ENDRA Life Sciences (NASDAQ: NDRA) cuts 2025 operating costs sharply

Rhea-AI Filing Summary

ENDRA Life Sciences reported a smaller net loss for 2025 while continuing to invest in its TAEUS thermoacoustic liver imaging platform and reviewing strategic alternatives. The company focuses on steatotic liver disease, aiming to offer a more accessible, ultrasound-based diagnostic option.

Operating expenses for 2025 fell to $5.8 million from $10.8 million in 2024, reflecting streamlining efforts, including a prior non-cash inventory charge. Net loss improved to $7.0 million from $11.5 million, helped by lower research, sales and marketing, and general and administrative costs.

In the fourth quarter of 2025, cash used in operations was $1.6 million. As of December 31, 2025, ENDRA held $762,365 in cash and cash equivalents and $2.0 million in digital assets, forming part of its capital management strategy alongside lease and warrant liabilities.

Positive

• Substantial reduction in operating expenses: 2025 operating expenses declined to $5.8 million from $10.8 million in 2024, materially narrowing the net loss and demonstrating significant cost control while maintaining investment in TAEUS development and clinical programs.

Negative

• Tight liquidity despite cost cuts: Cash and cash equivalents were $762,365 as of December 31, 2025, with ongoing net losses and operating cash use, indicating limited runway and dependence on digital assets and potential future financing or strategic transactions.

Insights

Biotech equity analyst

Losses narrowed sharply in 2025, but liquidity remains tight.

ENDRA Life Sciences cut 2025 operating expenses to $5.8M from $10.8M, driven by lower R&D, sales and marketing, and G&A. Net loss improved to $7.0M versus $11.5M, showing meaningful cost discipline while progressing TAEUS liver imaging.

However, as of December 31, 2025 the company had only $762K in cash and cash equivalents, partly offset by $2.0M in digital assets and existing liabilities, including warrant obligations. This balance constrains flexibility and may require future financing or strategic outcomes to support continued development.

The mention of evaluating strategic alternatives suggests management is formally exploring options for the business. Subsequent company filings and updates will clarify how the cost reductions, TAEUS clinical data, and the digital asset treasury influence any potential transaction or financing structure.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Net loss 2025: $7,027,410 Operating expenses 2025: $5,763,101 Cash and cash equivalents: $762,365 +5 more

8 metrics

Net loss 2025 $7,027,410 Year ended December 31, 2025 net loss vs $11,507,947 in 2024

Operating expenses 2025 $5,763,101 Year ended December 31, 2025 operating expenses vs $10,817,147 in 2024

Cash and cash equivalents $762,365 Cash balance as of December 31, 2025

Digital Assets $2,009,960 Digital asset balance as of December 31, 2025

Total assets $3,853,797 Total assets as of December 31, 2025 vs $4,452,362 in 2024

Weighted average shares 787,020 shares Weighted average common shares basic and diluted for 2025

Q4 2025 cash used in operations $1,600,000 Approximate cash used in operations in the fourth quarter of 2025

Common shares outstanding 1,176,477 shares Common stock issued and outstanding as of December 31, 2025

Key Terms

thermoacoustic biomarker imaging, Thermo Acoustic Enhanced UltraSound (TAEUS), steatotic liver disease, Digital Assets, +2 more

6 terms

thermoacoustic biomarker imaging technical

"a pioneer in thermoacoustic biomarker imaging for early detection and monitoring"

Thermoacoustic biomarker imaging is a noninvasive medical imaging method that uses short electromagnetic pulses to gently heat tissues so they produce tiny sound waves, which are then recorded to create maps of specific biological signals or contrast agents. Investors care because it promises a new way to detect disease markers or monitor therapy without radiation or large scans—potentially creating markets for new devices, diagnostic contrast agents, and clinical services if adopted widely.

Thermo Acoustic Enhanced UltraSound (TAEUS) technical

"ENDRA Life Sciences is the pioneer of Thermo Acoustic Enhanced UltraSound (TAEUS®)"

steatotic liver disease medical

"for early detection and monitoring of steatotic liver disease (SLD)"

Steatotic liver disease is a condition where excess fat builds up in the liver, like a filter becoming clogged with grease, which can impair the organ’s normal functions. It matters to investors because rising prevalence can drive demand for drugs, diagnostics and medical services, raise healthcare and insurance costs, and affect workforce productivity and regulatory scrutiny—factors that influence valuations and revenues across healthcare and related industries.

Digital Assets financial

"Digital Assets | | | 2,009,960 | | | | - |"

Digital assets are electronic files or representations of value stored electronically, such as cryptocurrencies, digital tokens, or digital art. They matter to investors because they can be bought, sold, and used for transactions much like physical assets, but exist entirely in digital form, offering new opportunities for investment and financial innovation.

warrant liability financial

"Warrant Liability | | | 479,747 | | | | 799,284 |"

Warrant liability is the financial obligation a company records when it grants warrants—special options giving the holder the right to buy company shares at a set price in the future. It matters to investors because changes in this liability can affect a company's reported earnings and overall financial health, similar to how a pending contract can influence a company's future value.

strategic alternatives financial

"As we evaluate strategic alternatives for the company, our focus is on ensuring"

Strategic alternatives are different options a company considers to improve its value or achieve its goals, such as selling the business, merging with another company, or restructuring operations. For investors, understanding these options is important because they can significantly impact the company's future direction and its stock value, often signaling potential changes or opportunities.

Offering Details

earnings_snapshot

Offering

Offering Type earnings_snapshot

Understanding 8-K Material Events →

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) March 31, 2026

ENDRA Life Sciences Inc. 

(Exact name of registrant as specified in its charter)

Delaware		001-37969		26-0579295
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification No.)

3600 Green Court, Suite 350 Ann Arbor, MI		48105
(Address of principal executive offices)		(Zip Code)

Registrant's telephone number, including area code (734) 335-0468

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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 is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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. ☐

Item 2.02 Results of Operations and Financial Condition

On March 31, 2026, ENDRA Life Sciences Inc. (the “Company”) issued a press release announcing its financial results for the quarter and year ended December 31, 2025. A copy of the press release is being furnished as Exhibit 99.1 to this Current Report on Form 8-K.

The information in Item 2.02 of this Current Report on Form 8-K and Exhibit 99.1 attached hereto is intended to be furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.		Description
99.1		Press Release dated March 31, 2026, furnished herewith.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

1

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	ENDRA Life Sciences Inc.
March 31, 2026
	By:	/s/ Richard Jacroux
	Name:	Richard Jacroux
	Title:	Chief Financial Officer

2

Exhibit 99.1

ENDRA Life Sciences Reports Fourth Quarter and Full Year 2025
Financial Results and Provides Business Update

ANN ARBOR, Mich. (March 31, 2026) – ENDRA Life Sciences Inc. (NASDAQ: NDRA) (“ENDRA” or the “Company”), a pioneer in thermoacoustic biomarker imaging for early detection and monitoring of steatotic liver disease (SLD), today reported financial results for the quarter and year ended December 31, 2025, and provided a business update.

Business Update

● Initiated Evaluation of Strategic Alternatives

○ On March 25, 2026, the Company announced that its Board of Directors has initiated a process to evaluate strategic alternatives to maximize shareholder value.

○ The Company intends to continue executing on its strategic and operating initiatives during the review process, and has not set a timetable for completion of the process.

● Demonstrated Strong Clinical Progress with TAEUS^® Liver

○ On November 20, 2025, ENDRA announced positive results from its feasibility study that demonstrated the ability of TAEUS Liver, as redesigned in 2025, to accurately quantify liver fat fraction – a key MASLD/MASH biomarker – with a Pearson correlation coefficient of r=0.89 across the full stages of steatotic disease and BMIs.

○ On December 4, 2025, the Company announced additional feasibility results that demonstrated TAEUS Liver’s strong concordance with MRI-PDFF, the industry’s gold standard for non-invasive liver fat assessment, at critical liver fat fraction thresholds of 12-17% and 20-22% thereby positioning the device as a clinical SLD tool for future use in pharmaceutical trials.

○ On February 26, 2026, the Company reported favorable results from a new study that demonstrated the device’s robust intra-user repeatability and inter-user reproducibility, essential factors for long-term monitoring of SLD, which now affects approximately 30% of adults worldwide. TAEUS achieved an Intraclass Correlation Coefficient of 0.89 with standard error of measurement of 3.3% using independent operators.

○ These data support TAEUS’s objective to deliver a standardized, accurate and repeatable liver fat test for the growing population affected by SLD. TAEUS Liver has the potential to be deployed in routine clinical practice to address large, underserved populations and could potentially be utilized by pharmaceutical companies for patient recruitment and follow-up in clinical trials.

“Over the past year we significantly strengthened the clinical foundation for TAEUS, demonstrating performance that we believe positions our technology alongside the current standard of care, while maintaining the accessibility, scalability and cost of handheld ultrasound systems,” said Alexander Tokman, ENDRA’s Chief Executive Officer. “We remain highly confident in the long-term potential of TAEUS and are optimistic about the value it can deliver to patients, clinicians and our shareholders. As we evaluate strategic alternatives for the company, our focus is on ensuring that this progress translates into maximum benefit for all stakeholders.”

Fourth Quarter Financial Results

In the fourth quarter of 2025, cash used in operations increased to $1.6 million, compared with $1.5 million in the fourth quarter of 2024.

Operating expenses in the fourth quarter of 2025 decreased to $1.6 million, compared with $4.3 million in the same period last year. As a result, the net loss in the fourth quarter of 2025 was $3.2 million, compared with a net loss of $4.2 million in the fourth quarter of 2024.

2025 Financial Results

During 2025 the Company benefitted from actions taken throughout 2024 to streamline operations and focus resources on core development priorities, resulting in a significant decrease in operating expenses.

Operating expenses in 2025 decreased to $5.8 million, compared with $10.8 million in 2024, which included a $2.3 million non-cash inventory valuation charge reflecting the Company's strategic shift to align the TAEUS Liver device with larger market opportunities. The Company reported a net loss of $7.0 million in 2025, compared with a net loss of $11.5 million in 2024. The improvement was primarily driven by lower operating expenses, partially offset by continued investment in the advancement of the Company’s technology and clinical programs.

As of December 31, 2025, ENDRA had approximately $762,000 in cash and cash equivalents and held approximately $2.0 million in its Digital Asset Treasury, representing an additional component of its capital management strategy.

About ENDRA Life Sciences Inc.

ENDRA Life Sciences is the pioneer of Thermo Acoustic Enhanced UltraSound (TAEUS^®), a ground-breaking technology being developed to assess tissue fat content and monitor tissue ablation during minimally invasive procedures, at the point of patient care. TAEUS^® is focused on the measurement of fat in the liver as a means to assess and monitor steatotic liver disease and metabolic dysfunction-associated steatohepatitis, chronic liver conditions that affect over two billion people globally, and for which there are no practical diagnostic tools. 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.

Forward-Looking Statements

All statements in this press release that are not based on historical fact are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements—based on certain assumptions and describing our future plans, strategies, and expectations—can generally be identified by the use of terms such as “approximate,” “anticipate,” “attempt,” “believe,” “could,” “estimate,” “expect,” “forecast,” “future,” “goal,” “hope,” “intend,” “may,” “plan,” “possible,” “potential,” “project,” “seek,” “should,” “will,” “would,” or other comparable terms (including the negative of any of the foregoing), although some forward-looking statements are express differently. Each forward-looking statement contained in this release is subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statement.

2

Applicable risks and uncertainties include, among others: expectations regarding the strategic alternative review process and the chance that it may not result in any transaction or other strategic outcome; our limited commercial experience, limited cash resources, and history of losses; our ability to obtain adequate financing to fund operations in the future; risks related to shifts in regulatory, accounting, or tax treatment affecting our treasury activities; the potential impact of any changes in financial reporting requirements; the risk that our stock price may be affected by the performance or valuation of assets held in our treasury; a determination that we are an investment company under the Investment Company Act of 1940; our ability to achieve profitability; delays or changes in regulatory requirements, policies, or guidelines; potential delays in submitting required regulatory applications or other submissions to, or receiving approvals from, the U.S. Food and Drug Administration (“FDA”) or other regulatory agencies; our ability to obtain and maintain required CE mark certifications and secured required FDA and other governmental approvals for our Thermo Acoustic Enhanced Ultrasound (“TAEUS^®”) applications; our ability to develop commercially viable products based on our TAEUS^® technology; market acceptance of our technology; the effect of macroeconomic conditions on our business; results of studies, which may be negative or inconclusive; our ability to secure and maintain development partners; reliance on third parties, collaborations, strategic alliances, and licensing arrangements; the competitive landscape in the healthcare industry; our ability to protect our intellectual property; changes in healthcare industry practices or reimbursement policies; our ability to comply with regulations from federal, state, local, and foreign governmental agencies; our ability to maintain compliance with Nasdaq listing standards; our dependence on key members of management; and other risks and uncertainties described in the Risk Factors and Management’s Discussion and Analysis of Financial Condition and Results of Operations sections of the Company’s most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission.

You should not rely on forward-looking statements as predictions of future events. Forward-looking statements in this press release speak only as of the date of issuance, and ENDRA assumes no obligation to update such statements to reflect actual results or changes in expectations, except as required by law.

Company Contact:

Investor Relations
investors@endrainc.com
www.endrainc.com

Investor Relations Contact:

Yvonne Briggs
Alliance Advisors IR
(310) 691-7100
ybriggs@allianceadvisors.com

[Financial Tables Follow]

3

ENDRA Life Sciences Inc.

Consolidated Balance Sheets

		December 31,				December 31,
		2025				2024
Assets
Current Assets
Cash		$	762,365			$	3,229,480
Prepaid expenses			205,604				204,185
Total Current Assets			967,969				3,433,665
Non-Current Assets
Fixed assets, net			42,516				69,281
Right of use assets			461,949				578,013
Prepaid expenses, long term			365,417				365,417
Digital Assets			2,009,960				-
Other assets			5,986				5,986
Total Assets		$	3,853,797			$	4,452,362
Liabilities and Stockholders’ Equity
Current Liabilities
Accounts payable and accrued liabilities		$	621,578			$	508,293
Lease liabilities, current portion			129,378				96,937
Total Current Liabilities			750,956				605,230
Long Term Debt
Lease liabilities			362,974				487,482
Warrant Liability			479,747				799,284
Total Long Term Debt			842,721				1,286,766
Total Liabilities			1,593,677				1,891,996
Commitments and Contingencies			-				-
Stockholders’ Equity
Series A Convertible Preferred Stock, $0.0001 par value; 10,000 shares authorized; 17.488 and 17.488 shares issued and outstanding, respectively			-				-
Series B Convertible Preferred Stock, $0.0001 par value; 1,000 shares authorized; no shares issued and outstanding			-				-
Series C Preferred Stock, $0.0001 par value; 100,000 shares authorized; no shares issued and outstanding			-				-
Common stock, $0.0001 par value; 1,000,000,000 shares authorized; 1,176,477 and 536,908 shares issued and outstanding, respectively			116				53
Additional paid in capital			112,725,513				105,998,412
Stock payable			-				-
Accumulated deficit			(110,465,509	)			(103,438,099	)
Total Stockholders’ Equity			2,260,120				2,560,366
Total Liabilities and Stockholders’ Equity		$	3,853,797			$	4,452,362

4

ENDRA Life Sciences Inc.

Consolidated Statements of Operations

		Year Ended				Year Ended
		December 31,				December 31,
		2025				2024
Operating Expenses
Research and development		$	1,849,996			$	3,190,293
Sales and marketing			189,470				571,040
General and administrative			3,723,635				7,055,814
Total operating expenses			5,763,101				10,817,147
Operating loss			(5,763,101	)			(10,817,147	)
Other (expenses) income
Other income			71,224				108,484
Digital asset staking compensation			5,121				-
Change in fair value of digital assets			(995,161	)			-
Warrant expense			(665,030	)			(7,323,685	)
Changes in fair value of warrant liability			319,537				3,447,737
Gain on settlement of warrant exercise			-				3,076,664
Total other expenses			(1,264,309	)			(690,800	)
Loss from operations before income taxes			(7,027,410	)			(11,507,947	)
Provision for income taxes			-				-
Net Loss		$	(7,027,410	)		$	(11,507,947	)
Net loss per share – basic and diluted		$	(8.93	)		$	(56.94	)
Weighted average common shares – basic and diluted			787,020				202,106

5

FAQ

How did ENDRA Life Sciences (NDRA) perform financially in 2025?

ENDRA Life Sciences reported a 2025 net loss of $7.0 million, improving from $11.5 million in 2024. The better result mainly reflected lower operating expenses across research and development, sales and marketing, and general and administrative functions.

What cost reductions did ENDRA Life Sciences (NDRA) achieve in 2025?

ENDRA reduced 2025 operating expenses to $5.8 million, down from $10.8 million in 2024. Savings came from streamlined operations and lower spending, following prior restructuring and an earlier non-cash inventory valuation charge related to the TAEUS Liver device.

What is ENDRA Life Sciences’ (NDRA) cash position and digital asset treasury?

As of December 31, 2025, ENDRA held $762,365 in cash and cash equivalents and $2.0 million in digital assets. The company describes these digital assets as part of its broader capital management strategy alongside more traditional balance sheet resources.

What technology is ENDRA Life Sciences (NDRA) developing with TAEUS?

ENDRA is developing Thermo Acoustic Enhanced UltraSound (TAEUS) to assess liver fat and monitor tissue ablation. The technology targets steatotic liver disease and metabolic dysfunction-associated steatohepatitis, aiming to complement conventional ultrasound at the point of care.

Is ENDRA Life Sciences (NDRA) exploring strategic alternatives?

Yes. Management stated it is evaluating strategic alternatives for the company. They emphasize a focus on converting recent clinical and operational progress with TAEUS into maximum benefit for patients, clinicians, shareholders, and other stakeholders.

How did ENDRA Life Sciences’ (NDRA) fourth quarter 2025 results look?

In fourth quarter 2025, cash used in operations was $1.6 million, slightly above $1.5 million a year earlier. The quarterly net loss narrowed to $3.2 million from $4.2 million, helped by significantly lower operating expenses.

Filing Exhibits & Attachments

4 documents

Press Releases

• EX-99.1 PRESS RELEASE DATED MARCH 31, 2026, FURNISHED HEREWITH 56.6 KB

Other Documents

• EX-101 XBRL SCHEMA FILE 2.9 KB
• EX-101 XBRL LABEL FILE 33.4 KB
• EX-101 XBRL PRESENTATION FILE 21.8 KB