Liquidity is under extreme pressure with cash reserves falling to $356,500 in 2026Q1, forcing the company to rely on stock-based compensation of $574.5K to preserve capital.
| Cash from Operations | -5.01M | -5.18M | -7.4M | -9.55M | -12.77M | -11.12M | -10.77M | -8.59M | -7.7M | -3.3M | -1.32M | -842.73K | -1.4M |
| Operating CF Margin % | - | - | - | - | - | - | - | - | -124756.74% | -938.77% | -255.17% | -59.77% | -249.79% |
| Operating CF Growth % | 83.38% | 29.97% | 22.5% | 25.22% | -14.81% | -3.27% | -25.4% | -11.51% | -133.34% | -150.9% | -56.12% | 39.69% | - |
| Net Income | -7.3M | -7.03M | -11.51M | -10.06M | -13.18M | -11.23M | -11.73M | -13.31M | -9.8M | -5.38M | -2.78M | -2.28M | -2.18M |
| Depreciation & Amortization | 151.43K | 157.29K | 206.17K | 275.45K | 234.26K | 224.41K | 165.25K | 115.01K | 68.32K | 61.48K | 64.94K | 72.22K | 37.24K |
| Stock-Based Compensation | 820.81K | 329.41K | 571.92K | 996.43K | 1.2M | 1.44M | 2.1M | 1.4K | 1.37K | 1K | 230.33K | 309.84K | 259.49K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | -2.1M | -1.4K | 0 | 0 | 0 | 25K | 0 |
| Other Non-Cash Items | 882.13K | 1.34M | 3.2M | 162.91K | 1.39K | -298.73K | 2.33M | 4M | 2.38M | 1.72M | 909.5K | 686.34K | 639.12K |
| Working Capital Changes | 439.06K | 22.62K | 134.08K | -923.32K | -1.03M | -1.26M | -1.55M | 597.83K | -359.08K | 298.66K | 254.98K | 343.07K | -152.2K |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | -491.1K | 834.99K | -760.14K | 6.85K | -6.85K | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 235.73K | 138.04K | -1.36M | -694.96K | -476.18K | -54K | -155.31K | -151.57K | 58.9K | 139.98K | -60.21K |
| Change in Payables | 261.8K | 113.29K | -198.87K | -822.26K | 111.58K | 491.1K | -834.99K | 760.14K | -6.19M | 528.29K | 198.13K | 202.59K | 0 |
| Cash from Investing | -2.55M | -3.02M | -12.8K | -24.72K | -202.58K | -45K | -51.33K | -43.59K | -100K | -7.86K | 0 | -133.81K | -275.37K |
| Capital Expenditures | -3M | -17.28K | -16K | -33.88K | -202.58K | -45K | -51.33K | -43.59K | -100K | -7.86K | 0 | -133.81K | -275.37K |
| CapEx % of Revenue | - | - | - | - | - | - | - | - | 1619.7% | 2.24% | - | 9.49% | 49.23% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 450K | -3M | 3.2K | 9.16K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 5.85M | 5.73M | 7.81M | 7.52M | 8.4M | 13.4M | 11.88M | 8.34M | 8.67M | 8.77M | 1.44M | 839.22K | 1.75M |
| Debt Issued (Net) | 0 | 0 | -28.48K | 0 | 0 | 0 | 337.08K | 2.49M | 935.3K | 175K | 1.44M | 0 | 0 |
| Equity Issued (Net) | 5.85M | 5.73M | 7.84M | 6.48M | 8.4M | 10.62M | 6.78M | 0 | 0 | 0 | 0 | 839.22K | 1.75M |
| Dividends Paid | 0 | 0 | -5.23K | -840 | -7.79K | -121.07K | -395.55K | -4.22M | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | 1 | 1.04M | 0 | 2.91M | 5.15M | 10.06M | 7.74M | 8.59M | 5K | 0 | 0 |
| Net Change in Cash | -1.71M | -2.47M | 395.57K | -2.06M | -4.57M | 2.23M | 1.05M | -297.17K | 869.5K | 5.46M | 125.83K | -137.31K | 78.42K |
| Free Cash Flow | -8.01M | -5.2M | -7.42M | -9.58M | -12.97M | -11.17M | -10.82M | -8.63M | -7.8M | -3.31M | -1.32M | -976.54K | -1.67M |
| FCF Margin % | - | - | - | - | - | - | - | - | -126376.43% | -941% | -255.17% | -69.25% | -299.02% |
| FCF Growth % | -22.17% | 29.89% | 22.6% | 26.13% | -16.16% | -3.19% | -25.36% | -10.64% | -135.81% | -151.5% | -34.72% | 41.62% | - |
| FCF per Share | -6.68 | -6.61 | -6.61 | -5.61 | -6.72 | -5.46 | -11.28 | -23.02 | -34.64 | -16.90 | -6.73 | -5.00 | -54.60 |
| FCF Conversion (FCF/Net Income) | 1.10x | 0.74x | 0.64x | 0.95x | 0.97x | 0.99x | 0.92x | 0.65x | 0.79x | 0.61x | 0.47x | 0.37x | 0.64x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity and dilution
As reported in financial statements, NDRA's operating cash flow consistently trails net losses, with the OCF/NI ratio fluctuating significantly, reaching 0.85 in 2026Q1, which suggests that non-cash items and working capital adjustments are the primary drivers of the company's reported cash position rather than operational efficiency.
The persistent gap between net income and operating cash flow highlights the absence of a core commercial engine to offset R&D expenditures. Investors should monitor the reliance on stock-based compensation, which frequently reconciles the difference between accounting losses and actual cash outflows, potentially obscuring the true cost of talent retention.
Based on recent SEC filings, the company's free cash flow remains deeply negative, with a quarterly burn rate that reached $4.6 million in 2025Q4, indicating that the firm is entirely dependent on external financing to sustain its developmental activities and clinical trial infrastructure.
The lack of positive free cash flow is a structural reality of the pre-revenue stage, yet the volatility in quarterly burn rates suggests limited control over cash outflows. This trajectory implies that without a rapid transition to commercialization, the company will continue to face significant pressure on its remaining cash reserves.
According to historical data, working capital changes have been erratic, swinging from a $1.2 million outflow in 2023Q4 to a $439.6K inflow in 2026Q1, which suggests that the company's cash management is highly sensitive to timing differences in vendor payments and regulatory-related accruals.
These fluctuations in working capital appear to be a byproduct of managing a lean, pre-revenue operation rather than a sign of efficient inventory or receivables management. The inconsistency in these flows warrants further investigation into whether the company is delaying payables to preserve its dwindling liquidity.
As indicated by the cash flow statement, stock-based compensation remains a material non-cash expense, peaking at $574.5K in 2026Q1, which effectively serves as a hidden cost that dilutes existing shareholders while allowing the firm to conserve cash for essential R&D and clinical regulatory milestones.
The reliance on equity-based compensation suggests that the company is attempting to preserve its limited cash runway by shifting the burden of compensation to the equity base. This strategy may provide short-term liquidity relief but creates a long-term overhang that could complicate future capital raises if the share price remains under pressure.
Quick answers to the most common questions about buying NDRA stock.
ENDRA Life Sciences Inc. (NDRA) generated $-5.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
ENDRA Life Sciences Inc. (NDRA) reported negative free cash flow of $5.2M in 2025, indicating capital requirements exceeded cash from operations.
ENDRA Life Sciences Inc. (NDRA) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.