olivLaw · US equity research
ENDRA Life Sciences Inc. NDRA
Electromedical & Electrotherapeutic Apparatus · SIC 3845 · Vertical: Electromedical & Electrotherapeutic Apparatus (SIC 3845)
ENDRA Life Sciences develops TAEUS, an enhanced ultrasound technology that measures liver fat for the diagnosis and monitoring of steatotic liver disease. The company has not yet generated revenue, carried an accumulated deficit of 110.4 million USD, and in June 2026 entered a merger agreement that would fundamentally change its profile if completed.
At the close of 04 Nov 2026, ENDRA Life Sciences Inc. (NDRA) stock was 4.94 USD (+1.65% on the day), with market capitalisation 7.4 m USD, beta 1.63, 52-week range 3.26–6.70 USD. Latest reported quarter (Q2 2026): net income of 159.9 k USD, diluted EPS 0.06 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 46.8
- neutral
- Bollinger (20, 2)
- 4.31 – 5.53
- in the upper half of the band · %B 0.52 · band width 24.9%
- SMA 50 / 200
- 5.43 / 4.80
- mixed trend
- MACD (12, 26, 9)
- -0.18 / -0.20
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −21.7% | −1.1% | −20.6 pp | — |
| 3 months | +8.8% | −0.5% | +9.3 pp | — |
| 6 months | +1.6% | +4.4% | −2.7 pp | — |
| Year to date | +9.1% | +12.3% | −3.3 pp | — |
| 1 year | −1.0% | +13.5% | −14.5 pp | −0.4% |
| 3 years | −99.7% | +76.4% | −176.1 pp | −17.4% |
| 5 years | −100.0% | +63.7% | −163.7 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Research & development | 794.4 k | 638.0 k | 528.7 k | 381.1 k | 432.1 k | 508.1 k | 776.4 k | 233.7 k |
| Operating income | -1.5 m | -4.3 m | -1.5 m | -1.3 m | -1.4 m | -1.6 m | -2.2 m | -1.5 m |
| Depreciation & amortisation | 11.5 k ≈ | 11.0 k | 13.8 k | 9.4 k ≈ | 10.8 k ≈ | 10.1 k | 9.5 k | 8.2 k ≈ |
| Pre-tax income | -2.4 m | -4.1 m | -1.0 m | -1.2 m | -1.6 m | -3.2 m | -1.3 m | 159.9 k |
| Income tax | 0 | 0 | 0 | 0 | — | — | — | — |
| Net income | -2.4 m | -4.1 m | -1.0 m | -1.2 m | -1.6 m | -3.2 m | -1.3 m | 159.9 k |
| Diluted EPS | -9.54 | -7.72 ≈ | -1.86 | -1.71 | -2.10 | -2.86 ≈ | -1.09 | 0.06 |
| Operating cash flow | -1.7 m ≈ | -1.5 m | -1.3 m | -1.1 m ≈ | -1.2 m ≈ | -1.6 m | -1.1 m | -927.6 k ≈ |
| Capex | 0 ≈ | 0 | 17.3 k | 0 ≈ | 0 ≈ | 0 | — | — |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 6.2 k | 0 | 0 | unavailable | unavailable | unavailable | unavailable | unavailable |
| Revenue YoY | −98.2% | −100.0% | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Net income | -9.8 m | -13.3 m | -11.7 m | -11.2 m | -13.2 m | -10.1 m | -11.5 m | -7.0 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | unavailable | -0.63 | -5.55 | -4.56 | -2,766.85 | -56.94 | -8.93 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | -158,669.6% | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Free cash flow | -7.8 m | -8.6 m | -10.8 m | -11.2 m | -13.0 m | -9.6 m | -7.4 m | -5.2 m |
Reported results vs expectations
Loading…
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 762.4 k USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 2.3 m USD
- Total assets
- 3.9 m USD
- Debt / equity
- unavailable
- Current ratio
- 1.29x
- ROE
- -291.6%
- ROA
- -169.2%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 0 | — | — | — | — | — | SEC (XBRL)· 25 Mar 2021verified |
| Cost of revenue | 0 | — | — | — | — | — | SEC (XBRL)· 25 Mar 2021verified |
| Gross profit | 0 | — | — | — | — | — | SEC (XBRL)· 25 Mar 2021verified |
| Research & development | 5.9 m | 5.5 m | 6.6 m | 5.0 m | 3.2 m | 1.8 m | SEC (XBRL)· 31 Mar 2026verified |
| Operating income | -11.5 m | -11.5 m | -13.2 m | -10.5 m | -10.8 m | -5.8 m | SEC (XBRL)· 31 Mar 2026verified |
| Depreciation & amortisation | 99.3 k | 116.2 k | 96.7 k | 123.7 k | 46.5 k | 44.0 k | SEC (XBRL)· 31 Mar 2026verified |
| EBITDA | -11.4 m ≈ | -11.4 m ≈ | -13.1 m ≈ | -10.4 m ≈ | -10.8 m ≈ | -5.7 m ≈ | SEC (XBRL)· 31 Mar 2026derived |
| Pre-tax income | -11.7 m | -11.2 m | -13.2 m | -10.1 m | -11.5 m | -7.0 m | SEC (XBRL)· 31 Mar 2026verified |
| Income tax | 0 | 0 | 0 | 0 | 0 | — | SEC (XBRL)· 31 Mar 2025verified |
| Net income | -11.7 m | -11.2 m | -13.2 m | -10.1 m | -11.5 m | -7.0 m | SEC (XBRL)· 31 Mar 2026verified |
| Diluted EPS | -0.63 | -5.55 | -4.56 | -2,766.85 | -56.94 | -8.93 | SEC (XBRL)· 31 Mar 2026verified |
| Weighted average diluted shares | — | — | — | 3.6 k | 202.1 k | 787.0 k | SEC (XBRL)· 31 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 7.2 m | 9.5 m | 4.9 m | 2.8 m | 3.2 m | 762.4 k | SEC (XBRL)· 14 Aug 2026verified |
| Inventories | 589.6 k | 1.3 m | 2.6 m | 2.6 m | 0 | 0 | SEC (XBRL)· 31 Mar 2026verified |
| Current assets | 8.2 m | 12.1 m | 5.4 m | 3.0 m | 3.4 m | 968.0 k | SEC (XBRL)· 31 Mar 2026verified |
| Property, plant & equipment, net | 212.2 k | 131.1 k | 235.7 k | 111.8 k | 69.3 k | 42.5 k | SEC (XBRL)· 31 Mar 2026verified |
| Total assets | 8.8 m | 12.9 m | 9.3 m | 6.8 m | 4.5 m | 3.9 m | SEC (XBRL)· 31 Mar 2026verified |
| Accounts payable | 402.9 k | 791.1 k | 614.0 k | 360.4 k | 269.7 k | 383.0 k | SEC (XBRL)· 31 Mar 2026verified |
| Short-term debt | — | — | 28.5 k | 28.5 k | 0 | — | SEC (XBRL)· 31 Mar 2025verified |
| Long-term debt | — | 546.6 k | 0 | 0 | 0 | — | SEC (XBRL)· 31 Mar 2025verified |
| Current liabilities | 986.7 k | 1.5 m | 1.7 m | 903.1 k | 605.2 k | 751.0 k | SEC (XBRL)· 31 Mar 2026verified |
| Total liabilities | 1.6 m | 2.1 m | 2.1 m | 1.1 m | 1.9 m | 1.6 m | SEC (XBRL)· 31 Mar 2026verified |
| Equity | 7.2 m † | 10.8 m † | 7.2 m † | 5.7 m † | 2.6 m † | 2.3 m † | SEC (XBRL)· 31 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -10.7 m | -11.1 m | -12.8 m | -9.5 m | -7.4 m | -5.2 m | SEC (XBRL)· 31 Mar 2026verified |
| Capex | 75.3 k | 45.0 k | 202.6 k | 33.9 k | 16.0 k | 17.3 k | SEC (XBRL)· 31 Mar 2026verified |
| Free cash flow | -10.8 m ≈ | -11.2 m ≈ | -13.0 m ≈ | -9.6 m ≈ | -7.4 m ≈ | -5.2 m ≈ | SEC (XBRL)· 31 Mar 2026derived |
| Investing cash flow | -75.3 k | -45.0 k | -202.6 k | -24.7 k | -12.8 k | -3.0 m | SEC (XBRL)· 31 Mar 2026verified |
| Financing cash flow | 11.9 m | 13.4 m | 8.4 m | 7.5 m | 7.8 m | 5.7 m | SEC (XBRL)· 31 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 2 of at least 6
- score weight coverage: 12.5% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 7.4 m USD
Key indicators
Coverage and freshness
Score by group
13% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · input data missing
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 2 of at least 6; score weight coverage: 12.5% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 7.1x | 100 (on a fixed band) | 33% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -65.3% | 0 (on a fixed band) | 67% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partialunavailable · 0/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
ENDRA LIFE SCIENCES INC. (NDRA). Latest full fiscal year: 2020; data up to 2026-06-30.
Figures computed from the financial statements: revenue 0 USD in 2020; ROE -152.0%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 2 of at least 6; score weight coverage: 12.5% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 7.1x
What contradicts it
- FCF yield: -65.3%
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Electromedical & Electrotherapeutic Apparatus (SIC 3845) · same industry (4-digit SIC) · compared with 24 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| MDTMedtronic plc | 134.3 bn | 25.8 | 10.7% | 13.9% | +8.4% | −0% / +32% |
| LIVNLivaNova PLC | 5.2 bn | 31.3 | 15.5% | 13.0% | +10.7% | +48% / +110% |
| ITGRInteger Holdings Corporation | 4.3 bn | 42.5 | 6.0% | 5.7% | +8.0% | +75% / +45% |
| AXGNAxogen, Inc. | 3.1 bn | — | -10.3% | -12.0% | +20.2% | +79% / +684% |
| TMDXTransMedics Group, Inc. | 2.5 bn | 18.9 | 36.3% | 22.7% | +37.1% | −50% / −4% |
| BLFSBioLife Solutions, Inc. | 1.9 bn | 33.5 | 15.1% | 56.4% | +28.9% | unavailable / unavailable |
| CNMDConmed Corporation | 1.6 bn | 21.8 | 7.1% | 5.4% | +5.2% | +24% / −50% |
| CBLLCeriBell, Inc. | 1.1 bn | — | -52.5% | -68.0% | +36.1% | +61% / unavailable |
| INMDInMode Ltd. | 899.7 m | 9.9 | 13.5% | 25.3% | −6.2% | −0% / −40% |
| CVCapsoVision, Inc | 342.8 m | — | — | -214.7% | +15.3% | +23% / unavailable |
| ELMDElectromed, Inc. | 234.3 m | 21.5 | 23.3% | 15.3% | +15.3% | +5% / +172% |
| FOCLEdap Tms SA | 162.9 m | — | -321.7% | -49.1% | +1.6% | +81% / −17% |
| VANIVivani Medical, Inc. | 96.5 m | — | -220.4% | — | unavailable | −21% / +13% |
| STXSStereotaxis, Inc. | 95.9 m | — | -325.9% | -74.2% | +20.3% | −61% / −42% |
| NRXSNeuraxis, Inc. | 86.1 m | — | -139.8% | -144.4% | +32.9% | +147% / +117% |
| OMOutset Medical, Inc. | 83.8 m | — | -63.0% | -58.3% | +5.1% | −3% / −94% |
| ECORelectroCore, Inc. | 77.5 m | — | — | -33.5% | +27.2% | +66% / +49% |
| POCIPrecision Optics Corporation, Inc. | 53.1 m | — | -22.3% | -11.5% | +65.2% | +3% / −18% |
| NXLNexalin Technology, Inc. | 34.4 m | — | -240.3% | -4,139.4% | +78.8% | −95% / −87% |
| QTIQt Imaging Holdings, Inc. | 32.1 m | — | -2,125.0% | -77.3% | +287.9% | −64% / −99% |
| NUWENuwellis, Inc. | 19.2 m | — | — | -125.6% | −5.4% | −94% / −100% |
| IRIXIridex Corp | 12.6 m | — | -73.1% | -6.9% | unavailable | −26% / −72% |
| NDRAEndra Life Sciences Inc. | 7.4 m | — | -152.0% | — | unavailable | −1% / −100% |
| ITOCiTonic Holdings Ltd | — | — | -82.8% | -974.7% | +16.7% | −80% / unavailable |
| HYPRHyperfine, Inc. | 0 | — | -97.0% | -210.8% | +5.2% | −30% / −41% |
1- and 3-year price returns: for NDRA from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
ENDRA Life Sciences develops TAEUS, an enhanced ultrasound technology that measures liver fat for the diagnosis and monitoring of steatotic liver disease. The company has not yet generated revenue, carried an accumulated deficit of 110.4 million USD, and in June 2026 entered a merger agreement that would fundamentally change its profile if completed.
SWOT
Strengths
- The TAEUS technology has a favorable safety profile without ionizing radiation and can be integrated with existing ultrasound systems 1.
- The company has demonstrated capabilities in ex-vivo and in-vivo testing, and the platform can be extended to several clinical applications 1.
- The digital asset treasury and private placement proceeds provide an additional source of liquidity whose value can fluctuate 23.
Weaknesses
- TAEUS has generated no revenue and the company has a long history of operating losses 1.
- Liquidity is limited and the auditor has expressed substantial doubt about the company's ability to continue as a going concern 1.
- The company depends on third parties for design, manufacturing and regulatory approvals, which limits control over timing 1.
Opportunities
- Clinical trials for GLP-1 and MASH drugs could become a sales channel for TAEUS if the product is approved 1.
- A subscription model could create recurring revenue in bariatric clinics and concierge primary care networks 1.
- The merger could give stockholders exposure to a helium project if the transaction is completed 3.
Threats
- A delay in the De Novo submission to the FDA could postpone commercialization and reduce investor interest 1.
- If financing cannot be obtained, the company could be forced to curtail or cease operations 1.
- Nasdaq delisting risk and dilution from future share issuances could weigh on the value of the stock 1.
Risks
- Going concernhigh
The auditor has flagged substantial doubt about the company's ability to continue as a going concern, and the need for capital is immediate 1.
- Uncertain financinghigh
Without additional capital the company could be forced to reduce development programs or enter restructuring or insolvency proceedings 12.
- Completion of the mergerhigh
The Noble Africa transaction depends on stockholder and regulatory approvals, and failure to close could leave the company without a clear strategic plan 3.
- Digital asset volatilitymedium
Digital asset prices are highly volatile, and their value can affect financial results and the stock's performance 12.
- Digital asset regulationmedium
Regulatory changes or a classification of certain assets as securities could restrict the digital asset treasury activity 1.
Investment thesis
What would need to be true (bull case)
- If TAEUS obtains the required approvals, a liver fat diagnostics market supported by GLP-1 therapies could offer meaningful demand for the product 1.
- Cost reductions that helped deliver positive net income in the second quarter of 2026 show that management can control spending when needed 3.
- If the Noble Africa merger closes, stockholders could gain access to a helium project, a different exposure from the original plan 3.
What would break the thesis
- The company has no commercial TAEUS revenue and limited liquidity, which could force further share issuances and dilution 12.
- The positive net income in the second quarter of 2026 was largely driven by digital asset gains rather than operations 3.
- If the merger does not close, the company could remain with a delayed product and limited resources and no clear direction 13.
What to watch
- Closing of the Noble Africa merger and stockholder approvalQ4 2026
- Status of the De Novo submission to the FDA for the TAEUS liver applicationnext 10-K
- Evolution of cash and restricted cash after the private placementQ3 2026
- Value of the digital assets held in the company's treasuryQ3 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
ENDRA Life Sciences Inc. is a Delaware corporation incorporated in 2007 that is developing the Thermo-Acoustic Enhanced Ultrasound (TAEUS) technology. Its first application targets the assessment of liver fat, a biomarker linked to MASLD and MASH 1. The company intends to offer a multi-year subscription model with recurring revenue, alongside traditional capital equipment sales with service and upgrades 1.
TAEUS had generated no revenue and had not been commercially sold as of December 31, 2025 1. The company has financed operations through sales of stock and convertible notes, and its auditor has raised substantial doubt about its ability to continue as a going concern 1.
In 2026 the company cut headcount and prioritized product development over clinical work, which could delay a future De Novo submission to the FDA 1. In March 2026 the board began evaluating strategic alternatives, and in June 2026 a merger agreement was signed with Noble Africa, a subsidiary of ASP Isotopes 13.
Segments
TAEUS liver device
The first clinical product interfaces with a conventional ultrasound scanner and uses its B-mode imaging to guide the measurement region. It uses RF energy pulses, and the resulting thermoacoustic signals are converted into estimates of liver fat content 1.
Multi-application TAEUS platform
The company is developing an improved version with a multi-element transducer that could enable tissue composition, thermoablation response, vascular flow and tissue perfusion applications 1. The technology could also be licensed to ultrasound and thermoablative equipment makers 1.
Digital Asset Treasury
In 2025 ENDRA added a digital asset treasury initiative, managed with Arca Investment Management, aimed at capital preservation through decentralized finance assets 1. As of June 30, 2026 the digital assets were reported separately on the balance sheet and affect reported results 23.
Market context
The company targets liver fat diagnostics, a market with a recognized gap in accessible point-of-care tools. Current methods, MRI and biopsy, are costly or invasive, and conventional ultrasound does not directly measure liver fat 1. The disease affects over two billion people worldwide, including more than 100 million in the United States 1.
The market is shaped by the arrival of GLP-1 receptor agonist therapies, which could increase demand for non-invasive diagnostics and monitoring 1. The four target segments are pharmaceutical companies and CROs, concierge primary care, bariatric and metabolic clinics, and primary medicine 1.
Trends
- Rising steatotic liver diseasetailwind
Steatotic liver disease is becoming a global public health problem, and clinical guidelines increasingly include liver fat screening in metabolic disease management 1. If this trend strengthens, demand for accessible diagnostic tools could grow.
- GLP-1 therapies and patient monitoringtailwind
Intensive development of GLP-1 drugs increases the need for repeated liver fat diagnostics, especially in clinical trials where MRI is impractical due to high cost 1. This demand could support TAEUS adoption if the product obtains the required approvals.
- Delays in regulatory clearanceheadwind
Headcount reductions and a focus on product development could delay the De Novo submission to the FDA, which would postpone commercialization 1. Approval delays are a major risk for a product that has not yet been sold.
- Shift toward a strategic transactionmixed
The strategic alternatives review led to a merger agreement with Noble Africa that could change the company's direction if completed 13. The outcome depends on stockholder and closing conditions, which keeps the path uncertain 23.
Competitive position
The company competes with MRI and CT systems and with conventional ultrasound, which is more widespread and less expensive 1. Direct competitors could include ultrasound and medical imaging manufacturers developing their own liver fat solutions 1.
TAEUS differentiates on direct fat measurement, lower cost than MRI and point-of-care use 1. The company acknowledges that competition in medical imaging is intense and that it may be unable to compete successfully 1.
- MRI system makers
MRI-based proton density fat fraction is considered the reference for liver fat measurement, but it is costly and hard to use for routine screening 1.
- CT system makers
Computed tomography is versatile but involves ionizing radiation and is not suited to repeated liver monitoring 1.
- Conventional ultrasound makers
Conventional ultrasound is widely deployed, but the company argues it does not accurately measure liver fat, leaving room for TAEUS 1.
- Blood-based liver tests
Laboratory tests provide useful insights but do not directly measure liver fat, so they act as complements or partial alternatives 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Endra launches Power Studio and acquires Planlabs to expand into mechanical engineeringTech.eu · 15 Sept 2026 · EN
The latest news item in our archive is from 15 Sept 2026; the newest SEC filing is from 01 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report01 Oct 2026Material agreement · Financial statements and exhibits
- Current report17 Aug 2026Results of operations · Financial statements and exhibits
- Quarterly report14 Aug 2026
- Current report09 Jul 2026Other events
- Current report26 Jun 2026Material agreement · Item 5.01 · Regulation FD disclosure · Other events · Financial statements and exhibits
- Current report25 Jun 2026Regulation FD disclosure · Financial statements and exhibits
- Current report28 May 2026Material agreement · Item 3.02 · Other events · Financial statements and exhibits
- Quarterly report15 May 2026
- Current report21 Apr 2026Delisting notice
- Annual report31 Mar 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / ENDRA Life Sciences Inc. · 31 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / ENDRA Life Sciences Inc. · 14 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / ENDRA Life Sciences Inc. · 17 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.