Financial Performance - The net loss for the three months ended September 30, 2024, was $2,354,090, compared to a net loss of $3,100,836 for the same period in 2023[148]. - The net loss for the nine months ended September 30, 2024, was $7,358,943, an improvement from a net loss of $8,600,714 for the same period in 2023[155]. - As of September 30, 2024, the company had an accumulated deficit of $99,289,095 and $4,745,187 in cash, indicating financial challenges[156]. - The company used $5,884,842 of cash in operating activities during the nine months ended September 30, 2024, primarily due to the net loss[160]. - Other income (expense) decreased by $1,300,776 or 281% to $(838,535) for the nine months ended September 30, 2024, compared to $462,241 for the same period in 2023[154]. Expenses - Research and development expenses decreased by 51% to $794,444 for the three months ended September 30, 2024, compared to $1,632,849 for the same period in 2023[143]. - Sales and marketing expenses decreased by 66% to $83,157 for the three months ended September 30, 2024, compared to $243,332 for the same period in 2023[144]. - General and administrative expenses decreased by 49% to $631,413 for the three months ended September 30, 2024, compared to $1,252,881 for the same period in 2023[145]. - Research and development expenses decreased by $1,872,009 or 42% to $2,552,336 for the nine months ended September 30, 2024, compared to $4,424,345 for the same period in 2023[151]. - Sales and marketing expenses decreased by $187,952 or 28% to $484,769 for the nine months ended September 30, 2024, compared to $672,721 for the same period in 2023[152]. - General and administrative expenses decreased by $482,586 or 12% to $3,483,303 for the nine months ended September 30, 2024, compared to $3,965,889 for the same period in 2023[153]. TAEUS Technology and Development - No revenue has been generated by the TAEUS technology as of September 30, 2024[128]. - The company plans to continue incurring research and development expenses as it pursues FDA approval for the NAFLD TAEUS system[130]. - The first-generation TAEUS application is designed to quantify fat in the liver and stage progression of nonalcoholic fatty liver disease (NAFLD)[123]. - The company anticipates completing necessary clinical studies by the fourth quarter of 2024 or first quarter of 2025 for a new de novo request to the FDA[126]. - The company expects to incur significant expenses as it advances the engineering design and development of its TAEUS technology and seeks regulatory approvals[166]. - The company may need to raise substantial additional capital to complete the commercialization of its NAFLD TAEUS application and other TAEUS applications[167]. Sales and Marketing - The company has restructured its European sales operations to align with near-term sales prospects and plans to expand sales representation in the EU[131]. - The company received CE mark approval for the TAEUS FLIP System in March 2020, enabling marketing in the European Union[125]. Financing Activities - Financing activities provided $1,148,470 from issuances of common stock and $5,368,363 from issuance of warrants during the nine months ended September 30, 2024[164].
ENDRA Life Sciences(NDRA) - 2024 Q3 - Quarterly Report