ENDRA Life Sciences (NDRA)
Market Price (11/5/2026): $4.97 | Market Cap: $7.5 MilSector: Health Care | Industry: Life Sciences Tools & Services
ENDRA Life Sciences (NDRA)
Market Price (11/5/2026): $4.97Market Cap: $7.5 MilSector: Health CareIndustry: Life Sciences Tools & Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -20% Megatrend and thematic driversMegatrends include Biotechnology & Genomics, Precision Medicine, and Aging Population & Chronic Disease. Themes include Advanced Diagnostics, Show more. | Weak multi-year price returns2Y Excs Rtn is -80%, 3Y Excs Rtn is -181% | Very low revenueRev LTMTotal Revenue or Sales, Last Twelve Months is 0 Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -6.6 Mil Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -95% High stock price volatilityVol 12M is 105% Key risksNDRA key risks include [1] a high probability of financial distress, Show more. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -20% |
| Megatrend and thematic driversMegatrends include Biotechnology & Genomics, Precision Medicine, and Aging Population & Chronic Disease. Themes include Advanced Diagnostics, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -80%, 3Y Excs Rtn is -181% |
| Very low revenueRev LTMTotal Revenue or Sales, Last Twelve Months is 0 |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -6.6 Mil |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -95% |
| High stock price volatilityVol 12M is 105% |
| Key risksNDRA key risks include [1] a high probability of financial distress, Show more. |
Qualitative Assessment
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Updated on 11/1/2026
ENDRA Life Sciences (NDRA) stock has gained about 5% since 7/31/2026 because of the following key factors:
1. Ongoing Merger with Noble Africa and ASP Isotopes. The primary factor influencing NDRA's stock stability was the continued progression of its definitive merger agreement with ASP Isotopes Inc. and Noble Africa LLC, which was initially announced on June 25, 2026. Under this agreement, ENDRA is slated to be renamed Noble Africa Inc., offering investors exposure to Renergen's Virginia Gas Project. On October 1, 2026, amendments were made to the merger agreement, including adjustments to certain warrants and the minimum cash closing condition, which was set at $3,800,002.59 (less specified expenses), signaling active steps toward the anticipated fiscal Q4 2026 closing. This ongoing, transformative transaction has likely kept the stock in a holding pattern as investors await its finalization.
2. Fiscal Q2 2026 Financial Results and Digital Asset Gains. ENDRA Life Sciences reported its fiscal Q2 2026 (ended June 30, 2026) financial results on August 14, 2026, which showed an unexpected net income of approximately $160,000. This marked a significant reversal from a net loss of approximately $1.2 million in fiscal Q2 2025. This positive outcome was primarily attributed to approximately $1.6 million in other income derived from realized and unrealized gains within the Company's digital asset treasury. While this provided a temporary positive sentiment, the company simultaneously acknowledged "substantial going concern risks" if the merger does not close, creating a balanced outlook that contributed to the stock's largely unchanged level.
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ENDRA Life Sciences (NDRA) stock has gained about 5% since 7/31/2026 because of the following key factors:
1. Ongoing Merger with Noble Africa and ASP Isotopes. The primary factor influencing NDRA's stock stability was the continued progression of its definitive merger agreement with ASP Isotopes Inc. and Noble Africa LLC, which was initially announced on June 25, 2026. Under this agreement, ENDRA is slated to be renamed Noble Africa Inc., offering investors exposure to Renergen's Virginia Gas Project. On October 1, 2026, amendments were made to the merger agreement, including adjustments to certain warrants and the minimum cash closing condition, which was set at $3,800,002.59 (less specified expenses), signaling active steps toward the anticipated fiscal Q4 2026 closing. This ongoing, transformative transaction has likely kept the stock in a holding pattern as investors await its finalization.
2. Fiscal Q2 2026 Financial Results and Digital Asset Gains. ENDRA Life Sciences reported its fiscal Q2 2026 (ended June 30, 2026) financial results on August 14, 2026, which showed an unexpected net income of approximately $160,000. This marked a significant reversal from a net loss of approximately $1.2 million in fiscal Q2 2025. This positive outcome was primarily attributed to approximately $1.6 million in other income derived from realized and unrealized gains within the Company's digital asset treasury. While this provided a temporary positive sentiment, the company simultaneously acknowledged "substantial going concern risks" if the merger does not close, creating a balanced outlook that contributed to the stock's largely unchanged level.
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Updated on 11/1/2026
ENDRA Life Sciences (NDRA) stock has gained about 5% since 7/31/2026 because of the following key factors:
1. Ongoing Merger with Noble Africa and ASP Isotopes. The primary factor influencing NDRA's stock stability was the continued progression of its definitive merger agreement with ASP Isotopes Inc. and Noble Africa LLC, which was initially announced on June 25, 2026. Under this agreement, ENDRA is slated to be renamed Noble Africa Inc., offering investors exposure to Renergen's Virginia Gas Project. On October 1, 2026, amendments were made to the merger agreement, including adjustments to certain warrants and the minimum cash closing condition, which was set at $3,800,002.59 (less specified expenses), signaling active steps toward the anticipated fiscal Q4 2026 closing. This ongoing, transformative transaction has likely kept the stock in a holding pattern as investors await its finalization.
2. Fiscal Q2 2026 Financial Results and Digital Asset Gains. ENDRA Life Sciences reported its fiscal Q2 2026 (ended June 30, 2026) financial results on August 14, 2026, which showed an unexpected net income of approximately $160,000. This marked a significant reversal from a net loss of approximately $1.2 million in fiscal Q2 2025. This positive outcome was primarily attributed to approximately $1.6 million in other income derived from realized and unrealized gains within the Company's digital asset treasury. While this provided a temporary positive sentiment, the company simultaneously acknowledged "substantial going concern risks" if the merger does not close, creating a balanced outlook that contributed to the stock's largely unchanged level.
3. Anticipation of Fiscal Q3 2026 Earnings and Operational Milestones. Investors adopted a "wait-and-see" approach in anticipation of ENDRA's fiscal Q3 2026 earnings report, estimated for release around November 13 or 16, 2026. Analysts project a loss of -$0.84 per share for the quarter. Compounding this anticipation was the expected commencement of helium production from Renergen's Virginia Gas Project before September 30, 2026, a key operational milestone for the entity ENDRA is set to merge with. This project is projected to generate approximately $27 million in annual revenues for its Phase 1. The market's focus on these imminent financial disclosures and operational achievements contributed to the stock maintaining a relatively stable level during the period.
Show less
ENDRA Life Sciences (NDRA) stock has gained about 5% since 7/31/2026 because of the following key factors:
1. Ongoing Merger with Noble Africa and ASP Isotopes. The primary factor influencing NDRA's stock stability was the continued progression of its definitive merger agreement with ASP Isotopes Inc. and Noble Africa LLC, which was initially announced on June 25, 2026. Under this agreement, ENDRA is slated to be renamed Noble Africa Inc., offering investors exposure to Renergen's Virginia Gas Project. On October 1, 2026, amendments were made to the merger agreement, including adjustments to certain warrants and the minimum cash closing condition, which was set at $3,800,002.59 (less specified expenses), signaling active steps toward the anticipated fiscal Q4 2026 closing. This ongoing, transformative transaction has likely kept the stock in a holding pattern as investors await its finalization.
2. Fiscal Q2 2026 Financial Results and Digital Asset Gains. ENDRA Life Sciences reported its fiscal Q2 2026 (ended June 30, 2026) financial results on August 14, 2026, which showed an unexpected net income of approximately $160,000. This marked a significant reversal from a net loss of approximately $1.2 million in fiscal Q2 2025. This positive outcome was primarily attributed to approximately $1.6 million in other income derived from realized and unrealized gains within the Company's digital asset treasury. While this provided a temporary positive sentiment, the company simultaneously acknowledged "substantial going concern risks" if the merger does not close, creating a balanced outlook that contributed to the stock's largely unchanged level.
3. Anticipation of Fiscal Q3 2026 Earnings and Operational Milestones. Investors adopted a "wait-and-see" approach in anticipation of ENDRA's fiscal Q3 2026 earnings report, estimated for release around November 13 or 16, 2026. Analysts project a loss of -$0.84 per share for the quarter. Compounding this anticipation was the expected commencement of helium production from Renergen's Virginia Gas Project before September 30, 2026, a key operational milestone for the entity ENDRA is set to merge with. This project is projected to generate approximately $27 million in annual revenues for its Phase 1. The market's focus on these imminent financial disclosures and operational achievements contributed to the stock maintaining a relatively stable level during the period.
Show less
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Stock Movement Drivers
Fundamental Drivers
The 5.1% change in NDRA stock from 7/31/2026 to 11/4/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 7312026 | 11042026 | Change |
|---|---|---|---|
| Stock Price ($) | 4.70 | 4.94 | 5.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| P/S Multiple | ∞ | ∞ | 0.0% |
| Shares Outstanding (Mil) | 1 | 1 | -9.4% |
| Cumulative Contribution | 0.0% |
Market Drivers
7/31/2026 to 11/4/2026| Return | Correlation | |
|---|---|---|
| NDRA | 5.1% | |
| Market (SPY) | 2.6% | 9.2% |
| Sector (XLV) | 16.7% | -0.6% |
Fundamental Drivers
The 1.4% change in NDRA stock from 4/30/2026 to 11/4/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 4302026 | 11042026 | Change |
|---|---|---|---|
| Stock Price ($) | 4.87 | 4.94 | 1.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| P/S Multiple | ∞ | ∞ | 0.0% |
| Shares Outstanding (Mil) | 1 | 1 | -16.1% |
| Cumulative Contribution | 0.0% |
Market Drivers
4/30/2026 to 11/4/2026| Return | Correlation | |
|---|---|---|
| NDRA | 1.4% | |
| Market (SPY) | 7.0% | 16.0% |
| Sector (XLV) | 30.5% | 1.7% |
Fundamental Drivers
The -5.9% change in NDRA stock from 10/31/2025 to 11/4/2026 was primarily driven by a -45.8% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 10312025 | 11042026 | Change |
|---|---|---|---|
| Stock Price ($) | 5.25 | 4.94 | -5.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| P/S Multiple | ∞ | ∞ | 0.0% |
| Shares Outstanding (Mil) | 1 | 1 | -45.8% |
| Cumulative Contribution | 0.0% |
Market Drivers
10/31/2025 to 11/4/2026| Return | Correlation | |
|---|---|---|
| NDRA | -5.9% | |
| Market (SPY) | 13.4% | 11.9% |
| Sector (XLV) | 33.2% | 6.4% |
Fundamental Drivers
The -99.7% change in NDRA stock from 10/31/2023 to 11/4/2026 was primarily driven by a -99.7% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 10312023 | 11042026 | Change |
|---|---|---|---|
| Stock Price ($) | 1723.75 | 4.94 | -99.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| P/S Multiple | ∞ | ∞ | 0.0% |
| Shares Outstanding (Mil) | 0 | 1 | -99.7% |
| Cumulative Contribution | 0.0% |
Market Drivers
10/31/2023 to 11/4/2026| Return | Correlation | |
|---|---|---|
| NDRA | -99.7% | |
| Market (SPY) | 89.7% | 13.8% |
| Sector (XLV) | 59.5% | 7.4% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| NDRA Return | -8% | -71% | -48% | -100% | -28% | 9% | -100% |
| Peers Return | -45% | 90% | -16% | 75% | 39% | 17% | 148% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 11% | 102% |
Monthly Win Rates [3] | |||||||
| NDRA Win Rate | 42% | 42% | 17% | 25% | 42% | 64% | |
| Peers Win Rate | 33% | 42% | 42% | 50% | 58% | 52% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 36% | |
Max Drawdowns [4] | |||||||
| NDRA Max Drawdown | -76% | -79% | -82% | -100% | -57% | -35% | |
| Peers Max Drawdown | -62% | -59% | -68% | -35% | -45% | -35% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: GEHC, BFLY, MDGL.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 11/4/2026 (YTD)
How Low Can It Go
| Event | NDRA | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -34.1% | -18.8% |
| % Gain to Breakeven | 51.7% | 23.1% |
| Time to Breakeven | 7 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -29.7% | -9.5% |
| % Gain to Breakeven | 42.2% | 10.5% |
| Time to Breakeven | 34 days | 24 days |
| 2020 COVID-19 Crash | ||
| % Loss | -50.5% | -33.7% |
| % Gain to Breakeven | 102.0% | 50.9% |
| Time to Breakeven | 292 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -51.6% | -19.2% |
| % Gain to Breakeven | 106.7% | 23.8% |
| Time to Breakeven | 80 days | 105 days |
In The Past
ENDRA Life Sciences's stock fell -34.1% during the 2025 US Tariff Shock. Such a loss loss requires a 51.7% gain to breakeven.
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Asset Allocation
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| Event | NDRA | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -34.1% | -18.8% |
| % Gain to Breakeven | 51.7% | 23.1% |
| Time to Breakeven | 7 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -29.7% | -9.5% |
| % Gain to Breakeven | 42.2% | 10.5% |
| Time to Breakeven | 34 days | 24 days |
| 2020 COVID-19 Crash | ||
| % Loss | -50.5% | -33.7% |
| % Gain to Breakeven | 102.0% | 50.9% |
| Time to Breakeven | 292 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -51.6% | -19.2% |
| % Gain to Breakeven | 106.7% | 23.8% |
| Time to Breakeven | 80 days | 105 days |
In The Past
ENDRA Life Sciences's stock fell -34.1% during the 2025 US Tariff Shock. Such a loss loss requires a 51.7% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About ENDRA Life Sciences (NDRA)
ENDRA Life Sciences Inc. (NDRA) is a medical technology company specializing in enhancing clinical diagnostic ultrasound. It develops a proprietary thermo-acoustic enhanced ultrasound technology designed to improve the capabilities of traditional ultrasound imaging by transmitting and interpreting sound waves within the body with greater precision.
The primary focus of ENDRA's innovative technology is addressing critical medical needs. A significant application is in the diagnosis and management of nonalcoholic fatty liver disease (NAFLD). Beyond NAFLD, the technology also holds promise for vital uses such as real-time temperature monitoring during thermoablative surgery, detailed vascular imaging, and assessing tissue perfusion.
ENDRA's target market consists of healthcare providers, hospitals, and diagnostic clinics seeking advanced imaging solutions. By making ultrasound a more powerful, accurate, and potentially more accessible diagnostic tool, ENDRA aims to provide an alternative to more expensive or invasive procedures. The company further strengthens its development efforts through a collaborative research agreement with General Electric Company.
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Here are 1-3 brief analogies to describe ENDRA Life Sciences (NDRA):
- They are like a company making an 'MRI-like upgrade' for standard medical ultrasound machines, allowing them to diagnose specific conditions like fatty liver disease with much greater accuracy and detail, but without the high cost or complexity of a full MRI scan.
- Think of them as creating the equivalent of a sophisticated 'sonar upgrade' for basic medical ultrasound, allowing it to map and measure internal body characteristics like fat and temperature with much greater precision than ever before.
- They are like a specialized engineering company that develops sophisticated 'add-on' technology that gives standard medical ultrasound machines the ability to 'see' and precisely measure entirely new types of information, such as tissue temperature or fat content, turning them into far more powerful diagnostic tools.
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- Thermo-acoustic enhanced ultrasound technology: This technology improves clinical diagnostic ultrasound capabilities, providing advanced imaging for applications such as nonalcoholic fatty liver disease, temperature monitoring in surgery, vascular imaging, and tissue perfusion.
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ENDRA Life Sciences (NDRA) develops specialized technology for enhancing clinical diagnostic ultrasound. Based on the company description, which highlights their development of core technology and a "collaborative research agreement with General Electric Company," ENDRA Life Sciences primarily sells its technology and products to other companies, specifically major medical device manufacturers.
The major customer, or at least the primary identified strategic partner and potential major customer for their integrated technology, is:
- General Electric Company, specifically its healthcare arm, GE HealthCare Technologies Inc. (NYSE: GEHC).
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Following is the management team of ENDRA Life Sciences Inc. (NDRA):
Alexander Tokman – CEO & Director
Alexander Tokman was appointed acting Chief Executive Officer in August 2024. He brings over two decades of global commercial leadership experience in various sectors, including medical devices, biotech, consumer electronics, AI, and AgTech markets. Mr. Tokman has a demonstrated track record in driving revenue growth and valuations for start-ups, micro-caps, and Fortune 100 companies. Prior to joining ENDRA, he served as President of a privately held AI/Computer Vision SaaS company and was a CEO-in-Residence at the Allen Institute for Artificial Intelligence (AI2). He also successfully led an IoT technology microcap for over 12 years and spent over 10 years as an executive with GE Healthcare, where he led several global businesses.Richard Jacroux – Chief Financial Officer
Richard Jacroux joined ENDRA Life Sciences as Chief Financial Officer in August 2024. He possesses over 20 years of experience in financial management and accounting, having started his career at Ernst & Young LLP. Mr. Jacroux has held CFO roles at several technology companies and is the founder of Impact Solve, LLC, a firm providing accounting and fractional chief financial officer services.Ziad Rouag – Head of Clinical and Regulatory
Ziad Rouag joined ENDRA Life Sciences in August 2024 as Head of Regulatory and Clinical Affairs. He brings more than two decades of experience in the medical device industry, leading clinical operations and regulatory affairs for both emerging startups and high-growth businesses. Most recently, Mr. Rouag served as President and Chief Executive Officer of Biomodex, a digital healthcare company. His prior roles include Vice President of Regulatory and Clinical Affairs at companies such as Juul Labs, PQ Bypass, and Altura Medical.Idan Steinberg – Head of Engineering
Idan Steinberg is the Head of Engineering at ENDRA Life Sciences. An earlier reference indicates he was involved with Endra, Inc. as CEO, where Michael Thornton, then COO, had sold his own imaging company to GE before joining.Scott Sober – Head of Operations
Scott Sober serves as the Head of Operations for ENDRA Life Sciences.AI Analysis | Feedback
The key risks for ENDRA Life Sciences Inc. (NDRA) revolve primarily around its ability to successfully navigate regulatory hurdles, secure adequate funding for its operations, and achieve market acceptance for its innovative technology.
- Regulatory Approval and Commercialization of TAEUS Technology: The most significant risk for ENDRA Life Sciences is the successful development, regulatory approval, and subsequent commercialization of its proprietary Thermo Acoustic Enhanced Ultrasound (TAEUS) technology, particularly for its liver device. The company is pursuing a De Novo submission with the U.S. Food and Drug Administration (FDA) for its TAEUS Liver device, which involves conducting a statistically powered, multicenter clinical trial. Delays in submitting required regulatory applications, or difficulties in receiving approvals from the FDA or other regulatory agencies, pose a substantial threat to the company's ability to bring its products to market. Furthermore, even upon approval, achieving widespread market acceptance and establishing favorable reimbursement policies for a novel diagnostic technology are significant challenges.
- Financial Health and Liquidity: ENDRA Life Sciences has a history of recurring net losses and unprofitability, with its Basic EPS indicating severe unprofitability. The company has faced challenges with its balance sheet and liquidity, including receiving a notice of non-compliance from Nasdaq due to insufficient stockholders' equity. While ENDRA has undertaken initiatives, such as private placement financing and a new treasury strategy, to enhance its financial sustainability, the ability to raise additional capital to continue as a going concern remains a critical risk. The company's market capitalization has also seen a significant decline, and low institutional ownership suggests limited confidence from large investors.
- Competition and Market Adoption: ENDRA operates in the competitive diagnostic imaging market, where established technologies like MRI-PDFF are considered the "gold standard" for liver fat quantification. Although TAEUS aims to provide a lower-cost, point-of-care solution, there is a risk that its technology may not achieve sufficient market acceptance against existing, entrenched diagnostic methods. The company must demonstrate that TAEUS offers superior advantages in terms of cost, accessibility, and clinical efficacy to gain widespread adoption by healthcare providers and patients in the treatment and monitoring of conditions like nonalcoholic fatty liver disease (NAFLD) and Metabolic Dysfunction-Associated Steatotic Liver Disease (MASLD).
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ENDRA Life Sciences (symbol: NDRA) develops Thermo-Acoustic Enhanced Ultrasound (TAEUS) technology with several addressable markets:
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Steatotic Liver Disease (SLD), including Non-alcoholic Fatty Liver Disease (NAFLD) and Non-alcoholic Steatohepatitis (NASH) Diagnostics (Liver Fat Quantification): The global non-alcoholic fatty liver disease (NAFLD) diagnostics market was valued at approximately USD 2.41 billion in 2024 and is projected to reach USD 4.76 billion by the end of 2033, growing at a compound annual growth rate (CAGR) of 7.8% from 2025 to 2033. North America represented approximately 38% of this market, valued at USD 0.92 billion, in 2024. The broader global liver disease diagnostics market was valued at USD 35.97 billion in 2023 and is expected to reach USD 64.23 billion by 2032. Within this larger market, the imaging segment held a 32.12% share, and the NAFLD segment held a 24.51% share in 2023. The global non-alcoholic steatohepatitis (NASH) biomarkers market was valued at around USD 1.5 billion in 2024 and is estimated to grow to USD 14.8 billion by 2034, with a CAGR of 25.8% from 2025 to 2034. The company itself states that SLD affects over two billion people globally and more than 100 million people in the United States.
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Temperature Monitoring of Thermoablative Surgery: The global thermal ablation devices market, which represents the context for thermoablative procedures where temperature monitoring is crucial, is estimated to be valued at US$ 5.2 billion in 2026 and is projected to reach US$ 9.3 billion by 2033, with a CAGR of 8.7% between 2026 and 2033.
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Vascular Imaging: The global vascular imaging market size was valued at USD 6.43 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 4.19% from 2024 to 2030, reaching USD 8.52 billion by 2030.
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Tissue Perfusion: The global perfusion imaging market was valued at approximately US$ 2.1 billion in 2022 and is predicted to grow to US$ 8.3 billion by 2032, with a total CAGR of 6.8%. The global contrast-enhanced ultrasound (CEUS) market, which is relevant for assessing blood perfusion in organs, was valued at USD 2.07 billion in 2024 and is projected to reach USD 3.17 billion by 2033, growing at a CAGR of 4.87% during the forecast period (2025-2033).
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Here are 3-5 expected drivers of future revenue growth for ENDRA Life Sciences (NDRA) over the next 2-3 years:
- Strategic Shift and Market Expansion into Metabolic Diseases and GLP-1 Therapy Market: ENDRA Life Sciences is pivoting its strategic focus to develop and deploy its Thermo-Acoustic Enhanced UltraSound (TAEUS) system as a biomarker solution for the early detection and management of metabolic diseases, particularly in patients being treated with GLP-1 drugs. This new target market opportunity is considered larger and more viable than its prior focus on hepatology and radiology. The company plans to target pharmaceutical companies, clinical research organizations for trials, concierge medical practices, bariatric and metabolic clinics, and primary care practices.
- Regulatory Approval and Commercialization of the TAEUS System for Steatotic Liver Disease (SLD/MASH): A significant driver will be the successful advancement through the FDA regulatory process, specifically the De Novo submission for the TAEUS system to aid in the characterization of liver fat. Achieving FDA approval is crucial for the commercial launch and widespread adoption of their liver fat measurement technology.
- Expansion of TAEUS Technology into Additional High-Value Clinical Applications: Beyond its initial focus on liver health, ENDRA plans to develop and commercialize TAEUS for other high-value applications, including temperature monitoring for ablation therapies, vascular imaging, and tissue perfusion. This diversification of applications will broaden the addressable market for the TAEUS platform.
- Adoption of a Subscription-Based Sales Model and Enhanced Market Penetration: To minimize barriers to entry and maximize customer uptake, ENDRA intends to introduce a subscription-based sales model. This, coupled with refining the TAEUS device for improved scalability, ease of use, and cost-effectiveness, aims to enable routine liver fat screening in various healthcare settings, including primary care.
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Share Issuance
- In October 2025, ENDRA Life Sciences closed a private placement, generating approximately $4.9 million in gross proceeds from the issuance of 744,340 shares of common stock (or prefunded warrants) and warrants to purchase up to 1,488,680 additional shares.
- The company entered into an at-the-market (ATM) equity agreement in October 2025 with Lucid Capital Markets for up to $1,750,000 in aggregate gross proceeds.
- In December 2025, stockholders approved an amendment to increase the authorized shares of common stock from 20,000,000 to 1,000,000,000.
Inbound Investments
- In October 2025, ENDRA Life Sciences secured approximately $4.9 million in commitments from institutional and cryptocurrency investors through a private placement.
- The private placement in October 2025 has the potential to generate up to an additional $9.5 million in future proceeds if all accompanying warrants are exercised.
- A significant portion of the net proceeds from the October 2025 private placement is intended to establish the company's Digital Asset Treasury (DAT) operations and accumulate cryptocurrency.
Outbound Investments
- ENDRA Life Sciences initiated a strategic initiative in October/November 2025 to enhance balance sheet flexibility by deploying a portion of its capital into an institutional-grade reward-generating program, involving digital assets and cryptocurrency.
- The company purchased 78,863.1 HYPE tokens as part of its digital asset treasury strategy.
Capital Expenditures
- ENDRA Life Sciences reported $0 in capital expenditures in the third quarter of 2025.
- The company's primary focus for resource allocation is the development of its Thermo Acoustic Enhanced Ultrasound (TAEUS®) platform for applications such as liver fat measurement.
Peer Outperformance in Life Sciences Tools & Services
NDRA has trailed 97% of its 107 Life Sciences Tools & Services peers over 5Y. Life Sciences Tools & Services ranks 8th of 10 industries in Health Care by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Life Sciences Tools & Services constituents that NDRA has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
52%
of 123 industry peers · -1.0% return
3Y
4%
of 113 industry peers · -99.7% return
5Y
3%
of 107 industry peers · -100.0% return
No Life Sciences Tools & Services peer with a comparable growth profile has beaten NDRA by more than 20pp over 5Y.
Median price return by industry across the Health Care sector, ranked by 5Y. Life Sciences Tools & Services is NDRA's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care Distributors | 6 | 13.4% | 63.7% | 103.3% | CAH 490% · MCK 391% · COR 194% |
| Health Care Services | 20 | 44.0% | 33.3% | 11.6% | HIMS 220% · RDNT 148% · DGX 96% |
| Managed Health Care | 8 | 44.6% | 5.6% | 0.6% | OSCR 107% · HQY 59% · ELV 11% |
| Health Care Facilities | 25 | 16.9% | 18.4% | -3.0% | THC 302% · NHC 241% · EHC 202% |
| Health Care Equipment | 50 | 14.4% | 18.7% | -15.0% | UFPT 408% · GKOS 348% · PLSE 147% |
| Pharmaceuticals | 60 | -5.1% | 8.2% | -35.2% | LQDA 999% · KNSA 546% · LLY 448% |
| Health Care Supplies | 11 | 34.9% | 23.0% | -36.1% | LNTH 267% · HAE 76% · MMSI 33% |
| Life Sciences Tools & Services ← | 108 | -6.2% | -10.3% | -74.1% | AXGN 288% · NTRA 253% · MEDP 189% |
| Biotechnology | 364 | -21.1% | -31.5% | -81.7% | ELVN 1112% · TRVI 1046% · DNTH 930% |
| Health Care Technology | 21 | -23.4% | -56.5% | -82.3% | VEEV -3% · DOCS -52% |
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| ENDRA Life Sciences Earnings Notes | 12/16/2025 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 46.71 |
| Mkt Cap | 6.7 |
| Rev LTM | 776 |
| Op Inc LTM | -32 |
| FCF LTM | -18 |
| FCF 3Y Avg | -22 |
| CFO LTM | -14 |
| CFO 3Y Avg | -20 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 39.4% |
| Rev Chg 3Y Avg | 13.1% |
| Rev Chg Q | 50.1% |
| QoQ Delta Rev Chg LTM | 9.9% |
| Op Inc Chg LTM | 28.0% |
| Op Inc Chg 3Y Avg | 15.7% |
| Op Mgn LTM | -10.7% |
| Op Mgn 3Y Avg | -93.8% |
| QoQ Delta Op Mgn LTM | 14.4% |
| CFO/Rev LTM | -11.0% |
| CFO/Rev 3Y Avg | -38.3% |
| FCF/Rev LTM | -11.8% |
| FCF/Rev 3Y Avg | -42.5% |
Price Behavior
Price Behavior
| Market Price | $4.94 | |
| Market Cap ($ Bil) | 0.0 | |
| First Trading Date | 06/30/2017 | |
| Distance from 52W High | -26.3% | |
| 50 Days | 200 Days | |
| DMA Price | $5.45 | $4.81 |
| DMA Trend | up | indeterminate |
| Distance from DMA | -9.4% | 2.7% |
| 3M | 1YR | |
| Volatility | 86.7% | 105.1% |
| Downside Capture | 115.71 | 107.14 |
| Upside Capture | 170.10 | 86.84 |
| Correlation (S&P 500) | 17.6% | 13.1% |
NDRA Betas & Captures as of 10/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.42 | 1.80 | 0.73 | 1.36 | 0.99 | 1.55 |
| Up Beta | 4.04 | 3.14 | -2.50 | 2.24 | 1.37 | 1.81 |
| Down Beta | 0.87 | 0.58 | 0.43 | 3.43 | 1.31 | 2.28 |
| Up Capture | -47% | 178% | 151% | 19% | 54% | -2% |
| Bmk +ve Days | 12 | 18 | 28 | 62 | 130 | 427 |
| Stock +ve Days | 11 | 22 | 34 | 67 | 125 | 357 |
| Down Capture | 273% | 181% | 143% | 42% | 83% | 113% |
| Bmk -ve Days | 10 | 25 | 36 | 64 | 121 | 325 |
| Stock -ve Days | 11 | 21 | 27 | 55 | 119 | 379 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NDRA | |
|---|---|---|---|---|
| NDRA | -4.5% | 105.1% | 0.44 | - |
| Sector ETF (XLV) | 33.1% | 16.7% | 1.53 | 6.4% |
| Equity (SPY) | 13.2% | 12.9% | 0.68 | 12.0% |
| Gold (GLD) | 1.0% | 28.8% | 0.03 | 10.3% |
| Commodities (DBC) | 35.9% | 21.2% | 1.34 | -5.3% |
| Real Estate (VNQ) | 14.3% | 14.1% | 0.70 | -3.1% |
| Bitcoin (BTCUSD) | -28.2% | 43.4% | -0.65 | 16.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NDRA | |
|---|---|---|---|---|
| NDRA | -84.3% | 145.5% | -0.62 | - |
| Sector ETF (XLV) | 9.3% | 15.3% | 0.40 | 8.6% |
| Equity (SPY) | 12.5% | 17.2% | 0.55 | 13.7% |
| Gold (GLD) | 17.3% | 19.1% | 0.73 | 2.4% |
| Commodities (DBC) | 8.0% | 19.6% | 0.29 | 2.8% |
| Real Estate (VNQ) | 1.8% | 18.9% | -0.01 | 6.4% |
| Bitcoin (BTCUSD) | 5.5% | 51.5% | 0.29 | 10.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NDRA | |
|---|---|---|---|---|
| NDRA | -63.9% | 128.3% | -0.27 | - |
| Sector ETF (XLV) | 12.5% | 16.8% | 0.61 | 10.9% |
| Equity (SPY) | 15.4% | 18.0% | 0.73 | 15.3% |
| Gold (GLD) | 11.9% | 16.5% | 0.59 | 3.0% |
| Commodities (DBC) | 7.4% | 18.1% | 0.33 | 6.8% |
| Real Estate (VNQ) | 5.7% | 20.7% | 0.23 | 9.0% |
| Bitcoin (BTCUSD) | 61.0% | 66.2% | 1.01 | 7.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 7/9/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 3/31/2026 | 0.0% | 11.2% | 4.7% |
| 7/9/2025 | -9.5% | -18.2% | -51.8% |
| 5/15/2025 | 0.6% | -2.5% | 5.6% |
| 11/15/2024 | -8.1% | 12.1% | 0.9% |
| 8/23/2024 | 62.4% | -3.4% | -45.1% |
| 5/14/2024 | 0.3% | 4.6% | -65.1% |
| 3/28/2024 | -30.5% | -35.3% | -53.9% |
| 11/14/2023 | 3.2% | 2.0% | 51.1% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 10 | 8 | 9 |
| # Negative | 10 | 12 | 11 |
| Median Positive | 2.2% | 11.6% | 8.1% |
| Median Negative | -8.3% | -14.5% | -42.7% |
| Max Positive | 62.4% | 22.2% | 51.1% |
| Max Negative | -30.5% | -35.3% | -65.1% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 3/31/2026 | 0.0% | 11.2% | 4.7% |
| 7/9/2025 | -9.5% | -18.2% | -51.8% |
| 5/15/2025 | 0.6% | -2.5% | 5.6% |
| 11/15/2024 | -8.1% | 12.1% | 0.9% |
| 8/23/2024 | 62.4% | -3.4% | -45.1% |
| 5/14/2024 | 0.3% | 4.6% | -65.1% |
| 3/28/2024 | -30.5% | -35.3% | -53.9% |
| 11/14/2023 | 3.2% | 2.0% | 51.1% |
| 8/14/2023 | -8.4% | -8.4% | -18.7% |
| 5/15/2023 | 1.6% | 18.0% | 14.8% |
| 3/14/2023 | -3.2% | -10.8% | -44.4% |
| 11/14/2022 | -10.2% | -22.3% | -2.0% |
| 8/15/2022 | -7.9% | -26.6% | -3.0% |
| 5/12/2022 | 0.5% | 22.2% | 27.8% |
| 11/15/2021 | -14.3% | -31.6% | -42.7% |
| 8/12/2021 | -8.0% | -18.2% | 3.4% |
| 5/17/2021 | 9.6% | 6.1% | 8.1% |
| 3/25/2021 | 5.2% | 18.6% | 9.1% |
| 11/16/2020 | 2.9% | -1.8% | -6.8% |
| 8/17/2020 | -0.1% | -1.7% | -10.0% |
| SUMMARY STATS | |||
| # Positive | 10 | 8 | 9 |
| # Negative | 10 | 12 | 11 |
| Median Positive | 2.2% | 11.6% | 8.1% |
| Median Negative | -8.3% | -14.5% | -42.7% |
| Max Positive | 62.4% | 22.2% | 51.1% |
| Max Negative | -30.5% | -35.3% | -65.1% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/14/2026 | 10-Q |
| 03/31/2026 | 05/15/2026 | 10-Q |
| 12/31/2025 | 03/31/2026 | 10-K |
| 09/30/2025 | 11/14/2025 | 10-Q |
| 06/30/2025 | 08/14/2025 | 10-Q |
| 03/31/2025 | 05/15/2025 | 10-Q |
| 12/31/2024 | 03/31/2025 | 10-K |
| 09/30/2024 | 11/19/2024 | 10-Q |
| 06/30/2024 | 08/14/2024 | 10-Q |
| 03/31/2024 | 05/14/2024 | 10-Q |
| 12/31/2023 | 03/28/2024 | 10-K |
| 09/30/2023 | 11/14/2023 | 10-Q |
| 06/30/2023 | 08/14/2023 | 10-Q |
| 03/31/2023 | 05/15/2023 | 10-Q |
| 12/31/2022 | 03/16/2023 | 10-K |
| 09/30/2022 | 11/14/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/14/2026 | 10-Q |
| 03/31/2026 | 05/15/2026 | 10-Q |
| 12/31/2025 | 03/31/2026 | 10-K |
| 09/30/2025 | 11/14/2025 | 10-Q |
| 06/30/2025 | 08/14/2025 | 10-Q |
| 03/31/2025 | 05/15/2025 | 10-Q |
| 12/31/2024 | 03/31/2025 | 10-K |
| 09/30/2024 | 11/19/2024 | 10-Q |
| 06/30/2024 | 08/14/2024 | 10-Q |
| 03/31/2024 | 05/14/2024 | 10-Q |
| 12/31/2023 | 03/28/2024 | 10-K |
| 09/30/2023 | 11/14/2023 | 10-Q |
| 06/30/2023 | 08/14/2023 | 10-Q |
| 03/31/2023 | 05/15/2023 | 10-Q |
| 12/31/2022 | 03/16/2023 | 10-K |
| 09/30/2022 | 11/14/2022 | 10-Q |
| 06/30/2022 | 08/15/2022 | 10-Q |
| 03/31/2022 | 05/12/2022 | 10-Q |
| 12/31/2021 | 03/30/2022 | 10-K |
| 09/30/2021 | 11/15/2021 | 10-Q |
| 06/30/2021 | 08/12/2021 | 10-Q |
| 03/31/2021 | 05/17/2021 | 10-Q |
| 12/31/2020 | 03/25/2021 | 10-K |
| 09/30/2020 | 11/16/2020 | 10-Q |
| 06/30/2020 | 08/14/2020 | 10-Q |
| 03/31/2020 | 05/14/2020 | 10-Q |
| 12/31/2019 | 03/26/2020 | 10-K |
| 09/30/2019 | 11/13/2019 | 10-Q |
Industry Resources
| Health Care Resources |
| U.S. National Library of Medicine |
| ClinicalTrials.gov |
| Modern Healthcare |
| Healthcare Dive |
| Fierce Healthcare |
| Health Affairs |
| Health Data Management |
| FDA Tracker |
| Life Sciences Tools & Services Resources |
| GenomeWeb |
| BioSpace |
| The Scientist |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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