Half Year 2023 ENDRA Life Sciences Inc Earnings Call

Speaker 1: Are we done? Thank you, Mike. For the quarter-ended June 30, 2023, our operating expenses decreased to $3 million from $3.6 million for the same period in 2022. The decrease was mainly due to a decrease in research and development and sales and marketing expenses. Our research and development expenses decreased year-over-year by approximately $450,000 as it completed the development of our initial TS products.

Speaker 1: Our sales and marketing expenses decreased by approximately $95,000 for the quarter, mainly due to the departure of our Chief Commercial Officer.

Speaker 1: General and administrative expenses decreased by approximately $35,000 due to decreased spending on professional fees.

Speaker 1: Net loss per share in the second quarter of 2023 was 43 cents per share compared with net loss of $1.17 per share in the second quarter of 2022.

Speaker 1: cash and cash equivalents were $4.8 million as of June 30, 2023.

Speaker 1: During the second quarter of 2023, the company raised approximately 4.7 million in net proceeds through an underwritten public offering.

Speaker 1: We believe our current capital position provides a runway into the fourth quarter of 2023.

Speaker 1: We maintain our asset-light operating model with Britain hired in our operations and commercial team in anticipation of future growth.

Speaker 1: As we execute our regulatory and commercial strategy for TAs, we plan to adjust our expense structure accordingly in support of these activities.

Speaker 1: Now, I'll turn the callback difference off.

Speaker 2: Thanks very much, Irina and Mike.

Speaker 2: In closing, during the second quarter and subsequent weeks, Endra has made a great amount of important progress. I couldn't be more proud of the business.

Speaker 2: As we've discussed, we submitted our FDA to an overrequest for the TAS liver application with confidence that our work will set a benchmark for a new product class.

Speaker 2: We had our first TAIS-Liber clinical abstract published by the Leading European Association for the Study of the Liver.

Speaker 2: And third, we raised capital with long-term investors to support key milestones throughout the second half of 2023.

Speaker 2: Mike spoke about the next steps and timetable between Andra and the FDA, and I remind listeners that although there are various due dates in place for regulatory reviews and processes, we don't control the FDA process.

Speaker 2: However, I can assure you we'll do everything necessary to keep things moving along quickly and productively. And we obviously commit to keeping shareholders apprised of developments with the agency during our quarterly conference calls and to make public announcements when there are material developments to report.

Speaker 2: In closing, I couldn't be more excited about the future of TEIS and the future of Endra. The U.S. represents the largest market opportunity for TEIS and we're confident that our technologies, various advantages, along with a price that's one-fiftieth the cost of MRI, will secure a place for TEIS in the hands of clinicians.

Speaker 2: So with that overview, I'd like to turn the call over for questions. Operator? Thank you. We will now begin the question and answer session. To ask a question, you may press star, then 1 on your telephone keypad.

Speaker 1: If you're using a speaker phone, please pick up your hands up before pressing the keys.

Speaker 1: If at any time your question has been addressed and you would like to withdraw your question, please press star then 2.

Speaker 1: At this time we will pause momentarily to assemble a roster.

Speaker 1: Our first question comes from Ed Wu with Ascendian Capital. Please go ahead.

Speaker 2: Yeah, first off, I wanted to say congratulations for the submission today. It was very good news and wish you guys all the best in getting a quick approval. My question is, you know, you previously had a distribution agreement in Vietnam. Is that still in place? And will you...

Speaker 2: I think previously you will recognize revenue as soon as you get US FDA approval. Is that correct? Good question. Yeah, so the exclusive distribution agreement with a distributor in Vietnam is in place and it takes a fact and is activated.

Speaker 2: by the approval by the FDA of our application in the US. That'll kick off a three-year process with a commitment of 40 systems at an agreed upfront transfer price. So that is a good example of

Speaker 2: an important but secondary market opportunity that is going to be directly revenue generating in addition to Europe where we're currently focused then the US and then as you point out other opportunities like Vietnam through partners