclosure in, our consolidated financial statements for the three months ended March 31, 2026, other than the following:

On April 20, 2026, The Nasdaq Stock Market LLC ("Nasdaq") Listing Qualifications Staff (the "Staff") issued a letter to the Company indicating that, because the Company's stockholders' equity as reported in its Annual Report on Form 10-K for the year ended December 31, 2025 was $2,260,120, the Company is no longer in compliance with Minimum Stockholders' Equity Requirement. The Staff's letter indicated that the Company's non-compliance would result in the delisting of the Company's securities from Nasdaq unless the Company timely requests a hearing before the Nasdaq Hearings Panel (the "Panel"). The Company timely requested a hearing before the Panel, which request will stay any further action by Nasdaq pending the issuance of a decision by the Panel and the expiration of any extension the Panel may grant to the Company following the hearing.

The Company intends to take all reasonable measures available to regain compliance under the Nasdaq Listing Rules and remain listed on Nasdaq. The Company is currently evaluating its available options to resolve the deficiency and regain compliance with the Minimum Stockholders' Equity Requirement. However, there can be no assurance that the Company will be able to regain compliance with the Minimum Stockholders' Equity Requirement, maintain compliance with the other Nasdaq listing requirements or be successful in appealing the delisting determination.

Subsequent to March 31, 2026, the Company sold digital assets for aggregate proceeds of approximately $250,000 during April 2026. The transaction did not impact the Company's financial position as of the balance sheet date and is disclosed as a non-recognized subsequent event.

**Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations**

**Forward-Looking Statements**

**Available Information**

From time to time, we use press releases, X (formerly Twitter) (@endralifesci) and LinkedIn (www.linkedin.com/company/endra-inc) to distribute material information. Our press releases and financial and other material information are routinely posted to and accessible on the Investors section of our website, www.endrainc.com. Accordingly, investors should monitor these channels, in addition to our SEC filings and public conference calls and webcasts. In addition, investors may automatically receive e-mail alerts and other information about the Company by enrolling their e-mail addresses by visiting the "Email Alerts" section of our website at investors.endrainc.com. Information that is contained in and can be accessed through our website, X posts and LinkedIn are not incorporated into, and do not form a part of, this Quarterly Report or any other report or document we file with the SEC.

**Overview**

We are developing a next-generation enhanced ultrasound technology platform—Thermo- Acoustic Enhanced Ultrasound, or TAEUS®.

Our initial focus for the development and commercialization of TAEUS is a solution for the assessment of liver fat, a key biomarker associated with metabolic diseases, including metabolic dysfunction-associated steatotic liver disease ("MASLD") and metabolic dysfunction-associated steatohepatitis ("MASH").

Our objective is to develop a scalable biomarker solution for metabolic disease assessment and management through a non-invasive, point- of-care approach.

We have periodically evaluated and refined our vision, purpose, and go-to-market strategy with respect to TAEUS in response to evolving market conditions and development priorities.

To support adoption across targeted market segments, we are focused on:

● Leveraging artificial intelligence and machine learning models to enhance measurement accuracy accuracy and reproducibility;

● Integrating thermo-acoustic technology with conventional ultrasound to streamline workflows and reduce operator variability; and

● Reducing system size and cost to improve accessibility across care settings.

For our go-to-market strategy, we intend to focus on serving these four markets:

&nbsp;&nbsp;&nbsp;&nbsp;1. Pharmaceutical Companies and Clinical Research Organizations ("CROs");

&nbsp;&nbsp;&nbsp;&nbsp;2. High-end Primary Care Networks (Concierge Medicine);

&nbsp;&nbsp;&nbsp;&nbsp;3. Bariatric and Metabolic Clinics; and

&nbsp;&nbsp;&nbsp;&nbsp;4. Primary and Internal Medicine Practices.

We plan to offer a multi-year, subscription-based business model with recurring revenue, while continuing to support traditional capital equipment sales with associated service and upgrade offerings.

In 2025, the Company expanded its business strategy to include a Digital Asset Treasury ("DAT") initiative, managed in collaboration with Arca Investment Management ("Arca"), which seeks to optimize capital preservation and generate non-dilutive returns through investments in decentralized finance ("DeFi") assets. This financial strategy operates in tandem with the Company's core medical technology mission: the commercialization of the TAEUS platform via a recurring subscription model, with a specific focus on the burgeoning GLP-1 and metabolic disease markets.

**Financial Operations Overview**

*<u>Revenue</u>*

No revenue has been generated by our TAEUS technology, which we have not commercially sold as of March 31, 2026.

*<u>Research and Development Expenses</u>*

Our research and development expenses primarily include wages, fees and equipment for the development of our TAEUS technology platform and the proposed applications. Additionally, we incur certain costs associated with the protection of our products and inventions through a combination of patents, licenses, applications and disclosures. These costs and expenses include:

● employee-related expenses, such as salaries, bonuses and benefits, consultant-related expenses such as consultant fees and bonuses, stock-based compensation, overhead related expenses and travel-related expenses for our research and development personnel;

● expenses incurred under agreements with CROs, contract manufacturing organizations ("CMOs") as well as consultants that support the implementation of our clinical and non-clinical studies;

● manufacturing and packaging costs in connection with conducting clinical trials;

● formulation, research and development expenses related to our TAEUS technology; and

● costs for sponsored research.

We plan to incur research and development expenses for the foreseeable future as we expect to continue the development of TAEUS and pursue FDA approval of the NAFLD TAEUS system. At this time, due to the inherently unpredictable nature of clinical development and regulatory approvals, we are unable to estimate with certainty the costs we will incur and the timelines we will require in our continued development efforts.

*<u>Sales and Marketing Expenses</u>*

Sales and marketing expenses consist primarily of headcount and consulting costs, and marketing and tradeshow expenses. Currently, our marketing efforts are through our website and attendance of key industry meetings and conferences. The company has decided to limit its marketing and sales activities until after we have obtained FDA approval for the sale of the NAFLD TAEUS device.

*<u>General and Administrative Expenses</u>*

General and administrative expenses consist primarily of salaries and related expenses for our management and personnel, and professional fees, such as for accounting, consulting and legal services. We anticipate continued costs associated with being a public company, including expenses related to services associated with maintaining compliance with The Nasdaq Capital Market and SEC requirements, directors and officers insurance, increased legal and accounting costs and investor relations costs.

**Critical Accounting Policies and Estimates**

*<u>Use of Estimates</u>*

The preparation of the financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates.

Management makes estimates that affect certain accounts including deferred income tax assets, accrued expenses, fair value of equity instruments and reserves for any other commitments or contingencies. Any adjustments applied to estimates are recognized in the period in which such adjustments are determined.

*<u>Warrant Liability</u>*

The Company accounts for the liability classified warrants in accordance with the guidance contained in ASC 480, Distinguishing Liabilities from Equity and ASC 815-40, Derivatives and Hedging. Such guidance provides criteria for instruments do not meet the criteria for equity treatment thereunder. This liability is subject to re-measurement at each balance sheet date. With each such re-measurement, the warrant liability will be adjusted to fair value, with the change in fair value recognized in the Company's statement of operations.

*<u>Share-based Compensation</u>*

The Company's 2016 Omnibus Incentive Plan (the "Omnibus Plan") permits the grant of stock options and other share-based awards to its employees, consultants and non-employee members of the board of directors. Each January 1 the pool of shares available for issuance under the Omnibus Plan automatically increases by an amount equal to the lesser of (i) the number of shares necessary such that the aggregate number of shares available under the Omnibus Plan equals 25% of the number of fully-diluted outstanding shares on the increase date (assuming the conversion of all outstanding shares of preferred stock and other outstanding convertible securities and exercise of all outstanding options and warrants to purchase shares) and (ii) if the board of directors takes action to set a lower amount, the amount determined by the board. On January 1, 2025, the pool of shares issuable under the Omnibus Plan automatically increased by 178,033. In addition, on December 9, 2025, the stockholders of ENDRA Life Sciences Inc. (the "Company") approved the Second Amendment to the Company's 2016 Omnibus Incentive Plan (the "Omnibus Plan Amendment") at the 2025 Annual Meeting of the Company's Stockholders (the "Annual Meeting"). That Amendment increased the pool of shares available for issuance by 3,200,000 shares of common stock. Due to these increases, the pool of shares issuable under the Omnibus Plan shares increased from 1,738 shares to 3,048,799 shares as of December 31, 2025. In light of the increase effected by the Omnibus Plan Amendment, no automatic increase to the pool was effected as of March 31, 2026. As of March 31, 2026, there were 3,019,525 shares of common stock remaining available for issuance under the Omnibus Plan.

The Company records share-based compensation in accordance with the provisions of the Share-based Compensation Topic of the FASB Codification. The guidance requires the use of option-pricing models that require the input of highly subjective assumptions, including the option's expected life and the price volatility of the underlying stock. The fair value of each option grant is estimated on the date of grant using the Black-Scholes option valuation model, and the resulting charge is expensed using the straight-line attribution method over the vesting period.

Stock compensation expense recognized during the period is based on the value of share-based awards that were expected to vest during the period adjusted for estimated forfeitures. The estimated fair value of grants of stock options and warrants to non-employees of the Company is charged to expense, if applicable, in the financial statements. These options vest in the same manner as the employee options granted under the stock incentive plan as described above. Accounting guidance requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The Company has limited historical experience with forfeitures and were based on management's estimates.

*<u>Recent Accounting Pronouncements</u>*

See Note 2 of the accompanying financial statements for a discussion of recently issued accounting standards.

**Results of Operations**

*<u>Three months ended March 31, 2026 and 2025</u>*

*Revenue*

We had no revenue during the three months ended March 31, 2026 and 2025.

*Cost of Goods Sold*

We had no cost of goods sold during the three months ended March 31, 2026 and 2025.

*Research and Development*

Research and development expenses were $776,410 for the three months ended March 31, 2026, as compared to $528,685 for the three months ended March 31, 2025, an increase of $247,725, or 47%. The costs include primarily wages, fees, equipment and third-party costs for the development of our TAEUS product line. Research and development expenses increased from the prior year as we complete development of our initial TAEUS product and began focusing our spending on clinical trials and commercialization of the product that has been developed.

*Sales and Marketing*

Sales and marketing expenses were $4,278 for the three months ended March 31, 2026, as compared to $68,991 for the three months ended March 31, 2025, a decrease of $64,713, or 94%. The costs include primarily headcount and pre-selling activities for our TAEUS product line. Sales and marketing expenses decreased largely due to continued reductions in expenses resulting from our restructuring in the second quarter of 2024 and first quarter of 2026. Currently, our marketing efforts are through our website and attendance of key industry meetings.

*General and Administrative*

Our general and administrative expenses for the three months ended March 31, 2026 were $1,393,060, compared to $871,606 for the three months ended March 31, 2025, an increase of $521,454, or 60%. Our wage and related expenses for the three months ended March 31, 2026 were $779,125, compared to $368,607 for the three months ended March 31, 2025. Wage and related expenses in the three months ended March 31, 2026 included $574,451 of stock compensation expense related to the issuance and vesting of options and RSUs for the three months ended March 31, 2026. Our professional fees, which include legal, audit, and investor relations, for the three months ended March 31, 2026 were $387,231, compared to $305,860 for the three months ended March 31, 2025.

*Other Income*

Other expense of $862,315 for the three months ended March 31, 2026 was primarily due to changes in fair value of warrant liability and digital assets. Other expense was $432,952 for the three months ended March 31, 2025, an increase of $429,363, or 99%, due to changes in fair value of warrant liability and digital assets. For the three months ended March 31, 2026, there were changes in fair value of warrant liability of $(8,857) and changes in fair value of digital assets of $859,761.

*Net Loss*

As a result of the foregoing, for the three months ended March 31, 2026, we recorded a net loss of $1,311,433, compared to a net loss of $1,036,330 for the three months ended March 31, 2025.

**Near-Term Liquidity and Capital Resources**

We are experiencing financial and operating challenges. Since inception, we have incurred losses and expect to continue to incur losses for the foreseeable future. As of March 31, 2026, we had an accumulated deficit of $111,776,942 and had $356,462 in cash. To date we have funded our operations through private and public sales of our securities and will need to raise additional funds in order to execute on our business plan, fully commercialize our TAEUS technology, and generate revenues. In the three months ended March 31, 2026, we implemented cost reduction measures, including a reduction in headcount and prioritization of development activities over clinical ones, to extend our operating runway and focus resources on product improvements and regulatory strategy for our TAEUS liver application. These actions are expected to impact the timing of certain development activities, including delaying the timing of a future De Novo submission to the FDA relating to our TAEUS liver application. Additionally, in March 2026, we announced that the Board had initiated a process to evaluate a range of strategic alternatives including, but not limited to strategic investments, mergers, business combinations, in-licensing or collaboration arrangements, asset sales, or sale or merger of the Company.

If we are unable to obtain adequate financing or financings in the near term or if the strategic alternatives review process does not result in any transaction or other strategic outcome, we will be forced to undertake additional measures, which may include materially curtailing or eliminating our operations, or undergoing restructuring or insolvency proceedings.

We need additional capital to allow us to continue to execute our clinical trials and commercialization plans through 2026 and beyond. We are considering potential financing options that may be available to us, including sales of our common stock through our at-the-market sales program (the "ATM Program") with Lucid Capital Markets, LLC, which are limited due to registration statement rules relating to public float. Except for the ATM Program, we have no commitments to obtain any additional funds, and there can be no assurance funds will be available in sufficient amounts or on acceptable terms. If we are unable to obtain sufficient additional financing in a timely fashion and on terms acceptable to us, our financial condition and results of operations may be materially adversely affected and we may not be able to continue operations or execute our stated commercialization plan.

The consolidated financial statements included in this Form 10-Q have been prepared assuming we will continue as a going concern, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. As reflected in the accompanying consolidated financial statements, during the three months ended March 31, 2026, we incurred net losses of $1,311,433 and used cash in operations of $1,119,650. In light of our cash balance as of March 31, 2026, we will need to raise additional capital in order to fund operations through the next twelve months, and prior to any ability to fund operations from revenue generated 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 three months ended March 31, 2026, we used $1,119,650 of cash in operating activities primarily as a result of our net loss of $1,311,433, offset by share-based compensation of $574,451, amortization of right of use assets of $30,223, depreciation expense of $9,492, change in fair value of warrant liability of $8,857, digital asset staking compensation of $(11,060), change in fair value of digital assets of $(859,761) and net changes in operating assets and liabilities of $439,581.

*Investing Activities*

During the three months ended March 31, 2026, we received $450,000 in proceeds from the sale of digital intangible assets. During the three months ended March 31, 2025, we used $17,280 in investing activities related to purchases of fixed assets.

*Financing Activities*

During the three months ended March 31, 2026, our financing activities provided $263,747 in proceeds from issuances of common stock. During the three months ended March 31, 2025, our financing activities provided $145,803 in proceeds from issuances of common stock.

**Long-Term Liquidity**

We have not completed the commercialization of any of our TAEUS technology platform applications and have reduced our headcount and R&D spending in order to conserve resources. To the extent resources allow, we would expect to continue to incur significant expenses relating to the development of our TAEUS technology for the foreseeable future in order to finalize the commercialization of our TAEUS liver product and develop further TAEUS products. In this case, we would anticipate that our expenses would increase substantially as we:

● advance the engineering design and development of our TAEUS technology;

● acquire parts and build finished goods inventory of the TAEUS FLIP system;

● complete regulatory filings required for marketing approval of our NAFLD TAEUS application in the United States, including clinical studies to advance our de novo application with the FDA;

● seek to hire a small internal marketing team to engage and support channel partners and clinical customers for our NAFLD TAEUS application;

● expand marketing of our NAFLD TAEUS application;

● advance development of our other TAEUS applications; and

● add operational, financial and management information systems and personnel, including personnel to support our product development, planned commercialization efforts and our operation as a public company.

It is possible that we will not achieve the progress that we expect because the actual costs and timing of completing the development and regulatory approvals for a new medical device are difficult to predict and are subject to substantial risks and delays. We have no committed external sources of funds except for our at-the-market offering program with Lucid Capital Markets, LLC, the use of which may be limited due to registration statement rules relating to public float. Our existing cash will not be sufficient for us to complete the commercialization of our TAEUS application, or to complete the development of any other TAEUS application and we will need to raise substantial additional capital for those purposes. As a result, we will need to finance our future cash needs through public or private equity offerings, debt financings, corporate collaboration and licensing arrangements or other financing alternatives. Our forecast of our financial resources is a forward-looking statement and involves risks and uncertainties, and actual results could vary as a result of a number of factors, including the factors discussed in the Risk Factors section of our Annual Report on Form 10-K for the year ended December 31, 2025. We have based this estimate on assumptions that may prove to be wrong, and we could utilize our available capital resources sooner than we currently expect.

Until we can generate a sufficient amount of revenue from our TAEUS platform applications, if ever, we expect to finance future cash needs through public or private equity offerings, debt financings or corporate collaborations and licensing arrangements. Additional funds may not be available when we need them on terms that are acceptable to us, or at all. If adequate funds are not available, we may be required to cease the operation of our business. To the extent that we raise additional funds by issuing equity securities, our stockholders may experience additional dilution, and debt financing, if available, may involve restrictive covenants. To the extent that we raise additional funds through collaborations and licensing arrangements, it may be necessary to relinquish some rights to our technologies or applications or grant licenses on terms that may not be favorable to us. We may seek to access the public or private capital markets whenever conditions are favorable, even if we do not have an immediate need for additional capital at that time. As described above under "Near-Term Liquidity and Capital Resources," the Board initiated a process to review strategic alternatives for the Company.

**Off-Balance Sheet Transactions**

At March 31, 2026, the Company did not have any transactions, obligations or relationships that could be considered off-balance sheet arrangements.

**Item 3. Quantitative and Qualitative Disclosure About Market Risk**

As a smaller reporting company, we are not required to provide the information required by this Item 3.

**Item 4. Controls and Procedures**

*Evaluation of Disclosure Controls and Procedures*

As of the end of the period covered by this Form 10-Q, management performed, with the participation of our principal executive officer and principal financial officer, an evaluation of the effectiveness of our disclosure controls and procedures as defined in Rules 13a-15(e) and 15d-15(e) of the Securities and Exchange Act of 1934, as amended (the "Exchange Act"). Our disclosure controls and procedures are designed to ensure that information required to be disclosed in the reports we file or submit under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the SEC's forms, and that such information is accumulated and communicated to our management, including our principal executive officer and principal financial officer, to allow timely decisions regarding required disclosures. Based on the evaluation, our principal executive officer and principal financial officer concluded that, as of March 31, 2026, our disclosure controls and procedures were not effective.

A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented or detected on a timely basis. We identified the following material weakness as of March 31, 2026: insufficient personnel resources within the accounting function to segregate the duties over financial transaction processing and reporting.

To remediate the material weakness, management intends to implement the following measures during 2026, as the Company's resources and financial means allow:

● Add additional accounting personnel or outside consultants to properly segregate duties and to effect timely, accurate preparation of the financial statements; and

● Continue the development of adequate written accounting policies and procedures.

The additional hiring is contingent upon our efforts to obtain additional funding and the results of our operations.

*Changes in Internal Control over Financial Reporting*

There were no changes to our internal control over financial reporting or in other factors that could affect these controls during the three months ended March 31, 2026 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

**PART II - OTHER INFORMATION**

**Item 1. Legal Proceedings**

We are not currently a party to any pending legal proceedings that we believe will have a material adverse effect on our business or financial condition. We may, however, be subject to various claims and legal actions arising in the ordinary course of business from time to time.

**Item 1A. Risk Factors**

In addition to the other information set forth in this report, you should carefully consider the factors discussed in this section and under "Risk Factors" in our Annual Report on Form 10-K for the period ended December 31, 2025, as filed with the Securities and Exchange Commission on March 31, 2026. These factors could materially adversely affect our business, financial condition, liquidity, results of operations and capital position, and could cause our actual results to differ materially from our historical results or the results contemplated by any forward-looking statements contained in this report.

There have been no material changes to our Risk Factors as therein previously reported.

**Item 2. Unregistered Sales of Equity Securities and Use of Proceeds**

Not applicable.

**Item 3. Defaults Upon Senior Securities**

Not applicable.

**Item 4. Mine Safety Disclosures**

Not applicable.

**Item 5. Other Information**

**Rule 10b5-1 Trading Plans**

None of the Company's directors or officers adopted, modified, or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement during the Company's fiscal quarter ended March 31, 2026.

**Item 6. Exhibits**

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| | |
|:---|:---|
| **Exhibit**<br>**Number** | <br>**Description** |
| 3.1 | [Fourth Amended and Restated Certificate of Incorporation of the Company, as amended \[Restated for SEC filing purposes only\] (incorporated by reference to Exhibit 3.1 to the Company's Annual Report on Form 10-K filed on March 31, 2026)](http://www.sec.gov/Archives/edgar/data/1681682/000121390026037617/ea028399401ex3-1.htm) |
| 3.2 | [Amended and Restated Bylaws of the Company (incorporated by reference to Exhibit 3.4 to the Company's Registration Statement on Form S-1 (File No. 333-214724), as amended, originally filed on November 21, 2016)](http://www.sec.gov/Archives/edgar/data/1681682/000165495416004599/end_ex34.htm) |
| 31.1 | [Certification of Periodic Report by Principal Executive Officer pursuant to Rule 13a-14(a)/15d-14a and pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith)](ea029074401ex31-1.htm) |
| 31.2 | [Certification of Periodic Report by Principal Financial Officer pursuant to Rule 13a-14(a)/15d-14a and pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith)](ea029074401ex31-2.htm) |
| 32.1 | [Certification of Periodic Report by Principal Executive Officer and Principal Financial Officer pursuant to U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith)](ea029074401ex32-1.htm) |
| 101.INS | XBRL Instance Document (filed herewith) |
| 101.SCH | XBRL Taxonomy Schema (filed herewith) |
| 101.CAL | XBRL Taxonomy Extension Calculation Linkbase (filed herewith) |
| 101.DEF | XBRL Taxonomy Extension Definition Linkbase (filed herewith) |
| 101.LAB | XBRL Taxonomy Extension Label Linkbase (filed herewith) |
| 101.PRE | XBRL Taxonomy Extension Presentation Linkbase (filed herewith) |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |

---

**SIGNATURES**

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **ENDRA LIFE SCIENCES INC.** | **ENDRA LIFE SCIENCES INC.** |
| Date: May 15, 2026 | By: | /s/ Alexander Tokman |
|  |  | Alexander Tokman |
|  |  | Chief Executive Officer and Chairman |
|  |  | (Principal Executive Officer) |

---

---

| | | |
|:---|:---|:---|
|  | **ENDRA LIFE SCIENCES INC.** | **ENDRA LIFE SCIENCES INC.** |
| Date: May 15, 2026 | By: | /s/ Richard Jacroux |
|  |  | Richard Jacroux |
|  |  | Chief Financial Officer |
|  |  | (Principal Financial and Accounting Officer) |

---

## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION OF THE PRINCIPAL EXECUTIVE OFFICER**

**PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Alexander Tokman, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of ENDRA Life Sciences Inc.:

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this
report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting
(as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and

&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an
annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over
financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over
financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons
performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information;
and

&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.

---

| | | |
|:---|:---|:---|
|  | **ENDRA LIFE SCIENCES INC.** | **ENDRA LIFE SCIENCES INC.** |
|  | (Registrant) | (Registrant) |
| Date: May 15, 2026 | By: | /s/ Alexander Tokman |
|  |  | Alexander Tokman |
|  |  | Chief Executive Officer and Chairman |
|  |  | (Principal Executive Officer) |

---

## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATION OF THE PRINCIPAL EXECUTIVE OFFICER**

**PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Richard Jacroux, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of ENDRA Life Sciences Inc.:

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this
report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting
(as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and

&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an
annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over
financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over
financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons
performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information;
and

&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.

---

| | | |
|:---|:---|:---|
|  | **ENDRA LIFE SCIENCES INC.** | **ENDRA LIFE SCIENCES INC.** |
| Date: May 15, 2026 | By: | /s/ Richard Jacroux |
|  |  | Richard Jacroux |
|  |  | Chief Financial Officer |
|  |  | (Principal Financial and Accounting Officer) |

---

## Exhibit 32.1

**Exhibit 32.1**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report of ENDRA Life Sciences Inc. (the "Company") on Form 10-Q for the period March 31, 2026 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), we, Alexander Tokman, Chief Executive Officer and Chairman of the Company, and Richard Jacroux, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Company.

A signed original of this written statement required by Section 906 has been provided to ENDRA Life Sciences Inc. and will be retained by ENDRA Life Sciences Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

---

| | |
|:---|:---|
| /s/ Alexander Tokman | /s/ Richard Jacroux |
| Alexander Tokman | Richard Jacroux |
| Chief Executive Officer and Chairman | Chief Financial Officer |
| May 15, 2026 | May 15, 2026 |

---