Financial Performance - The net loss for the three months ended June 30, 2024, was $2,229,153, an improvement from a net loss of $2,557,132 for the same period in 2023[87]. - The net loss for the six months ended June 30, 2024, was $5,004,853, an improvement from a net loss of $5,499,878 for the same period in 2023[91]. - As of June 30, 2024, the accumulated deficit was $96,935,005, with cash reserves of $6,400,732, indicating a need for additional funding to support operations[92]. - Other income significantly dropped to $6,541 for the six months ended June 30, 2024, from $434,015 for the same period in 2023, primarily due to the completion of the Employer Retention Tax Credit[91]. Expenses - Research and development expenses decreased by 49% to $716,366 for the three months ended June 30, 2024, compared to $1,400,182 for the same period in 2023[85]. - Sales and marketing expenses decreased by 34% to $162,952 for the three months ended June 30, 2024, compared to $247,773 for the same period in 2023[85]. - General and administrative expenses increased slightly by 0% to $1,351,535 for the three months ended June 30, 2024, compared to $1,346,610 for the same period in 2023[86]. - Research and development expenses for the six months ended June 30, 2024, were $1,757,892, a decrease of 37% from $2,791,496 for the same period in 2023[88]. - Sales and marketing expenses decreased by $27,777, or 6%, to $401,612 for the six months ended June 30, 2024, compared to $429,389 for the same period in 2023[20]. - General and administrative expenses increased by $138,882, or 5%, to $2,851,890 for the six months ended June 30, 2024, compared to $2,713,008 for the same period in 2023[90]. - Cash used in operating activities was $4,227,613 for the six months ended June 30, 2024, compared to $4,775,442 for the same period in 2023[95]. Future Plans - The company plans to continue incurring research and development expenses as it focuses on the commercialization of the TAEUS product[79]. - The company anticipates completing necessary clinical studies by Q4 2024 or Q1 2025 and submitting a new de novo request to the FDA in the first half of 2025[77]. - The company is building a small sales and marketing team to support global ultrasound distributors and plans to expand sales efforts in the U.S. post-FDA approval[80]. - The company plans to advance the engineering design and development of its TAEUS technology, which will incur significant expenses in the foreseeable future[98]. - The company is considering financing options, including sales of common stock, to support its commercialization plans for the TAEUS technology[93]. Regulatory and Compliance - The company received CE mark approval for the TAEUS FLIP System in March 2020, allowing marketing in the European Union[76]. - A material weakness in internal control over financial reporting was identified due to insufficient personnel resources within the accounting function[103]. Financing Activities - Financing activities generated $1,148,470 from common stock issuances and $6,687,248 from warrant exercises during the six months ended June 30, 2024[97].
ENDRA Life Sciences(NDRA) - 2024 Q2 - Quarterly Report