ENDRA Life Sciences(NDRA) - 2023 Q4 - Annual Results

Financial Performance - Operating expenses in Q4 2023 were $1.5 million, a decrease of 54.5% compared to $3.3 million in Q4 2022[3] - Net loss for Q4 2023 was $1.5 million, or $0.17 per share, compared to a net loss of $3.3 million, or $1.04 per share, in Q4 2022[5] - Full year 2023 operating expenses totaled $10.5 million, down 20.4% from $13.2 million in 2022[6] - Full year 2023 net loss was $10.1 million, or $1.58 per share, compared to a net loss of $13.2 million, or $4.56 per share, in 2022[6] Cash Position - Cash and cash equivalents as of December 31, 2023, were $2.8 million, down from $4.9 million at the end of 2022[7] - Cash at the end of the year was $2,833,907, a decrease from $4,889,098 at the beginning of the year[22] Investment and Financing Activities - Net cash used in investing activities was $(24,721) compared to $(202,577) in the previous year[22] - Proceeds from issuance of common stock amounted to $6,483,393, a decrease from $8,399,512 year-over-year[22] - Net cash provided by financing activities totaled $7,518,305, down from $8,399,512 in the prior year[22] - Interest paid during the year was $44,985, compared to $59,113 in the previous year[22] - Stock dividend payable decreased to $840 from $7,790 year-over-year[22] - Right of use asset decreased to $354,091 from $505,816 in the previous year[22] Product Development and Market Engagement - The first TAEUS system was installed in the UK at King's College Hospital for clinical evaluation, with a study expected to include approximately 75 subjects[4] - The FDA's review of ENDRA's De Novo request for the TAEUS liver system is ongoing, with an in-person meeting scheduled for Q2 2024[4] - ENDRA expanded its intellectual property portfolio to 75 issued patents globally, including seven additional patents in Q4 2023[4] - A new ICD-10-CM code for NAFLD was issued, facilitating standardized billing and promoting advanced diagnostic technologies like the TAEUS system[4] - ENDRA showcased the TAEUS system at four major clinical conferences, enhancing awareness and engagement with potential customers[4]