Summary by Moomoo AI
ENDRA Life Sciences reported Q2 2024 operating expenses of $2.2M, down from $3.0M YoY, primarily due to reduced R&D spending as focus shifts to clinical activities. The company ended the quarter with $6.4M in cash, bolstered by a $7.3M net proceeds from a June public offering.The company announced significant leadership changes, appointing Alexander Tokman as acting CEO and adding industry veterans Richard Jacroux as CFO and Ziad Rouag as Head of Regulatory Affairs. ENDRA has initiated new pilot clinical trials at multiple sites in North America and Europe to support FDA approval, following a productive meeting with the FDA to review clinical plans.ENDRA has expanded its intellectual property portfolio to 81 issued patents globally and implemented cost reduction measures, achieving $3.1M in annualized expense savings. The company is prioritizing clinical data collection for a new De Novo FDA filing while revising its go-to-market strategy for its TAEUS technology.
