SEC Filing Document

Company: BIOVENTRIX, INC.
Ticker: 
CIK: 1283259
Filing Type: DRS/A
Document Type: DRS/A
Date Filed: 2025-12-12
Accession Number: 0001493152-25-027406
Exchange: 
SIC Code: 3841
SIC Description: Surgical & Medical Instruments & Apparatus
URL: https://www.sec.gov/Archives/edgar/data/1283259/000149315225027406/filename1.htm

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common stock outstanding as of the date of this prospectus, which includes 7,495,878 shares of common stock being issued upon the closing of this offering in connection with the conversion of: (i) 1,565,000 shares of our existing Series A Preferred Stock into 1,565,000 shares of common stock and (ii) $11,005,533 of our existing convertible notes into 5,930,878 shares of our common stock, and excludes, as of the date of this prospectus: ● shares of common stock issuable upon the exercise of the Representative’s Warrant; ● 1,040,500 shares of our common stock reserved for issuance under stock option agreements issued pursuant to 2024 Equity Incentive Plan; and shares of our common stock (which is equal to % of our issued and outstanding common stock immediately after the consummation this offering) reserved for future issuance under our 2025 Equity Incentive Plan, which will become effective as of the closing of this offering.

Unless
otherwise indicated, this prospectus reflects and assumes (i) no exercise by the underwriters of their over-allotment option and (ii)
no exercise of the outstanding stock options described above.

SUMMARY
OF CONSOLIDATED FINANCIAL INFORMATION

The
following tables set forth summary financial and other data for the periods ended and at the dates indicated below. Our summary financial
information for the six months ended June 30, 2025 and 2024 and as of June 30, 2025 and 2024 has been derived
from our unaudited interim condensed financial statements included elsewhere in this prospectus. Our summary financial information for
the years ended December 31, 2024 and 2023 and as of December 31, 2024 and 2023 has been derived from our audited financial statements
included in this prospectus. The financial data set forth below should be read in conjunction with “Management’s Discussion
and Analysis of Financial Condition and Results of Operations” and the financial statements and notes thereto included elsewhere
in this prospectus.

Statements
of Operations

For
the Nine Months Ended September
30, 2025 For
the Nine Months Ended September

Statement of Operations Data:

Gross (loss) profit $	- $	-

Operating expense 4,362,389 2,058,225

Operating loss (4,362,390	) (2,058,225	)

Other expenses (income) 856,381 170,388

Net loss before taxes (5,218,770	) (2,678,613	)

Income tax expense (benefit) - -

Net loss (5,218,770	) (2,678,613	)

Net loss per share of common stock:

Basic $	(0.92	) $	(0.51	)

Weighted-average shares of common stock outstanding:

Basic 5,691,216 5,295,569

For
the Year Ended December
31, 2024 For
the Year Ended December

Statement of Operations
Data:

Gross (loss) profit $	- $	178,376

Operating expense 3,562,516 14,067,537

Operating loss (3,562,516	) (13,889,161	)

Other expenses 288,158 569,945

Net loss before taxes (3,850,674	) (14,459,106	)

Income tax expense (benefit) - -

Net loss (3,850,674	) (14,459,106	)

Net loss per share of common stock:

Basic $	(0.72	) $	(3.18)

Weighted-average shares
of common stock outstanding:

Basic 5,355,663 4,551,195

Balance
Sheet

As of September 30, 2025 As of September 30, 2024

Balance Sheet Data:

Cash $	1,958,867 $	1,661,676

Working capital (deficit) $	(9,460,719	) $	(4,193,404	)

Total assets $	2,893,511 $	2,383,460

Total liabilities $	13,038,266 $	6,296,735

Additional paid-in capital $	218,646,960 $	218,487,624

Accumulated deficit $	(228,792,443	) $	(222,401,612	)

Total stockholders’ deficiency $	(10,144,755	) $	(3,913,276	)

As of December 31, 2024 As of December 31, 2023

Balance Sheet Data:

Cash $	2,637,635 $	646,349

Working capital (deficit) $	(4,989,308	) $	(1,931,187	)

Total assets $	3,279,249 $	1,502,481

Total liabilities $	8,318,384 $	3,077,138

Additional paid-in capital $	218,533,820 $	218,147,685

Accumulated deficit $	(223,573,673	) $	(219,722,999	)

Total stockholders’ deficiency $	(5,039,135	) $	(1,574,657	)

RISK
FACTORS

investment in our common stock is speculative and involves a high degree of risk. You should carefully consider the risks
described below, which we believe represent certain of the material risks to our business, together with the information contained elsewhere
in this prospectus, before you make a decision to invest in our shares of common stock. Please note that the risks highlighted here are
not the only ones that we may face. For example, additional risks presently unknown to us or that we currently consider immaterial or
unlikely to occur could also impair our operations. If any of the following events occur or any additional risks presently unknown to
us actually occur, our business, financial condition and operating results may be materially adversely affected. In that event, the trading
price of our securities could decline and you could lose all or part of your investment.

Risks
Related to Our Industry and Business

have a history of net losses, and we expect to continue to incur losses for the foreseeable future. If we ever generate revenue or achieve
profitability (of which no assurances can be given), we may not be able to sustain it.

have incurred significant losses since our inception and expect to continue to incur losses for the foreseeable future. We have reported
net losses of approximately $14.5 million, $3.9 million and $5.2 million for the years ended December 31, 2023 and 2024, and the
nine months ended September 30, 2025, respectively. As a result of these losses, as of September 30, 2025, we had
an accumulated deficit of approximately $228.8 million. To date, we have financed our operations primarily through debt
and equity financings. We expect to continue to incur significant research and development, regulatory, sales and marketing and other
expenses as we expand our marketing efforts to increase adoption of our product candidates, expand existing relationships with our customers,
obtain regulatory clearances or approvals for our planned or future product candidates, conduct clinical trials on our existing and planned
or future product candidates and develop new product candidates or add new features to our existing product candidates. In addition,
we expect our general and administrative expenses to increase following this offering due to the additional costs associated with being
a public company. The net losses that we incur may fluctuate significantly from period to period. We will need to generate significant
revenue in order to achieve and sustain profitability. Even if we ever generate revenue or achieve profitability (of which no assurances
can be given), we cannot be sure that such revenues will continue or that we will remain profitable for any substantial period of time.

will require substantial additional capital to finance our planned operations, which may not be available to us on acceptable terms or
at all. Our failure to obtain additional financing when needed on acceptable terms, or at all, could force us to delay, limit, reduce
or eliminate our product development programs, commercialization efforts or other operations.

Since
inception, we have incurred significant net losses and expect to continue to incur net losses for the foreseeable future. Since our inception,
our operations have been financed primarily by net proceeds from the sale of our equity and debt securities. We have ongoing clinical
trials, and expect to continue to make substantial investments in these trials and in additional clinical trials that are designed to
provide clinical evidence of the safety and efficacy of our product candidates, which would ultimately be determined by the FDA.
We intend to continue to make significant investments in our sales and marketing organization by increasing the number of U.S. sales
representatives and expanding our international marketing programs to help facilitate further adoption among existing hospital accounts
as well as broaden awareness of our product candidates to new hospitals. We also expect to continue to make investments in research and
development, regulatory affairs and clinical studies to develop future generations of our product candidates, support regulatory submissions
and demonstrate the clinical efficacy of our product candidates. Moreover, we expect to incur additional expenses associated with operating
as a public company, including legal, accounting, insurance, exchange listing and SEC compliance, investor relations and other expenses.
Because of these and other factors, we expect to continue to incur substantial net losses and negative cash flows from operations for
the foreseeable future. Our future capital requirements will depend on many factors, including:

●	the
cost, timing and results of our clinical trials and regulatory reviews;

●	the
cost and timing of establishing sales, marketing and distribution capabilities;

●	the
terms and timing of any other collaborative, licensing and other arrangements that we may establish;

●	the
timing, receipt and amount of sales from our current and potential product candidates;

●	the
degree of success we experience in commercializing our product candidates;

●	the
emergence of competing or complementary technologies;

●	the
cost of preparing, filing, prosecuting, maintaining, defending and enforcing any patent claims and other intellectual property rights;
and

●	the
extent to which we acquire or invest in businesses, product candidates or technologies, although we currently have no commitments
or agreements relating to any of these types of transactions.