Financial Performance - ENDRA Life Sciences reported a net loss of $2.23 million for Q2 2024, compared to a net loss of $2.56 million in Q2 2023, representing a 13% improvement year-over-year[12]. - Operating expenses decreased by 26% year-over-year, from $2.99 million in Q2 2023 to $2.23 million in Q2 2024, primarily due to reduced research and development expenses[4][12]. - The company reported a significant reduction in annualized operating expenses by $3.1 million compared to the prior-year second quarter[3]. Capital and Cash Position - The company raised approximately $8.0 million in gross proceeds from a public offering, enhancing its cash position to $6.4 million as of June 30, 2024[3][5]. - Cash and cash equivalents increased from $2.83 million at the end of 2023 to $6.4 million by June 30, 2024, reflecting successful capital raising efforts[10][5]. - Total current assets rose to $6.71 million as of June 30, 2024, up from $3.03 million at the end of 2023[10]. Intellectual Property and Technology Development - ENDRA expanded its intellectual property portfolio to 81 issued patents globally, with five additional patents granted in Q2 2024[3]. - The company initiated new pilot clinical trials at two North American sites and plans to start one in Europe to support the TAEUS technology's clinical value[2]. - The acting CEO emphasized the priority of securing clinical data for a new De Novo regulatory filing with the FDA, while revisiting the go-to-market strategy for TAEUS[4]. - ENDRA's TAEUS technology aims to provide non-invasive assessments of fatty tissue in the liver, addressing a market need affecting over two billion people globally[7].
ENDRA Life Sciences(NDRA) - 2024 Q2 - Quarterly Results