ENDRA Life Sciences is a pre-revenue medical device company developing Thermo-Acoustic Enhanced Ultrasound (TAEUS), a technology that uses pulsed radio frequency energy to non-invasively measure liver fat content. TAEUS works by transmitting RF pulses into tissue, generating ultrasonic waves that are detected at the skin surface and processed to quantify liver fat — combining elements of MRI-like tissue chemistry measurement with the accessibility of ultrasound. The primary target application is diagnosing and monitoring steatotic liver disease and MASH. ENDRA's core pitch is that MRI (the current gold standard) costs roughly $3M per system and $1,500–$2,500 per scan, while conventional ultrasound lacks sufficient accuracy — and TAEUS fills that gap as a lower-cost, point-of-care alternative. Target customers include pharma companies and CROs running GLP-1 and MASH clinical trials, concierge medicine networks, bariatric clinics, and primary care physicians. The intended business model combines device subscriptions, outright capital equipment sales, and OEM licensing. However, ENDRA's FDA De Novo submission was closed in 2024 after the FDA requested additional clinical data, and the company has since paused clinical activity due to cash constraints, reduced headcount to 4 employees, and initiated a formal strategic alternatives review, including potential sale, merger, or asset licensing. ENDRA also launched a Digital Asset Treasury strategy in 2025, investing excess cash into DeFi assets. The company holds 42 U.S. patents related to thermoacoustic imaging, which may be its primary asset of value in any transaction.