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Share Name | Share Symbol | Market | Type |
---|---|---|---|
ENDRA Life Sciences Inc | NASDAQ:NDRA | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.01 | 4.12% | 0.2525 | 0.2476 | 0.26 | 0.257299 | 0.2422 | 0.252 | 11,104 | 22:15:13 |
Conference call begins at 4:30 p.m. Eastern time today
ENDRA Life Sciences Inc. (NASDAQ: NDRA), a pioneer of Thermo Acoustic Enhanced UltraSound (TAEUS®), today reported financial results for the three months and year ended December 31, 2021 and provided a business update. Highlights of the fourth quarter of 2021 and recent weeks include:
“We are pleased to have advanced our operating plan in 2021 and into 2022 under challenging global market conditions facing a resurgence of COVID-19 during that time. ENDRA actively increased commercial awareness for TAEUS through participation in seven global clinical conferences and more than 150 in-person and virtual product demonstrations in Europe. We enlarged the offensive and defensive scope of our IP portfolio to 89 assets, signed new clinical collaborations with leading healthcare institutions and pharmaceutical partners in the U.K., China and Australia and achieved clarity on our U.S regulatory path for the TAEUS liver platform," stated Francois Michelon, Chairman and Chief Executive Officer of ENDRA. “In 2022, as healthcare operations improve, we are laser-focused on ramping up our remaining global clinical research sites to generate data to support commercialization and converting our pipeline of European sales opportunities to revenue."
Fourth Quarter 2021 Financial Results
Full Year 2021 Financial Results
Conference Call and Webcast
Management will host a conference call and webcast today at 4:30 p.m. Eastern time to discuss these results, provide an update on recent corporate developments and answer questions.
Participants are encouraged to pre-register for the conference call using this link. Callers who pre-register will be given a unique PIN to gain immediate access to the call and bypass the live operator. Participants may register at any time, including up to and after the call start time. Those unable to pre-register may participate by dialing (866) 777-2509 (U.S.) or (412) 317-5413 (International). A webcast of the call may also be accessed at ENDRA’s Investor Relations page and here.
A telephone replay will be available until April 6, 2022 by dialing (877) 344-7529 (U.S.) or (412) 317-0088 (International) and providing the passcode 8208803. A webcast replay will be available beginning approximately one hour after the completion of the live conference call here.
About ENDRA Life Sciences Inc.
ENDRA Life Sciences is the pioneer of Thermo Acoustic Enhanced UltraSound (TAEUS®), a ground-breaking technology being developed to visualize tissue like MRI, but at 1/50th the cost and at the point of patient care. TAEUS® is designed to work in concert with 400,000 cart-based ultrasound systems in use globally today. TAEUS® is initially focused on the measurement of fat in the liver as a means to assess and monitor Non-Alcoholic Fatty Liver Disease (NAFLD) and Non-Alcoholic Steatohepatitis (NASH), chronic liver conditions that affect over one billion people globally, and for which there are no practical diagnostic tools. Beyond the liver, ENDRA is exploring several other clinical applications of TAEUS®, including visualization of tissue temperature during energy-based surgical procedures. For more information, please visit www.endrainc.com.
Forward-Looking Statements
All statements in this news release that are not based on historical fact are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of terms such as “approximate,” "anticipate," “attempt,” "believe," "could," "estimate," "expect," “future,” "goal," "intend," "may," "plan," “possible,” “potential,” "seek," "should," "will," or other comparable terms (including the negative of any of the foregoing), although some forward-looking statements are expressed differently. Examples of forward-looking statements for ENDRA include, among others, estimates of the timing of future events and anticipated results of our development efforts, including the timing for receipt of required regulatory approvals and product launches, expectations concerning ENDRA's business strategy, ENDRA’s ability to find and maintain development partners, market acceptance of its technology and the amount and nature of competition in its industry, and its ability to protect its intellectual property. Forward-looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements as a result of various factors including, among others, ENDRA’s ability to develop a commercially feasible technology and its dependence on third parties to design and manufacture its products; receipt of necessary regulatory approvals; the impact of COVID-19 on ENDRA’s business plans; ENDRA’s ability to find and maintain development partners, market acceptance of ENDRA’s technology and the amount and nature of competition in its industry; ENDRA’s ability to protect its intellectual property; and the other risks and uncertainties described in the Risk Factors and Management’s Discussion and Analysis of Financial Condition and Results of Operations sections of the Company’s most recent Annual Report on Form 10-K and in subsequently filed Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission. You should not rely upon forward-looking statements as predictions of future events. The forward-looking statements made in this news release speak only as of the date of issuance, and ENDRA assumes no obligation to update any such forward-looking statements to reflect actual results or changes in expectations, except as otherwise required by law.
[Financial Tables Follow]
ENDRA Life Sciences Inc.
Consolidated Balance Sheets
December 31,
December 31,
Assets
2021
2020
Current Assets
Cash
$
9,461,534
$
7,227,316
Prepaid expenses
1,348,003
390,800
Inventory
1,284,578
589,620
Total Current Assets
12,094,115
8,207,736
Non-Current Assets
Fixed assets, net
131,130
212,242
Right of use assets
643,413
339,012
Other assets
5,986
5,986
Total Assets
$
12,874,644
$
8,764,976
Liabilities and Stockholders’ Equity
Current Liabilities
Accounts payable and accrued liabilities
$
1,411,437
$
910,183
Lease liabilities, current portion
132,330
76,480
Total Current Liabilities
1,543,767
986,663
Long Term Debt
Loans
28,484
337,084
Lease liabilities
518,147
271,908
Total Long Term Debt
546,631
608,992
Total Liabilities
2,090,398
1,595,655
Stockholders’ Equity
Series A Convertible Preferred Stock, $0.0001 par value; 10,000 shares authorized; 141,397 and 190,288 shares issued and outstanding, respectively
1
1
Series B Convertible Preferred Stock, $0.0001 par value; 1,000 shares authorized; no shares issued and outstanding
-
-
Common stock, $0.0001 par value; 80,000,000 shares authorized; 42,554,514 and 34,049,704 shares issued and outstanding, respectively
4,254
3,404
Additional paid in capital
79,456,938
64,493,611
Stock payable
13,863
10,794
Accumulated deficit
(68,690,810
)
(57,338,489
)
Total Stockholders’ Equity
10,784,246
7,169,321
Total Liabilities and Stockholders’ Equity
$
12,874,644
$
8,764,976
ENDRA Life Sciences Inc.
Consolidated Statements of Operations
Year Ended
Year Ended
December 31,
December 31,
2021
2020
Operating Expenses
Research and development
$
5,482,531
$
5,917,944
Sales and marketing
1,075,376
581,893
General and administrative
4,940,398
5,002,080
Total operating expenses
11,498,305
11,501,917
Operating loss
(11,498,305
)
(11,501,917
)
Other Expenses
Amortization of debt discount
-
(232,426
)
Gain on extinguishment of debt
308,600
-
Other income (expense)
(41,545
)
8,842
Total other expenses
267,055
(223,584
)
Loss from operations before income taxes
(11,231,250
)
(11,725,501
)
Provision for income taxes
-
-
Net Loss
$
(11,231,250
)
$
(11,725,501
)
Deemed dividend
(121,071
)
(395,551
)
Net Loss attributable to common stockholders
$
(11,352,321
)
$
(12,121,052
)
Net loss per share – basic and diluted
$
(0.28
)
$
(0.63
)
Weighted average common shares – basic and diluted
40,922,709
19,192,226
ENDRA Life Sciences Inc.
Consolidated Statements of Cash Flows
Year Ended
Year Ended
December 31,
December 31,
2021
2020
Cash Flows from Operating Activities
Net loss
$
(11,231,250
)
$
(11,725,501
)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization
116,238
99,342
Fixed assets write off
9,874
-
Stock compensation expense including common stock issued for RSUs
1,444,572
2,102,352
Amortization of debt discount
-
232,426
Amortization of right of use assets
108,177
65,907
Gain on extinguishment of debt
(308,600
)
-
Changes in operating assets and liabilities:
Increase in prepaid expenses
(957,203
)
(274,051
)
Increase in inventory
(694,958
)
(476,178
)
Decrease in other current asset
-
124,715
Increase in accounts payable and accrued liabilities
491,104
(834,990
)
Increase in lease liability
(100,338
)
(60,617
)
Net cash used in operating activities
(11,122,384
)
(10,746,595
)
Cash Flows from Investing Activities
Purchases of fixed assets
(45,000
)
(75,333
)
Net cash used in investing activities
(45,000
)
(75,333
)
Cash Flows from Financing Activities
Proceeds from warrant exercise
2,785,627
4,757,011
Proceeds from loans
-
337,084
Proceeds from issuance of common stock
10,615,975
6,780,942
Net cash provided by financing activities
13,401,602
11,875,037
Net increase in cash
2,234,218
1,053,109
Cash, beginning of year
7,227,316
6,174,207
Cash, end of year
$
9,461,534
$
7,227,316
Supplemental disclosures of cash items
Interest paid
$
57,655
$
1,920
Income tax paid
$
-
$
-
Supplemental disclosures of non-cash items
Conversion of convertible notes and accrued interest
$
-
$
493,814
Exchange of balance in convertible notes and accrued interest for Series A preferred stock
$
-
$
-
Deemed dividend
$
121,071
$
395,551
Conversion of Series A Convertible Preferred Stock
$
(7
)
$
(717
)
Conversion of Series B Convertible Preferred Stock
$
-
$
(36
)
Stock issued for financing cost
$
-
$
27,300
Stock dividend payable
$
(3,067
)
$
(49,649
)
Right of use asset
$
643,413
$
339,012
Lease liability
$
650,477
$
348,388
View source version on businesswire.com: https://www.businesswire.com/news/home/20220330005767/en/
Company Contact: Irina Pestrikova Senior Director, Finance investors@endrainc.com www.endrainc.com
Investor Relations Contact: Yvonne Briggs LHA Investor Relations (310) 691-7100 ybriggs@lhai.com
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