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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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 IDE from the FDA under Breakthrough Device Designation (“BDD”) to begin the RELIVE Trial. The FDA grants BDD 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.

The
Company has experienced net operating losses and negative cash flows from operations since inception, which raise substantial doubt about
its ability to continue as a going concern. Since inception, the Company has accumulated a deficit of approximately $231 million as of
December 31, 2025, and management expects to incur additional losses in the foreseeable future. Management believes that successful marketing
and sales of its products will result in lower losses. To date, the Company has financed its operations primarily with proceeds from
private equity offerings and various debt arrangements (see Note 14, Subsequent events). Management believes that it will be able
to obtain additional capital from private equity, corporate partners, or from other sources, however there can be no assurance that it
will be successful in securing additional capital. These conditions raise substantial doubt about the Company’s ability to continue
as a going concern for at least one year from the date of this report. The financial statements do not include any adjustments relating
to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result
from the outcome of this uncertainty.

BIOVENTRIX,
INC.

Notes
to Consolidated Financial Statements

December
31, 2025 and 2024

Note
2 – Summary of significant accounting policies:

Use
of estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United
States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets
and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts
of expenses during the reported period. Management bases its estimates on historical experience and market specific or other relevant
assumptions that it believes are reasonable under the circumstances. On an ongoing basis, management evaluates its estimates, including
those related to accruals for research and development costs, fair value of equity instruments and accounting for stock-based compensation.
Actual results could differ from those estimates

Concentration
of credit risk – Substantially all the Company’s cash and cash equivalents are held by one financial institution that
management believes is of high credit quality. Such deposits may, at times, exceed federally insured limits. Management believes the
Company is not exposed to significant credit risk due to the financial strength of the depository institution in which the cash and cash
equivalents are held. The Company has not experienced any losses on its deposits of cash and cash equivalents.

Risks
and Uncertainties – The Company is subject to certain risks and uncertainties, including, but not limited to changes in any
of the following areas that the Company believes could have a material adverse effect on future financial position or results of operations:
ability to obtain future financing; regulatory clearance and market acceptance of the Company’s products; development of sales
channels; protection of the intellectual property; litigation or claims against the Company based on intellectual property, or other
factors; and the Company’s ability to attract and retain employees necessary to support its growth.

Cash
and cash equivalents – Cash and cash equivalents include investments in money market funds with a maturity of generally three
months or less, and are carried at cost which approximates market value.

Inventories
– In accordance with Accounting Standards Codification (“ASC”) 730 Research and Development, all costs associated with
Revivent devices during the RELIVE Trial are recorded as research and development expense.

Property
and equipment – Property and equipment are recorded at cost, subject to adjustments for impairments, and depreciated over their
estimated useful lives of approximately two to five years on a straight-line basis. Leasehold improvements are depreciated over the shorter
of either the useful life or the remaining term of the lease. Upon retirement or sale, the cost of assets disposed of and the related
accumulated depreciation are removed from the accounts and any resulting gain or loss is credited or charged to other income or expense.
Repairs and maintenance costs are expensed as incurred.

Impairment
of Long-Lived Assets – Long-lived assets consist of property and equipment. The Company assesses potential impairment losses
on long-lived assets used in operations when events and circumstances indicate that assets might be impaired. The Company has not recognized
any impairment losses in the years ended December 31, 2025, and 2024.

BIOVENTRIX,
INC.

Notes
to Consolidated Financial Statements

December
31, 2025 and 2024

Advertising
costs – Advertising costs are expensed as incurred. Advertising expenses were insignificant for the years ended December 31,
2025, and 2024.

Fair
value of financial instruments – The Company calculates the fair value of its assets and liabilities which qualify as financial
instruments and includes this information in the notes to the financial statements when the fair value is different than the carrying
value of those financial instruments. The estimated fair value of accounts receivable, other receivables, prepaid expenses, accounts
payable and accrued liabilities approximate the carrying amounts due to the relatively short maturity of these instruments. None of these
instruments are held for trading purposes.

Revenue
Recognition – the Company adopted ASU No. 2014-09 Revenue from Contracts with Customers (“ASC 606”) as of January
1, 2018. The standard establishes a single revenue recognition model for all contracts with customers, eliminates industry specific requirements,
and expands disclosure requirements.

Under
ASC 606, revenue is recognized when a customer obtains control of promised goods or services, in an amount that reflects the consideration
which the entity expects to receive in exchange for those goods or services. The Company is focused on the RELIVE Trial in the United
States and therefore has not focused on commercialization of Revivent although the Company has obtained approval to sell the System in
Europe.

Under
ASC 730, any revenue realized from Revivent during the RELIVE Trial is recorded as an offset to research and development expense.

Research
and development – Costs to develop the Company’s products are expensed as incurred. These costs include salaries and
other personnel related expenses, contractor fees, facility costs, supplies, depreciation of equipment, and other outside services associated
with the design and development of new products prior to the establishment of their technological feasibility.

Income
taxes – The Company accounts for income taxes under the asset and liability method, which requires that deferred income taxes
be provided for temporary differences between the tax basis of the Company’s assets and liabilities and their financial statements,
reported amounts. In addition, deferred tax assets are recorded for the future benefit of utilizing net operating losses and research
and development credit carryforwards. A valuation allowance is provided against deferred tax assets unless it is more likely than not
that they will be realized.

evaluating the ability to recover its deferred income tax assets, the Company considers all available positive and negative evidence,
including its operating results, ongoing tax planning and forecasts of future taxable income on a jurisdiction-by-jurisdiction basis.
In the event the Company determines that it would be able to realize its deferred income tax assets in the future in excess of their
net recorded amount, it would make an adjustment to the valuation allowance that would reduce the provision for income taxes. Conversely,
in the event that all or part of the net deferred tax assets are determined not to be realizable in the future, an adjustment to the
valuation allowance would be charged to earnings in the period when such determination is made. As of December 31, 2025 and 2024, the
Company has recorded a full valuation allowance on its net deferred tax assets.

BIOVENTRIX, INC.

Notes
to Consolidated Financial Statements

December
31, 2025 and 2024