NDRA

ENDRA is a clinical-stage story with no product and no revenue: management states plainly that 'No revenue has been generated by our TAEUS technology, which we have not commercially sold as of December 31, 2025,' and the XBRL confirms $0.00 revenue in every year shown (FY2021–FY2025). The entire enterprise is a bet on one unapproved thermo-acoustic liver-fat device, and the company itself flags that 'our success is substantially dependent' on that single TAEUS platform ever reaching commercial applications. Five straight years of losses (-$11.2M, -$13.2M, -$10.1M, -$11.5M, -$7.03M) have driven an accumulated deficit of -$110M against just $2.26M of stockholders' equity.

The balance sheet is the decisive problem. Cash fell 76.4% to $762K while operating cash burn ran -$5.18M — under two months of runway on the trailing burn rate. Current assets collapsed 71.8% to $968K, total assets are just $3.85M, and management explicitly warns it 'will need to raise significant additional capital if we are going to continue as a going concern.' Financing that gap has already gutted holders: shares outstanding rose 120.7% in a year, and the -$8.93 diluted EPS alongside a sub-$5 price signals prior reverse-split-and-raise cycles that are almost certain to repeat.