Financial Performance - The net loss for Q3 2024 was $2.4 million, an improvement from a net loss of $3.1 million in Q3 2023, despite including a non-cash charge of $911,000 related to warrants[10] - Net loss for September 2024 was $(2,354,090), a decrease from $(3,100,836) in September 2023, representing an improvement of about 24.0%[17] - Net loss per share for September 2024 was $(9.54), compared to $(706.20) in September 2023, showing a significant reduction[17] Operating Expenses - Operating expenses in Q3 2024 decreased by 52% to $1.5 million compared to $3.1 million in Q3 2023, primarily due to reductions in general and administrative spending[9] - Year-over-year expenses for Q3 2024 were reduced by 54%, primarily from general and administrative reductions[9] - Total operating expenses were $1,509,014 in September 2024, down from $3,129,062 in September 2023, reflecting a reduction of about 51.8%[17] - The operating loss for September 2024 was $(1,509,014), compared to $(3,129,062) in September 2023, indicating an improvement of approximately 51.8%[17] Cost Reductions - The company achieved $3.1 million in annualized savings through cost-cutting initiatives and resource refocusing[7] - Research and development expenses decreased to $794,444 in September 2024 from $1,632,849 in September 2023, a reduction of approximately 51.3%[17] - Sales and marketing expenses fell to $83,157 in September 2024 compared to $243,332 in September 2023, representing a decline of about 65.8%[17] - General and administrative expenses decreased to $631,413 in September 2024 from $1,252,881 in September 2023, a decrease of approximately 49.7%[17] Cash Position - Cash and cash equivalents as of September 30, 2024, were $4.7 million, up from $2.8 million at the end of 2023[10] Clinical Developments - Nearly 40 subjects were enrolled in clinical evaluation sites over the past two months to assess TAEUS' liver fat measurement capabilities against MRI-PDFF[3] - A TAEUS system was activated at LMU University Hospital in Germany for a post-market clinical study to assess liver fat measurement capabilities[4] - A study on TAEUS technology in patients with high BMI was accepted for presentation at AASLD's The Liver Meeting 2024, highlighting its potential in challenging assessments[5] - The company is focused on securing clinical data for a new De Novo regulatory filing with the FDA, prioritizing subject recruitment at pilot clinical evaluation sites[8] Intellectual Property - ENDRA's intellectual property portfolio expanded to 82 issued patents globally during Q3 2024, enhancing protection for the TAEUS system[6] Other Income and Expenses - Other income increased to $65,528 in September 2024 from $28,226 in September 2023, reflecting a growth of approximately 132.5%[17] - Total other expenses resulted in $(845,076) in September 2024, compared to $28,226 in September 2023, indicating a significant change in expense structure[17] Shareholder Information - Weighted average common shares outstanding increased to 246,816 in September 2024 from 4,391 in September 2023, indicating a substantial increase in share count[17]
ENDRA Life Sciences(NDRA) - 2024 Q3 - Quarterly Results