SEC Filing Document

Company: BIOVENTRIX, INC.
Ticker: 
CIK: 1283259
Filing Type: S-1/A
Document Type: S-1/A
Date Filed: 2026-03-18
Accession Number: 0001493152-26-010642
Exchange: 
SIC Code: 3841
SIC Description: Surgical & Medical Instruments & Apparatus
URL: https://www.sec.gov/Archives/edgar/data/1283259/000149315226010642/forms-1a.htm

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year ended December 31, 2025, compared to $288,158 for the prior year. This increase was primarily due to interest expense related to the significantly higher balance of convertible notes outstanding in 2025 compared to 2024. Net Earnings and Losses Our net loss increased by $3,816,997, or by 99%, to $7,667,671 for the year ended December 31, 2025, compared to $3,850,674 for the prior year. This increase was due primarily to increased research and development expenses in preparation of the RELIVE trial, increased selling, general and administrative expenses in preparation of this offering and increased interest expense related to a significantly higher balance of convertible notes outstanding. Liquidity and Capital Resources of December 31, 2025, we had cash of $1,838,121. To date, we have financed our operations primarily from proceeds from private equity offerings and various debt arrangements. See the section titled “Description of Capital Stock — History of Securities Issuances.”

are in the development stage and have incurred losses and negative cash flows from operations since inception. For the years ended December
31, 2025 and 2024, we had a net loss of $7,667,671 and $3,850,674, respectively, and negative cash flows from operations
of $5,812,114 and $2,718,714, respectively. Further, we had an accumulated deficit of $231,241,344 as of December
31, 2025, and $223,573,673 as of December 31, 2024. For the three months ended December 31, 2025 and 2024, we
had a net loss of $2,448,901 and $1,172,061, respectively, and negative cash flows from operations of $1,470,746 and $734,041,
respectively. Based on the current development plans for our product candidates and other
operating requirements, existing cash and equivalents are not sufficient to fund operations for the twelve months following the date
of the registration statement of which this prospectus is a part. We expect to incur losses over the next several years as we continue
the development of our technologies and product candidates, manage our regulatory processes, initiate and continue clinical trials, and
prepare for potential commercialization of product candidates. To date, we have been reliant on a small number of investors to finance
our operations. From our inception through December 31, 2025, we received funding of $228,398,763.

Until
we are successful in our efforts for capital infusion, which is not entirely within our control, a substantial doubt exists about our
ability to continue as a going concern for a period of one year after the date of filing of our financial statements. In addition, the
ability of our stockholders to continue to provide financial support is dependent on our ability to secure additional funding. Management
continues to address our liquidity position and will adjust spending as needed in order to preserve liquidity. Our future liquidity needs
will be determined primarily by the success of our operations with respect to the progression of our product candidates and key development
and regulatory events in the future. Potential sources of additional funding include: (1) pursuing collaboration, out-licensing and/or
partnering opportunities for our portfolio programs and product candidates with one or more third parties, (2) renegotiating third party
agreements, (3) securing additional debt financing and/or (4) selling equity securities. There can be no assurances that we will be successful
in these efforts.

plan to raise additional capital from various potential sources, including equity and/or debt financings, grant funding, and strategic
relationships. In addition, we have an engagement with the underwriters to sell up to $       million of our common stock in this initial public
offering, which amount, if fully raised, would be sufficient to fund our operations for approximately          months. However, there can be no
guarantee that we will be able to successfully complete this initial public offering or otherwise raise the necessary capital on terms
acceptable to us, if at all. Should such financings be unsuccessful, we would be required to delay, scale back or eliminate some or all
of our research and development programs, which would likely have a material adverse effect on us and our consolidated and combined financial
statements.

Due
to the above factors, a substantial doubt exists as to our ability to continue as a going concern.

Loans
to the Company

borrowed $9,857,477 from accredited investors in the form of convertible notes with an interest rate of 15% as of December
31, 2025. As of December 31, 2025, we had accrued interest payable of $1,475,669.

Summary
of Cash Flow

The
following table provides detailed information about our net cash flow for all financial statement periods presented in this prospectus:

Cash
Flow

Years Ended December 31,

Net cash flows used in operating activities $	(5,812,114	) $	(2,718,714	)

Net cash flows used in investing activities - -

Net cash flows provided by financing activities 5,012,600 4,710,000

Net change in cash (799,514	) 1,991,286

Cash, beginning of year 2,637,635 646,349

Cash, end of period 1,838,121 2,637,635

Net cash used in operating activities
was $5,812,114 for the year ended December 31, 2025, as compared to net cash used in operating activities of $2,718,714
for the year ended December 31, 2024, which represents an increase of $3,093,400 in net cash used in operating activities.
The increase in cash used in operating activities for the year ended December 31, 2025 was due to ramping up operations
in advance on a new clinical trial and incurring expenses related to a potential initial public offering.

There was no cash used
for investing activities for the years ended December 31, 2025 and 2024.

Net cash provided by
financing activities was $5,012,600 and $4,710,000 for the years ended December 31, 2025 and 2024, respectively. Net cash provided by
financing activities in both periods consisted of issuances of convertible notes to finance operations.

Contractual
Obligations

Lease
Agreement

lease space at 120 Forbes Boulevard, Mansfield, MA 02048. The area of such lease is approximately 9,000 square feet and the lease
expires in 2027. Payments under the lease range from $139,407 per year in the first year of the lease and increase to a high of $161,620
in the final year of the lease.

Convertible
Notes

See
the section titled “Description of Capital Stock — History of Securities Issuances.”

Off-Balance
Sheet Arrangements

have no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition,
changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.

Critical
Accounting Policies

The
following discussion relates to our critical accounting policies. The preparation of financial statements in conformity
with GAAP requires our management to make assumptions, estimates and judgments that affect the amounts reported, including the notes
thereto, and related disclosures of commitments and contingencies, if any. We have identified certain accounting policies that are significant
to the preparation of our financial statements. These accounting policies are important for an understanding of our financial condition
and results of operations. Critical accounting policies are those that are most important to the portrayal of our financial condition
and results of operations and require management’s difficult, subjective, or complex judgment, often as a result of the need to
make estimates about the effect of matters that are inherently uncertain and may change in subsequent periods. Certain accounting estimates
are particularly sensitive because of their significance to financial statements and because of the possibility that future events affecting
the estimate may differ significantly from management’s current judgments. We believe the following critical accounting policies
involve the most significant estimates and judgments used in the preparation of our financial statements:

Use
of Estimates

The
preparation of consolidated and combined financial statements in conformity with U.S. GAAP requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and related disclosures of contingent assets and liabilities at
the date of the consolidated and combined financial statements as well as the reported amounts of revenues and expenses during the reporting
period. Estimates are based on several factors including the facts and circumstances available at the time the estimates are made, historical
experience, risk of loss, general economic conditions and trends and the assessment of the probable future outcome. Subjective and significant
estimates include, but are not limited to, the valuation of stock-based compensation, expense recognition and accruals associated with
third party providers supporting pre-clinical studies and other research and development, and income tax asset realization. Actual results
could differ from those estimates. Estimates and assumptions are reviewed periodically and the effects of changes, if any, are reflected
in the consolidated and combined statements of operations in the period that they are determined.

Collaborative
Arrangements