# EDGAR Filing Document

**Accession Number:** 0001982476
**File Stem:** 0001213900-26-018626
**Filing Date:** 2026-2
**Character Count:** 17863
**Document Hash:** de0bcb5591b04d1cdd224fa149d35073
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-26-018626.hdr.sgml**: 20260220

**ACCESSION NUMBER**: 0001213900-26-018626

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D

**PUBLIC DOCUMENT COUNT**: 5

**FILED AS OF DATE**: 20260220

**DATE AS OF CHANGE**: 20260220

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** enVVeno Medical Corp
- **CENTRAL INDEX KEY:** 0001661053
- **STANDARD INDUSTRIAL CLASSIFICATION:** SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 330936180
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-90513
- **FILM NUMBER:** 26656990

**BUSINESS ADDRESS:**
- **STREET 1:** 70 DOPPLER
- **CITY:** IRVINE
- **STATE:** CA
- **ZIP:** 92618
- **BUSINESS PHONE:** 949-261-2900

**MAIL ADDRESS:**
- **STREET 1:** 70 DOPPLER
- **CITY:** IRVINE
- **STATE:** CA
- **ZIP:** 92618

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Hancock Jaffe Laboratories, Inc.
- **DATE OF NAME CHANGE:** 20151215
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Braeden Lichti
- **CENTRAL INDEX KEY:** 0001982476

**ORGANIZATION NAME:**

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D

**MAIL ADDRESS:**
- **STREET 1:** 650 GEORGIA ST #3200
- **CITY:** VANCOUVER
- **STATE:** A1
- **ZIP:** V6B4P7

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Lichti Braeden
- **DATE OF NAME CHANGE:** 20230621

## Ex-99.A

**Exhibit A**

![](ex99-a_001.jpg)

Northstrive Fund II LP

120 Newport Center Drive, Newport Beach, CA 92660

enVVeno Medical Corporation

70 Doppler, Irvine, CA 92618

Attn: Robert A. Berman, Chief Executive Officer

February 20, 2026

Dear Mr. Berman,

Northstrive Fund II LP ("Northstrive", "we", "us", or "our") are shareholders of enVVeno Medical Corporation ("enVVeno" or the "Company"). We recognize the years of effort invested in advancing the Company's bioprosthetic technologies. However, we believe that the Company now stands at a critical inflection point after its receipt of a Not-Approvable Letter ("Letter") from the U.S. Food & Drug Administration ("FDA") in August 2025 for VenoValve® and the Company's subsequent unsuccessful supervisory appeal of the Letter.

We believe that if the Company continues to pursue and deploy capital into its high-risk clinical development program, enVVe®, an earlier-stage asset that was previously deprioritized, the Company faces further significant regulatory, commercial, and financing risk. In our view, this course of action is unlikely to attract investor attention or maximize shareholder value, and risks further erosion of the Company's most valuable asset, its balance sheet.

We believe immediate and decisive action is required to halt further unwise capital allocation and to restore investor confidence.

![](ex99-a_002.jpg)

**Valuation and Capital Allocation**

As of September 30, 2025, the Company reported approximately $30 million in cash and short-term investments and no long-term debt. The Company's balance sheet and liquidity remain strong, with a current ratio exceeding 13x.

Despite this, we believe the market continues to value the Company at a material discount to its net cash position. We believe this discount reflects concerns regarding the decision to pursue another risky clinical program in the same field, the Company's capital allocation discipline, continued operating losses, and the likelihood of future dilution.

For the nine months ended September 30, 2025, enVVeno reported operating cash outflows of approximately $12.13 million, implying an annualized burn rate of roughly $16.2 million, or approximately $1.35 million per month. At this pace, the Company's existing cash provides approximately 20 months of runway before reserves are substantially depleted.

While the Company's balance sheet is strong today, we believe the Company will need to do one if not more of the following: materially reduce its operating burn, execute on value-accretive monetization initiatives, or access the capital markets within the next 12 to 18 months. Future capital raises will likely result in additional shareholder dilution without a clear path to self-sufficiency. This timeline reinforces the need for a timely strategic decision regarding future capital allocation, which should include the question of whether returning capital to shareholders now would better preserve value rather than allowing cash to be consumed by ongoing operating losses.

We believe the Company's Board of Directors (the "Board") has a fiduciary obligation to evaluate whether preserving capital today and possibly returning it in the near future would better serve shareholder interests than allowing it to be gradually eroded.

**Immediate Recommendation: Halt Clinical Studies and Initiate Strategic Review**

Accordingly, we urge the Board to:

● Immediately halt all clinical development spending on enVVe® and other non-essential programs, preserving cash while alternatives are evaluated; and

● Formally initiate a comprehensive strategic alternatives review, led by the independent directors, to evaluate all options available to maximize shareholder value.

**Strategic Alternative Recommendations**

To that end, we believe there are two clear paths forward.

**1. Liquidation and Return of Capital**

Based on the Company's most recent financial statements representing the quarter ended September 30, 2025, we estimate approximately $28.5 million could be available for distribution after satisfying liabilities.

Following the Company's Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission on January 20, 2026 and its 1-for-35 reverse stock split, the Company has 655,606 shares outstanding.

Under a full liquidation scenario, we estimate potential proceeds of approximately $43.47 per share. Relative to the February 19, 2026 closing price of $9.99, this represents approximately 335% upside to shareholders.

**We believe returning capital now would:**

● Eliminate further burn risk;

● Prevent dilution;

● Deliver immediate value realization; and

● Demonstrate disciplined stewardship of shareholder capital.

**2. Strategic Merger or Reverse Merger**

Alternatively, the Company could retain an investment bank to pursue a merger or reverse-merger transaction with a target that offers:

● A clearer path to revenue;

● Stronger commercial prospects; and

● Immediate value recognition.

In this scenario, enVVeno's net cash position becomes a strategic asset rather than a declining resource. We believe a disciplined and timely merger or reverse-merger process could unlock value while limiting execution risk.

**Governance and Engagement**

We reiterate our request to meet with senior management as soon as practicable.

NorthStrive seeks constructive engagement. Our objective is capital preservation, risk mitigation, and value realization for shareholders.

We are ready to assist in executing the alternative that makes the most strategic sense for the Company and its shareholders, contingent on the Board taking the actions described herein and senior management's willingness to meet with us.

For further coordination, please contact us at [\*\*\*]. I will also make attempts to contact Mr. Berman or other members of the Board directly.

Sincerely,

Braeden Lichti <br> Manager

## Ex-99.B

**Exhibit B**

The following table lists all transactions completed by each Reporting Person in the Common Stock since the date of first purchase of the Common Stock, which were all completed through open market purchases.

Northstrive Fund II LP

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Date** | **Action** | **Quantity** | **Price** | **Amount** |
| **02/10/2026** | Buy | 400 | $9.63 | 3850.00 |
| **02/09/2026** | Buy | 3500 | $9.80 | 34300.00 |
| **01/30/2026** | Buy | 1000 | $9.99 | 9990.00 |
| **01/29/2026** | Buy | 1750 | $9.93 | 17377.33 |
| **01/23/2026** | Sell | 2521 | $12.00 | $30251.50 |
| **01/22/2026** | Buy | 5000 | $11.01 | 55044.55 |
| **01/22/2026** | Buy | 6000 | $10.96 | 65760.00 |
| **01/22/2026** | Buy | 5000 | $10.49 | 52449.50 |

---

Braeden Lichti

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Date** | **Action** | **Quantity** | **Price** | **Amount** | **Amount** |
| **02/09/2026** | &nbsp;&nbsp;Buy | 2782 | $10.92 | -$| 30391.55 |
| **02/09/2026** | &nbsp;&nbsp;Buy | 3332 | $9.87 | -$| 32892.26 |
| **01/30/2026** | &nbsp;&nbsp;Buy | 101 | $10.01 | -$| 1010.99 |
| **01/29/2026** | &nbsp;&nbsp;Buy | 978 | $10.05 | -$| 9828.90 |
| **01/29/2026** | &nbsp;&nbsp;Buy | 229 | $10.00 | -$| 2290.00 |
| **01/29/2026** | &nbsp;&nbsp;Buy | 800 | $10.64 | -$| 8512.00 |
| **01/29/2026** | &nbsp;&nbsp;Buy | 1000 | $10.02 | -$| 10019.90 |
| **01/29/2026** | &nbsp;&nbsp;Buy | 2000 | $9.90 | -$| 19794.05 |
| **01/29/2026** | &nbsp;&nbsp;Buy | 1800 | $9.93 | -$| 17873.82 |

---

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**enVVeno Medical Corp**

*(Name of Issuer)*

**Common Stock, par value $0.00001 per share**

*(Title of Class of Securities)*

**29415J205**

*(CUSIP Number)*

**Ross. D. Carmel, Esq.**<br>1185 Avenue of the Americas<br>31st Floor<br>New York NY 10036<br>(212) 930-9700

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**02/20/2026**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **29415J205** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Braeden Lichti** | Name of reporting person<br>**Braeden Lichti** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**PF** | Source of funds (See Instructions)<br>**PF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**ISRAEL** | Citizenship or place of organization<br>**ISRAEL** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**13022.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**20129.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**13022.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**20129.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**33151.00** | Aggregate amount beneficially owned by each reporting person<br>**33151.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**5.05%** | Percent of class represented by amount in Row (11)<br>**5.05%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

| **CUSIP No.** | **29415J205** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Northstrive Fund II LP** | Name of reporting person<br>**Northstrive Fund II LP** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**20129.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**20129.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**20129.00** | Aggregate amount beneficially owned by each reporting person<br>**20129.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**3.07%** | Percent of class represented by amount in Row (11)<br>**3.07%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Common Stock, par value $0.00001 per share

**(b) Name of Issuer:**
enVVeno Medical Corp

**(c) Address of Issuer's Principal Executive Offices:**
70 Doppler, Irvine, CA, 92618

**Item 4. Purpose of Transaction**

As of February 10, 2026, Mr. Braeden Lichti beneficially owned 33,151 shares of Common Stock, representing 5.05% of the Issuer's issued and outstanding Common Stock. This percentage was calculated based on 655,606 shares of the Issuer's issued and outstanding shares of Common Stock on January 20, 2026, as reported on the Issuer's Current Report on Form 8-K filed with the Commission on January 20, 2026.

On February 10, 2026, neither of the Reporting Persons had control intent in the Issuer. This Schedule 13D is being filed to disclose Northstrive's Fund letter to the Board of Directors of the Issuer dated February 20, 2026 (the "Board Letter"). The Board Letter includes, among other things, Northstrive's Fund recommendations to the Board to immediately halt all clinical operations and launch a formal strategic review to either return capital to shareholders or pursue a merger or reverse merger to maximize shareholder value while preserving cash and minimizing further burn and dilution. Northstrive Fund has requested to meet with the senior management of the Issuer in the Board Letter. The Board Letter is filed herein as Exhibit A. As the Board Letter indicates an intent by the Reporting Persons with a purpose or effect to potentially change or influence control of the Issuer, the Reporting Persons have deemed it appropriate to amend the Schedule 13G by filing this Schedule 13D.

The Reporting Persons intend to review their investment in the Issuer on a continuing basis.  Depending on various factors including, without limitation, the Issuer's financial position and investment strategy, the price levels of the Common Stock, conditions in the securities markets and general economic and industry conditions, the Reporting Persons may in the future take such actions with respect to their investment in the Issuer as they deem appropriate which may include liquidation or further accumulation of shares.  In addition, the Reporting Persons may, at any time and from time to time, (i) review or reconsider their position and/or change their purpose and/or formulate plans or proposals with respect thereto and (ii) propose or consider one or more of the actions described in subparagraphs (a) - (j) of Item 4 of Schedule 13D.

**Item 5. Interest in Securities of the Issuer**

**(a)**
See the information contained on the cover pages of this Statement on Schedule 13D, which is incorporated herein by reference.  The percentage of Common Stock reported as beneficially owned by each Reporting Person is based on 655,606 shares of the Issuer's issued and outstanding shares of Common Stock on January 20, 2026, as reported on the Issuer's Current Report on Form 8-K filed with the Commission on January 20, 2026.

**(b)**
Sole power to vote or to direct the vote:

Northstrive Fund II LP: 0 shares
Braeden Lichti: 13,022 shares

Shared power to vote or to direct the vote:

Northstrive Fund II LP: 20,129 shares
Braeden Lichti: 20,129 shares

Sole power to dispose or to direct the disposition of:

Northstrive Fund II LP: 0 shares
Braeden Lichti: 13,022 shares

Shared power to dispose or to direct the disposition:

Northstrive Fund II LP: 20,129 shares
Braeden Lichti: 20,129 shares

**(c)**
The information set forth in Item 3 above is incorporated herein by reference.

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

The information in Items 3 and 4 is incorporated herein by reference.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Braeden Lichti

**Signature:** /s/ Braeden Lichti

**Name/Title:** Braeden Lichti, individually

**Date:** 02/20/2026

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Northstrive Fund II LP

**Signature:** /s/ Braeden Lichti

**Name/Title:** Braeden Lichti/Manager

**Date:** 02/20/2026