SEC Filing Document

Company: BIOVENTRIX, INC.
Ticker: 
CIK: 1283259
Filing Type: DRS
Document Type: DRS
Date Filed: 2025-08-05
Accession Number: 0001641172-25-022123
Exchange: 
SIC Code: 3841
SIC Description: Surgical & Medical Instruments & Apparatus
URL: https://www.sec.gov/Archives/edgar/data/1283259/000164117225022123/filename1.htm

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Form S-1 under the Securities Act with respect to the shares of common stock offered hereby. This prospectus, which constitutes a part of the registration statement, does not contain all of the information set forth in the registration statement or the exhibits filed therewith. For further information about us and the common stock offered hereby, reference is made to the registration statement and the exhibits filed therewith. Statements contained in this prospectus concerning the contents of any contract or any other document are not necessarily complete, please see the copy of the contract or document that has been filed for the complete contents of that contract or document. Each statement in this prospectus relating to a contract or document filed as an exhibit is qualified in all respects by the filed exhibit. The exhibits to the registration statement should be reviewed for the complete contents of these contracts and documents.

currently do not file periodic reports with the SEC. Upon the completion of this offering, we will be required to file periodic reports,
proxy statements and other information with the SEC pursuant to the Exchange Act. The SEC maintains a website that contains reports,
proxy and information statements and other information regarding registrants that file electronically with the SEC. The address of the
website is www.sec.gov.

also maintain a website at www.bioventrix.com. Upon completion of this offering, you may access these materials at our website
free of charge as soon as reasonably practicable after they are electronically filed with, or furnished to, the SEC. Information contained
in, or that can be accessed through, our website is not a part of, and is not incorporated into, this prospectus.

INDEX
TO CONSOLIDATED FINANCIAL STATEMENTS

BIOVENTRIX,
INC.

CONSOLIDATED

FINANCIAL
STATEMENTS

Table
of Contents

Three Months Ended

March 31, 2025 and 2024

Consolidated
Financial Statements:

Consolidated
Balance Sheets F-2

Consolidated
Statements of Operations F-3

Consolidated
Statements of Changes in Stockholders’ Deficit F-4

Consolidated
Statements of Cash Flows F-5

Notes
to Consolidated Financial Statements F-6

Years Ended

Decembet 31, 2024 and 2023

Report of Independent Registered Accounting Firm F-18

Consolidated Financial
Statements:

Consolidated Balance
Sheets F-19

Consolidated Statements
of Operations F-20

Consolidated Statements
of Changes in Stockholders’ Deficit F-21

Consolidated Statements
of Cash Flows F-22

Notes to Consolidated
Financial Statements F-23

BIOVENTRIX,
INC.

Consolidated
Balance Sheets

(unaudited)

March
31, December

ASSETS

Current
assets:

Cash
and cash equivalents $	2,161,390 $	2,637,635

Inventory 524 -

Prepaid
expenses 263,631 104,711

Total
current assets 2,425,545 2,742,346

Long-term
assets:

Property
and equipment, net 135,585 146,884

Lease
right of use asset 317,371 344,487

Deposits 45,532 45,532

Total
long-term assets 498,488 536,903

Total
assets $	2,924,033 $	3,279,249

LIABILITIES
AND STOCKHOLDERS’ DEFICIT

Current
liabilities:

Accounts
payable $	2,663,840 $	2,470,535

Accrued
liabilities 1,029,075 784,350

Lease
liability, current 143,056 142,061

Convertible
notes 5,160,000 4,710,000

Total
current liabilities 8,995,973 8,106,946

Lease
liability, non-current 193,737 222,332

Total
liabilities 9,189,710 8,329,278

Stockholders’
deficit:

Common
stock, $0.0001 par value, 25,000,000 shares authorized; 5,674,143 and 5,616,390 shares issued and outstanding at March 31,
2025 and December 31, 2024, respectively 567 561

Convertible
preferred stock, $0.0001 par value, 12,500,000 shares authorized; 1,565,000 shares issued and outstanding at March 31, 2025 and
December 31, 2024, respectively 157 157

Additional
paid-in capital 218,580,016 218,533,820

Accumulated
deficit (224,846,417	) (223,584,567	)

Total
stockholders’ deficit (6,265,677	) (5,050,029	)

Total
liabilities and stockholders’ deficit $	2,924,033 $	3,279,249

See
accompanying notes which are an integral part of these financial statements.

BIOVENTRIX,
INC.

Consolidated
Statements of Operations

(unaudited)

For
the Three Months
Ended
March 31,

Operating
income:

Sales $	- $	-

Cost
of goods sold - -

Gross
profit - -

Operating
expenses:

Research
and development 109,868 228,594

Selling,
general and administrative 961,728 692,884

Total
operating expenses 1,071,596 921,478

Loss
from operations (1071,596	) (921,478	)

Other
expense (income):

Interest,
net 190,124 (3,191	)

Other 130 (2,062	)

Total
other expense (income) 190,254 (5,253	)

Loss
from operations before provision for income taxes (1,261,850	) (916,225	)

Provision
for Income taxes - -

Net
loss $	(1,261,850	) $	(916,225	)

Net
loss per share – basic and diluted $	(0.22	) $	(0.18	)

Weighted
average common shares outstanding – basic and diluted 5,635,667 5,034,140

See
accompanying notes which are an integral part of these financial statements.

BIOVENTRIX,
INC.

Consolidated
Statements of Changes in Stockholders’ Deficit

(unaudited)

Preferred
Stock Common
Stock Additional
Paid Accumulated Total
Stockholders’

Shares Amount Shares Amount In
Capital Deficit Deficit

Balances,
December 31,2023 1,565,000 $	157 5,000,971 $	500 $	218,147,685 $	(219,722,999	) $	(1,574,657	)

Stock-based
compensation expense 232,000 $	23 $	185,577 $	185,600

Net
Loss $	(916,225	) $	(916,225	)

Balances,
March 31, 2024 1,565,000 $	157 5,232,971 $	523 $	218,333,262 $	(220,639,224	) $	(2,305,282	)

Balances,
December 31, 2024 1,565,000 $	157 5,616,390 $	561 $	218,533,820 $	(223,584,567	) $	(5,050,029	)

Stock-based
compensation expense 57,753 $	6 $	46,196 $	46,202

Net
loss $ $	(1,261,850	) $	(1,261,850	)

Balances,
March 31, 2025 1,565,000 $	157 5,674,143 $	567 $	218,580,016 $	(224,846,417	) $	(6,265,677	)

See
accompanying notes which are an integral part of these financial statements.

BIOVENTRIX,
INC.

Consolidated
Statements of Cash Flows

(unaudited)

For
the Three Months
Ended
March 31,

Cash
flows from operating activities:

Net
loss $	(1,261,850	) $	(916,225	)

Adjustments
to reconcile net loss to net cash used in operating activities:

Depreciation 11,299 11,299

Stock
based compensation 46,202 185,600

Changes
in operating assets and liabilities:

Accounts
payable 193,306 47,918

Accrued
liabilities 244,725 84,435

Inventories (524	) (27,637	)

Lease
liability (27,599	) (24,616	)

Lease
asset 27,115 25,211

Prepaid
expense (158,919	) 49,472

Net
cash used in operating activities (926,245	) (564,543	)

Cash
flows from investing activities:

Purchases
of property and equipment - -

Net
cash used in investing activities - -

Cash
flows from financing activities:

Proceeds
from convertible notes payable 450,000 2,370,000

Net
cash provided by financing activities 450,000 2,370,000

Increase
(Decrease) in cash and cash equivalents $	(476,245	) $	1,805,457

Cash
and cash equivalents, start of year 2,637,635 646,349

Cash
and cash equivalents, end of year $	2,161,390 $	2,451,806

Supplemental
disclosure of cash flow information

Cash
paid during the period for:

Income
taxes $	- $	-

See
accompanying notes which are an integral part of these financial statements.

BIOVENTRIX,
INC.

Notes
to Consolidated Financial Statements

March
31, 2025 and 2024

(unaudited)

Note
1 – Organization and operations and basis of presentation:

BioVentrix,
Inc. (the “Company”) is a private medical device company that was incorporated in the state of California on October 15,
2003, as CHF Technologies, Inc. During 2012, the Company created BioVentrix, Inc., a Delaware corporation, which it then merged into
CHF Technologies, Inc. From 2004 through 2007, the Company marketed products and services to treat various heart related issues. In 2007,
the Company ceased sales and marketing of these product lines and began developing a new product to treat heart failure. In June 2016
the Company received CE Mark Certification for its product Revivent TC ™ TransCatheter Ventricular Enhancement System. In 2016
the Company tested and marketed the system in Europe, but did not recognize revenues. In May 2016 the Company received Food and Drug
Administration (“FDA”) Investigational Device Exemption (“IDE”) approval for its clinical trial and began to
test and market the system in the United States in 2017. The Company’s trial, which was completed in 2023 (the “ALIVE Trial”),
achieved statistical significance with a subpopulation on functional status and Quality-of-Life (“QoL”) measures, three of
the measures in our efficacy endpoint composite. Leveraging this subpopulation finding, the Company proposed and was approved by the
FDA via an IDE for the RELIVE Trial for 84 treated patients and 42 control patients, for a total of 126 trial patients (135 randomized
patients starting the trial to account for trial patient attrition). In November 2024, the Company received an investigational device
exemption (“IDE”) from the U.S. Food and Drug Administration (the “FDA”) under Breakthrough Therapy Designation
(“BTD”) to begin a pivotal trial (the “RELIVE Trial”). The FDA grants BTD if preliminary clinical evidence suggests
the procedure may improve substantially upon at least one clinically significant endpoint for a serious or life-threatening condition
compared to existing therapies.

Going
Concern – The accompanying financial statements are prepared in accordance with generally accepted accounting principles applicable
to a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business.