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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results of clinical trials and other development activities versus expectations; ● the ability to manufacture product candidates successfully; ● competition from product candidates sold or being developed by other companies; ● the price of, and demand for, our product candidates once approved; ● the ability to negotiate favorable licensing or other manufacturing and marketing agreements for our product candidates; ● patent reinforcement and prosecution; and ● changes in laws or the regulatory environment affecting our company. Our Status as an Emerging Growth Company and Smaller Reporting Company qualify as an “emerging growth company” under the JOBS Act. As a result, we are permitted to, and intend to, rely on exemptions from certain disclosure requirements. For so long as we are an emerging growth company, we will not be required to: ● have an auditor report on our internal controls over financial reporting pursuant to Section 404(b) of the Sarbanes-Oxley Act;

●	comply
with any requirement that may be adopted by the Public Company Accounting Oversight Board regarding mandatory audit firm rotation
or a supplement to the auditor’s report providing additional information about the audit and the financial statements (i.e.,
an auditor discussion and analysis);

●	submit
certain executive compensation matters to shareholder advisory votes, such as “say-on-pay” and “say-on-frequency;”
and

●	disclose
certain executive compensation related items such as the correlation between executive compensation and performance and comparisons
of the chief executive officer’s compensation to median employee compensation.

addition, Section 107 of the JOBS Act also provides that an emerging growth company can take advantage of the extended transition period
provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. In other words, an emerging
growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies.
We have elected to take advantage of the benefits of this extended transition period. Our financial statements may therefore not be comparable
to those of companies that comply with such new or revised accounting standards.

will remain an emerging growth company for up to five years, or until the earliest of (i) the last day of the first fiscal year in which
our total annual gross revenues exceed $1.235 billion, (ii) the date that we become a “large accelerated filer” as defined
in Rule 12b-2 under the Exchange Act, which would occur if the market value of our common stock that is held by non-affiliates exceeds
$700 million as of the last business day of our most recently completed second fiscal quarter or (iii) the date on which we have issued
more than $1 billion in non-convertible debt during the preceding three year period.

Additionally,
we are a “smaller reporting company” as defined in Item 10(f)(1) of Regulation S-K. Smaller reporting companies may take
advantage of certain reduced disclosure obligations, including, among other things, providing only two years of audited financial statements.
We will remain a smaller reporting company until the last day of the fiscal year in which (1) the market value of our ordinary shares
held by non-affiliates is equal to or exceeds $250 million as of the prior June 30, or (2) our annual revenues equaled or exceeded $100
million during such completed fiscal year and the market value of our ordinary shares held by non-affiliates is equal to or exceeds $700
million as of the prior June 30. To the extent we take advantage of such reduced disclosure obligations, it may also make comparison
of our financial statements with other public companies difficult or impossible.

Results
of Operations

Comparison
of the Three Months Ended March 31, 2025, and 2024

The
following table summarizes our results of operations for the three months ended March 31, 2025, and 2024:

Three Months Ended March 31, Variance

2025 2024 Amount %

Gross (loss) profit:

Revenue $	- $	- $	- -	%

Cost of goods sold - - - -	%

Gross profit - - - -	%

Operating expenses:

Research and development 109,868 228,594 (118,726	) (52	)%

General and administrative expenses 961,728 692,884 268,844 39	%

Total operating expenses 1,071,596 921,478 150,118 16	%

Operating loss (1,071,596	) (921,478	) (150,118	) 16	%

Other expense:

Interest 190,124 (3,191	) 193,315 (6058	)%

Other 130 (2,062	) 2,192 (106	)%

Total other expense 190,254 (5,253	) 195,507 (3722	)%

Net loss before taxes (1,261,850	) (916,225	) (345,625	) 38	%

Income Tax expense (benefit) - - - -	%

Net loss and comprehensive loss (1,261,850	) (916,225	) (345,625	) 38	%

Revenues

record product revenue primarily from the sale of its Revivent TC™ TransCatheter Ventricular Enhancement System. We sell our
product candidates in Europe to hospitals through direct sales representatives, as well as through distributors in selected
international markets. All such sales of product in Europe ceased at the end of 2023 when the decision to cease operations was made
and such sales have not restarted as of the date of this prospectus.

Research
and Development Expenses

Research
and development program costs include employee compensation and other direct costs plus an allocation of indirect costs, based on certain
assumptions. Our product candidates are in various stages of development and significant additional expenditures will be required if
we commence further clinical trials, encounter delays in our programs, apply for regulatory approvals, continue development of our technologies,
expand our operations and/or bring our product candidates to market. The total cost of any particular clinical trial is dependent on
a number of factors such as trial design, length of the trial, number of clinical sites, number of patients and trial sponsorship. The
process of obtaining and maintaining regulatory approvals for new product candidates is lengthy, expensive and uncertain. Because of
the current stage of our product candidates, among other factors, we are unable to reliably estimate the cost of completing our research
and development programs or the timing for bringing such programs to various markets or substantial partnering or out-licensing arrangements,
and, therefore, when, if ever, material cash inflows are likely to commence.

Research
and development activities are central to our business model. We expect that our research and development expenses will continue to increase
substantially and will comprise a large percentage of our total expenses for the foreseeable future.

Research
and development expenses decreased $118,726, or by 52%, to $109,868 for the three months ended March 31, 2025, compared to $228,594 for
the same period of the prior year. This decrease was primarily due to the operational transition commencing at the end of 2024.

Selling,
General and Administrative Expenses

Selling,
general and administrative expenses consist of employee compensation, professional fees, patent licensing fees and the cost of filing
patent applications.

Selling,
general and administrative expenses increased $268,844, or by 39%, to $961,728 for the three months ended March 31, 2025, compared to
$692,884 for the same period of the prior year. This increase was primarily due to restarting general and administrative activities at
the end of 2025.

Other
Expense

Other
expenses increased by $195,507, or by 3722%, to $190,254 for the three months ended March 31, 2025, compared to a net benefit of $5,253
for the same period of the prior year. This increase was primarily due to the accrual of significantly greater amount of interest expense
payable related to convertible notes issued in 2024.

Net
Earnings and Losses

Our
net loss increased by $345,625, or by 38%, to $1,261,850 for the three months ended March 31, 2025, compared to $916,225 for the same
period of the prior year. This increase was due primarily to winding down and ceasing operations at the end of 2023 and restarting activities
at the end of 2024.

Comparison
of Years Ended December 31, 2024, and 2023

The
following table summarizes our results of operations for the years ended December 31, 2024, and 2023:

Year
Ended December 31, Variance

2024 2023 Amount %

Gross (loss) profit:

Revenue $	- $	197,584 $	(197,584	) (100	)%

Cost
of goods sold - 19,208 (19,208	) (100	)%

Gross profit - 178,376 (178,376	) (100	)%

Operating expenses:

Research and development 589,951 8,240,683 (7,650,732	) (93	)%

General
and administrative expenses 2,972,565 5,826,854 (2,854,289	) (49	)%

Total
operating expenses 3,562,516 14,067,537 (10,505,021	) (75	)%

Operating
loss (3,562,516	) (13,889,161	) (10,326,645	) (74	)%

Other expense:

Interest 292,134 565,496 (273,362	) (48	)%

Other 6,918 4,449 2,469 55	%

Total
other expense 299,052 569,945 (270,893	) (48	)%

Net loss before taxes (3,861,568	) (14,459,106	) (10,597,538	) (73	)%

Income Tax expense (benefit) - - - -	%

Net loss and comprehensive
loss (3,861,568	) (14,459,106	) (10,597,538	) (73	)%

Revenues