Summary by Futu AI
ENDRA Life Sciences reported financial results for Q2 2024, with a net loss of $2.2 million compared to $2.6 million in Q2 2023. Research and development expenses decreased 49% to $716,366, while general and administrative expenses remained stable at $1.4 million. The company ended the quarter with $6.4 million in cash.The company continues to advance its TAEUS technology platform, focusing on clinical trials and commercialization efforts. ENDRA is pursuing FDA reclassification through the de novo process for its TAEUS FLIP System, with plans to complete necessary clinical studies by Q4 2024 or Q1 2025 and submit a new de novo request in H1 2025.Post quarter-end, ENDRA underwent significant leadership changes with CEO Francois Michelon's resignation and Alexander Tokman's appointment as acting CEO and Chairman. The company completed a registered offering in June 2024, raising net proceeds of $7.3 million through the sale of common stock and warrants, though management notes additional funding will be needed to support ongoing operations.
