ENDRA Life Sciences Inc. (NASDAQ: NDRA) is a medical device company developing Thermo-Acoustic Enhanced Ultrasound (TAEUS) technology, which uses radio-frequency pulses to stimulate tissue and generate ultrasound signals that can be processed into quantitative clinical metrics overlaid on conventional grayscale ultrasound images. The company has not generated material commercial revenue as of the fiscal year ended December 31, 2025, and remains pre-commercial, dependent on regulatory clearances including FDA approval and CE mark certification in the European Union. Its intended revenue model combines direct device sales, OEM licensing agreements with ultrasound and thermoablative equipment makers, and potential accessory sales to existing ultrasound system owners. The MASLD (metabolic dysfunction-associated steatotic liver disease) liver fat fraction assessment application has received CE mark certification for the European Economic Area. ENDRA also adopted a digital asset treasury strategy, holding cryptocurrency managed through third-party custodians including Anchorage Digital Bank, as disclosed in the FY2025 10-K filed March 31, 2026.

Revenue model

Pre-commercial as of FY2025. Planned revenue streams include direct sales of TAEUS standalone systems and accessories, OEM technology licensing to ultrasound and thermoablative capital equipment manufacturers, and potential channel-partner distribution arrangements. No material product revenue is supported by the filing excerpts.

Products and services

TAEUS platform: a thermoacoustic imaging technology that uses RF pulses to generate ultrasound signals from deep tissue, processed via proprietary algorithms into quantitative metrics such as liver fat fraction. The MASLD liver fat fraction application has CE mark certification. The platform is designed to attach as a standalone system or accessory to existing ultrasound equipment. A digital asset treasury strategy involving staking, options overlays, and DeFi protocol participation was also disclosed in the FY2025 10-K.

Customers and end markets

Target end markets include high-end primary care and concierge medicine networks focused on metabolic health monitoring, bariatric and metabolic clinics treating obesity and related disorders, and OEM ultrasound and thermoablative capital equipment manufacturers. No customer concentration data or customer counts are disclosed in the filing excerpts.

Value-chain role

Medical device developer and IP holder. Relies on contract engineering firms and contract manufacturers for device production. Intends to use third-party distributors and channel partners for commercialization. Custodies digital assets through third-party custodians.

Geographic exposure

United States (primary regulatory and operational base) and European Economic Area (CE mark obtained for MASLD application, governed by EU Class IIa medical device regulations under MDR).

Source: SEC 10-K, filed 2026-03-31

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