Aug 17, 2026, 4:05 PM ETHealthcare

ENDRA Life Sciences — Second Quarter 2026 Earnings Summary

NDRAENDRA LIFE SCIENCES INC

Financial Performance

Reported net income of approximately $160,000 for the quarter ended June 30, 2026, compared to a net loss of approximately $1.2 million in the same period of 2025.
Total operating expenses for the quarter were approximately $1.5 million, up from approximately $1.3 million in the second quarter of 2025.
Research and development expenses decreased 39% year-over-year, while sales and marketing expenses decreased 92% year-over-year.
Cash used in operations was approximately $0.9 million for the quarter, compared to approximately $1.1 million in the prior-year period.
Other income was approximately $1.6 million, primarily driven by realized and unrealized gains from the Company's digital asset treasury.
As of June 30, 2026, the Company held approximately $1.7 million in cash, $3.8 million in restricted cash, and $1.9 million in its Digital Asset Treasury.
Non-cash stock-based compensation was approximately $542,000 for the quarter, compared to $89,000 in the second quarter of 2025.
Total assets increased to $7.9 million as of June 30, 2026, from $3.9 million as of December 31, 2025.
Total stockholders' equity increased to $6.3 million as of June 30, 2026, from $2.3 million as of December 31, 2025.
Accumulated deficit increased to $(111.6) million as of June 30, 2026, from $(110.5) million as of December 31, 2025.

The proposed merger with Noble Africa is expected to close in the fourth quarter of 2026, subject to customary closing conditions including stockholder and regulatory approvals.
The transaction is intended to provide investors with exposure to Renergen's Virginia Gas Project in South Africa.
The Company is working with ASP Isotopes, Renergen, and Noble Africa to satisfy conditions necessary to complete the merger.

On June 25, 2026, ENDRA entered into a definitive merger agreement with ASP Isotopes Inc., Noble Africa LLC, Renergen Limited, and other parties.
Under the agreement, Noble Africa will merge with a wholly owned subsidiary of ENDRA, with Noble Africa surviving as a wholly owned subsidiary of ENDRA.
Upon completion of the transaction, ENDRA will be renamed Noble Africa Inc.
In connection with the transaction, Noble Africa entered into subscription agreements for a private placement expected to generate approximately $50 million in gross proceeds, closing concurrently with the merger.
On May 28, 2026, the Company completed a $3.8 million private placement, with proceeds classified as restricted cash as of June 30, 2026.
The Company's core technology, Thermo Acoustic Enhanced UltraSound (TAEUS®), is focused on assessing tissue fat content and monitoring tissue ablation for steatotic liver disease.

Steatotic liver disease and metabolic dysfunction-associated steatohepatitis affect over two billion people globally, with no practical diagnostic tools currently available.
The Company faces risks related to the competitive landscape in the healthcare industry and the ability to obtain and maintain required CE mark certifications and FDA approvals for its TAEUS® applications.

Risks include the failure to satisfy closing conditions for the proposed merger, including stockholder and regulatory approvals.
Uncertainties exist regarding the timing of the consummation of the Proposed Transactions and the ability of the parties to complete them.
Risks include the potential failure to maintain compliance with Nasdaq listing standards and the ability to obtain adequate future financing.
The Company faces risks related to the volatility of its digital asset treasury and the potential impact on its stock price.
Potential delays in regulatory approvals from the FDA or other agencies, as well as the repeatability of clinical results across larger trial populations, remain concerns.
The Company cites limited commercial experience, limited cash resources, and a history of losses as ongoing challenges.

Alexander Tokman, Chairman and CEO, stated that entering into the definitive merger agreement with Noble Africa was an important objective achieved following the strategic alternatives process.
Management expressed belief that the transaction provides stockholders an opportunity to participate in the growth of a differentiated helium platform.
Management highlighted the disciplined management of operating resources, noting reduced cash used in operations compared to the prior year while maintaining focus on the transaction.

The Company's Digital Asset Treasury contributed significantly to the quarter's profitability through realized and unrealized gains.
The merger transaction involves a private placement expected to raise approximately $50 million in gross proceeds.
The Company's balance sheet was strengthened by the $3.8 million private placement completed in May 2026.
Forward-looking statements in the release are subject to various risks and uncertainties, including the outcome of legal proceedings and changes in regulatory requirements.