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ENDRA Life Sciences Inc. (NDRA+1.35%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in research and development expenses to $794,444 from $1,632,849 in the same quarter the previous year. This decrease is attributed to the completion of development for the initial TAEUS product.
Sales and marketing expenses were $83,157, down from $243,332, reflecting a restructuring of European sales operations.
General and administrative expenses decreased to $631,413 from $1,252,881, with a notable reduction in wage and related expenses due to the cancellation of equity awards.
The company reported an operating loss of $1,509,014 for the quarter, compared to $3,129,062 in the previous year.
Other expenses for the quarter were $845,076, primarily due to accounting for warrants, compared to other income of $28,226 in the previous year.
Net loss for the quarter was $2,354,090, compared to $3,100,836 in the previous year.
Cash used in operating activities was $5,884,842 for the nine months ended September 30, 2024.
ENDRA had cash and cash equivalents of $4,745,187 as of September 30, 2024. The company acknowledges the need for additional capital to continue operations.
The filing also discusses the company's ongoing efforts to obtain FDA approval for its TAEUS technology and the anticipated completion of necessary clinical studies by the first half of 2025.
ENDRA continues to focus on the commercialization of its TAEUS technology, with plans to expand marketing efforts and advance development of additional applications.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the ENDRA Life Sciences Inc. quarterly 10-Q report dated November 19, 2024. To report an error, please email earnings@qz.com.