Latest News by Industry
ANN ARBOR, Mich.--(BUSINESS WIRE)--Nov 14, 2022--
ENDRA Life Sciences Inc. (NASDAQ: NDRA), a pioneer of Thermo Acoustic Enhanced UltraSound (TAEUS ® ), today reported financial results for the three and nine months ended September 30, 2022, and provided a business update. Highlights of the third quarter of 2022 and recent weeks include:
“We are pleased with the increasing rate of progress at our clinical evaluation sites with 95 scans completed year-to-date, and we are working diligently to complete and submit the De Novo request for our TAEUS system. The effective collection of clinical data is the top priority for ENDRA because it will enable both a successful U.S regulatory submission and strong global commercialization," stated Francois Michelon, Chairman and Chief Executive Officer of ENDRA. “Further, we believe our strong balance sheet will enable us to continue our marketing activities in Europe, to achieve initial sales and to submit our De Novo request in the U.S.”
Third Quarter 2022 Financial Results
Conference Call and Webcast
Management will host a conference call and webcast today at 4:30 p.m. Eastern time to discuss these results, provide an update on recent corporate developments and answer questions.
Participants are encouraged to pre-register for the conference call using this link. Callers who pre-register will receive a unique PIN to gain immediate access to the call and bypass the live operator. Participants may register at any time, including up to and after the call start time. Those unable to pre-register may participate by dialing (844) 868-8846 (U.S.) or (412) 317-5465 (International). A webcast of the call may also be accessed at ENDRA’s Investor Relations page and here.
A telephone replay will be available until November 21, 2022 by dialing (877) 344-7529 (U.S.) or (412) 317-0088 (International) and providing the passcode 2941855. A webcast replay will be available beginning approximately one hour after the completion of the live conference call here.
About ENDRA Life Sciences Inc.
ENDRA Life Sciences is the pioneer of Thermo Acoustic Enhanced UltraSound (TAEUS ® ), a ground-breaking technology being developed to visualize tissue like MRI, but at 1/50 th the cost and at the point of patient care. TAEUS ® is designed to work in concert with the more than 500,000 ultrasound systems in use globally today. TAEUS ® is initially focused on the measurement of fat in the liver as a means to assess and monitor Non-Alcoholic Fatty Liver Disease (NAFLD) and Non-Alcoholic Steatohepatitis (NASH), chronic liver conditions that affect over one billion people globally, and for which there are no practical diagnostic tools. Beyond the liver, ENDRA is exploring several other clinical applications of TAEUS ®, including visualization of tissue temperature during energy-based surgical procedures. For more information, please visit 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, which are based on certain assumptions and describe 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 expressed differently. Examples of forward-looking statements for ENDRA include, among others: estimates of the timing of future events and anticipated results of our development efforts, including the timing of submission for and receipt of required regulatory approvals and product launches; statements relating to future financial position and projected costs and revenue; expectations concerning ENDRA's business strategy; and statements regarding ENDRA’s ability to find and maintain development partners. Forward-looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements as a result of various factors including, among others: the ability to raise additional capital in order to continue as a going concern; the ability to obtain regulatory approvals necessary to sell ENDRA medical devices in certain markets in a timely manner, or at all; the ability to develop a commercially feasible technology and its dependence on third parties to design and manufacture its products; the impact of COVID-19 on ENDRA’s business plans; the ability to find and maintain development partners; market acceptance of ENDRA’s technology and the amount and nature of competition in its industry; ENDRA’s ability to protect its intellectual property; and the 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 in subsequent Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission. You should not rely upon forward-looking statements as predictions of future events. The forward-looking statements made in this press release speak only as of the date of issuance, and ENDRA assumes no obligation to update any such forward-looking statements to reflect actual results or changes in expectations, except as otherwise required by law.
ENDRA Life Sciences Inc. Consolidated Balance Sheets | ||||||||
|
| September 30, |
|
| December 31, |
| ||
|
| 2022 |
|
| 2021 |
| ||
Assets |
| |||||||
Current Assets |
|
|
|
|
|
| ||
Cash |
| $ | 8,016,350 |
|
| $ | 9,461,534 |
|
Prepaid expenses |
|
| 914,261 |
|
|
| 1,348,003 |
|
Inventory |
|
| 2,634,077 |
|
|
| 1,284,578 |
|
Total Current Assets |
|
| 11,564,688 |
|
|
| 12,094,115 |
|
Non-Current Assets |
|
|
|
|
|
|
|
|
Fixed assets, net |
|
| 230,612 |
|
|
| 131,130 |
|
Right of use assets |
|
| 541,456 |
|
|
| 643,413 |
|
Other assets |
|
| 5,986 |
|
|
| 5,986 |
|
Total Assets |
| $ | 12,342,742 |
|
| $ | 12,874,644 |
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders’ Equity | ||||||||
Current Liabilities |
|
|
|
|
|
|
|
|
Accounts payable and accrued liabilities |
| $ | 1,558,097 |
|
| $ | 1,411,437 |
|
Lease liabilities, current portion |
|
| 147,057 |
|
|
| 132,330 |
|
Total Current Liabilities |
|
| 1,705,154 |
|
|
| 1,543,767 |
|
|
|
|
|
|
|
|
|
|
Long Term Debt |
|
|
|
|
|
|
|
|
Loans |
|
| 28,484 |
|
|
| 28,484 |
|
Lease liabilities |
|
| 405,773 |
|
|
| 518,147 |
|
Total Long Term Debt |
|
| 434,257 |
|
|
| 546,631 |
|
|
|
|
|
|
|
|
|
|
Total Liabilities |
|
| 2,139,411 |
|
|
| 2,090,398 |
|
|
|
|
|
|
|
|
|
|
Stockholders’ Equity |
|
|
|
|
|
|
|
|
Series A Convertible Preferred Stock, $0.0001 par value; 10,000 shares authorized; 141,397 and 141,397 shares issued and outstanding, respectively |
|
| 1 |
|
|
| 1 |
|
Series B Convertible Preferred Stock, $0.0001 par value; 1,000 shares authorized; no shares issued and outstanding |
|
| - |
|
|
| - |
|
Common stock, $0.0001 par value; 80,000,000 shares authorized; 63,174,455 and 42,554,514 shares issued and outstanding, respectively |
|
| 6,315 |
|
|
| 4,254 |
|
Additional paid in capital |
|
| 88,768,831 |
|
|
| 79,456,938 |
|
Stock payable |
|
| 8,490 |
|
|
| 13,863 |
|
Accumulated deficit |
|
| (78,580,306 | ) |
|
| (68,690,810 | ) |
Total Stockholders’ Equity |
|
| 10,203,331 |
|
|
| 10,784,246 |
|
Total Liabilities and Stockholders’ Equity |
| $ | 12,342,742 |
|
| $ | 12,874,644 |
|
ENDRA Life Sciences Inc. Consolidated Statements of Operations (Unaudited) | ||||||||||||||||
|
| Three Months Ended |
|
| Three Months Ended |
|
| Nine Months Ended |
|
| Nine Months Ended |
| ||||
|
| September 30, |
|
| September 30, |
|
| September 30, |
|
| September 30, |
| ||||
|
| 2022 |
|
| 2021 |
|
| 2022 |
|
| 2021 |
| ||||
Operating Expenses |
|
|
|
|
|
|
|
|
|
|
|
| ||||
Research and development |
| $ | 1,830,297 |
|
| $ | 1,173,319 |
|
| $ | 4,890,879 |
|
| $ | 4,059,730 |
|
Sales and marketing |
|
| 420,439 |
|
|
| 275,565 |
|
|
| 1,102,381 |
|
|
| 693,263 |
|
General and administrative |
|
| 1,166,480 |
|
|
| 1,201,851 |
|
|
| 3,850,918 |
|
|
| 3,673,771 |
|
Total operating expenses |
|
| 3,417,216 |
|
|
| 2,650,735 |
|
|
| 9,844,178 |
|
|
| 8,426,764 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss |
|
| (3,417,216 | ) |
|
| (2,650,735 | ) |
|
| (9,844,178 | ) |
|
| (8,426,764 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on extinguishment of debt |
|
| - |
|
|
| - |
|
|
| - |
|
|
| 308,600 |
|
Other income (expense) |
|
| (23,011 | ) |
|
| (7,507 | ) |
|
| (45,318 | ) |
|
| (8,458 | ) |
Total other expenses |
|
| (23,011 | ) |
|
| (7,507 | ) |
|
| (45,318 | ) |
|
| 300,142 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from operations before income taxes |
|
| (3,440,227 | ) |
|
| (2,658,242 | ) |
|
| (9,889,496 | ) |
|
| (8,126,622 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income taxes |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Loss |
| $ | (3,440,227 | ) |
| $ | (2,658,242 | ) |
| $ | (9,889,496 | ) |
| $ | (8,126,622 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deemed dividend |
|
| - |
|
|
| - |
|
|
| - |
|
|
| (121,071 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Loss attributable to common stockholders |
| $ | (3,440,227 | ) |
| $ | (2,658,242 | ) |
| $ | (9,889,496 | ) |
| $ | (8,247,693 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share – basic and diluted |
| $ | (0.05 | ) |
| $ | (0.06 | ) |
| $ | (0.18 | ) |
| $ | (0.20 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares – basic and diluted |
|
| 63,174,455 |
|
|
| 41,912,535 |
|
|
| 56,016,219 |
|
|
| 40,471,906 |
|
ENDRA Life Sciences Inc. Condensed Consolidated Statements of Cash Flows (Unaudited) | ||||||||
|
| Nine Months Ended |
|
| Nine Months Ended |
| ||
|
| September 30, |
|
| September 30, |
| ||
|
| 2022 |
|
| 2021 |
| ||
Cash Flows from Operating Activities |
|
|
|
|
|
| ||
Net loss |
| $ | (9,889,496 | ) |
| $ | (8,126,622 | ) |
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
| 64,532 |
|
|
| 94,977 |
|
Stock compensation expense including common stock issued for RSUs |
|
| 909,069 |
|
|
| 1,032,835 |
|
Stock payable for investor relations |
|
| - |
|
|
| - |
|
Amortization of right of use assets |
|
| 101,957 |
|
|
| 75,768 |
|
Gain on extinguishment of debt |
|
| - |
|
|
| (308,600 | ) |
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Decrease in prepaid expenses |
|
| 433,742 |
|
|
| (786,401 | ) |
Increase in inventory |
|
| (1,349,499 | ) |
|
| (910,123 | ) |
Increase in accounts payable and accrued liabilities |
|
| 146,660 |
|
|
| 528,797 |
|
Decrease in lease liability |
|
| (97,647 | ) |
|
| (70,289 | ) |
Net cash used in operating activities |
|
| (9,680,682 | ) |
|
| (8,469,658 | ) |
|
|
|
|
|
|
|
|
|
Cash Flows from Investing Activities |
|
|
|
|
|
|
|
|
Purchases of fixed assets |
|
| (164,014 | ) |
|
| (45,000 | ) |
Net cash used in investing activities |
|
| (164,014 | ) |
|
| (45,000 | ) |
|
|
|
|
|
|
|
|
|
Cash Flows from Financing Activities |
|
|
|
|
|
|
|
|
Proceeds from warrant exercise |
|
| - |
|
|
| 2,785,627 |
|
Proceeds from issuance of common stock |
|
| 8,399,512 |
|
|
| 10,294,899 |
|
Net cash provided by financing activities |
|
| 8,399,512 |
|
|
| 13,080,526 |
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in cash |
|
| (1,445,184 | ) |
|
| 4,565,875 |
|
|
|
|
|
|
|
|
|
|
Cash, beginning of period |
|
| 9,461,534 |
|
|
| 7,227,316 |
|
|
|
|
|
|
|
|
|
|
Cash, end of period |
| $ | 8,016,350 |
|
| $ | 11,793,189 |
|
|
|
|
|
|
|
|
|
|
Supplemental disclosures of cash items |
|
|
|
|
|
|
|
|
Interest paid |
| $ | - |
|
| $ | 40,887 |
|
Income tax paid |
| $ | - |
|
| $ | - |
|
|
|
|
|
|
|
|
|
|
Supplemental disclosures of non-cash items |
|
|
|
|
|
|
|
|
Deemed dividend |
| $ | - |
|
| $ | 121,071 |
|
Conversion of Series A Convertible Preferred Stock |
| $ | - |
|
| $ | (7 | ) |
Stock dividend payable |
| $ | - |
|
| $ | (31,870 | ) |
Right of use asset |
| $ | 541,456 |
|
| $ | 675,822 |
|
Lease liability |
| $ | 552,830 |
|
| $ | 680,526 |
|
View source version on businesswire.com:https://www.businesswire.com/news/home/20221114006035/en/
CONTACT: Company:
Irina Pestrikova
Senior Director, Finance
investors@endrainc.com
www.endrainc.comInvestor Relations:
Yvonne Briggs
LHA Investor Relations
(310) 691-7100
ybriggs@lhai.com
KEYWORD: CALIFORNIA MICHIGAN UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: GENERAL HEALTH OTHER HEALTH HEALTH RADIOLOGY HEALTH TECHNOLOGY
SOURCE: ENDRA Life Sciences Inc.
Copyright Business Wire 2022.
PUB: 11/14/2022 04:05 PM/DISC: 11/14/2022 04:06 PM
http://www.businesswire.com/news/home/20221114006035/en