SEC Filing Document

Company: BIOVENTRIX, INC.
Ticker: 
CIK: 1283259
Filing Type: S-1/A
Document Type: S-1/A
Date Filed: 2026-05-15
Accession Number: 0001493152-26-023752
Exchange: 
SIC Code: 3841
SIC Description: Surgical & Medical Instruments & Apparatus
URL: https://www.sec.gov/Archives/edgar/data/1283259/000149315226023752/forms-1a.htm

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of restricted common stock which vest over 24 months to the independent directors of the Company. January 2026, a related party returned 262,050 shares of the Company’s Series A preferred stock to the Company in a nonreciprocal transfer with the related party acting in their capacity as an owner. See Note 10. Note 8 – Income taxes There is no provision for federal income taxes because the Company has incurred cumulative operating losses from the date of inception. The Company has made tax payments consisting of the state minimum tax. The Company does not have any unrecognized tax benefits as of March 31, 2026. The Company did not recognize any expense for interest and penalties related to uncertain tax positions during the three months ended March 31, 2026, and the Company does not have any amounts related to interest and penalties accrued at March 31, 2026. Note 9 – Dividends

Holders
of preferred stock are entitled to receive dividends whenever funds are legally available and when declared by the Board of Directors,
subject to the prior rights of holders of all classes of stock outstanding. The holders of the Series A preferred stock are not entitled
to cumulative dividends. No dividends have been declared by the board of directors as of March 31, 2026.

BIOVENTRIX,
INC.

Notes
to Consolidated Financial Statements

March
31, 2026 and 2025

(unaudited)

Note
10 – Reserved shares of common stock

The
Company had shares of common stock reserved for future issuance as follows:

March
31, December

Series
A preferred stock 1,302,950 1,565,000

Convertible
notes 6,599,356 6,099,989

Equity
incentive shares available for grant 474,500 549,500

Stock
options outstanding 1,025,500 950,500

Total
common shares reserved 9,402,306 9,164,989

January 2026, a related party returned 262,050 shares of the Company’s Series A preferred stock to the Company in a nonreciprocal
transfer with the related party acting in their capacity as an owner. The shares were subsequently retired and returned to the Company’s
authorized but unissued share pool.

The
Company accounted for this transaction as an equity transaction in accordance with ASC 505. The value of the shares was removed from
stockholders’ equity, consisting of a reduction to convertible preferred stock of with an offset to additional paid-in capital.
The $26 value of the shares was based on the price of $0.0001 per share the related party had purchased these shares from another investor
previously. No gain or loss was recognized as a result of this transaction. Series A preferred shares outstanding decreased from 1,565,000
to 1,302,950 as a result of the retirement.

Note
11 – Stock-based compensation

August 2024, the Company adopted the 2024 Equity Incentive Plan (the “2024 Plan”), which provides for the granting of incentive
stock options, nonstatutory stock options and restricted stock awards to employees, directors and consultants of the Company and its
affiliates. The 2024 Plan is administered by the Board of Directors and permits the issuance of options for the purchase of shares of
the Company’s common stock. Options to purchase its common stock are granted at an exercise price not less than the fair value
of the Company’s common stock as of the date of grant. Nonstatutory stock options are granted at an exercise price not less than
the fair value of the Company’s common stock at the date of grant unless granted pursuant to a merger or other corporate transaction.
Options vest as determined by the Board of Directors and are exercisable for a maximum period of ten years after the date of grant. Under
the terms of the 2024 Plan, certain options are immediately exercisable and subject to repurchase by the Company. The 2024 Plan reserves
a total of 1,500,000 shares that may be used.

BIOVENTRIX,
INC.

Notes
to Consolidated Financial Statements

March
31, 2026 and 2025

(unaudited)

The
following table presents information regarding the stock options granted from the Equity Plan:

During
the Three Months Ended March 31,

Stock
options granted 75,000 498,000

Options
that were granted to related parties - 413,000

Exercise
price per option $	1.20 $	1.00

Vesting
period (in months) 12

Weighted
average fair value per option $	0.63 $	0.39

Expense
recognized $	36,832 $	12,036

Expense
recognized that was for related parties $	26,544 $	9,988

Assumptions
used in Black-Scholes model:

Volatility 50	% 50	%

Weighted
average risk-free interest rate 4.61	% 4.05	%

Dividend
yield 0	% 0	%

Forfeitures 0	% 0	%

Expected
life 6
years 6
years

The
expense related to stock options was recognized in selling, general and administrative expense.

During
the three months ended March 31, 2025, vesting of 57,753 shares of restricted common stock resulted in $46,202 recorded in selling, general
administration expenses. The restricted common stock was granted in 2024 and was to related parties. See Note 7.

January 2026, the Company issued a total of 90,000 shares of restricted common stock which vest over 24 months to independent directors
of the Company. During the three months ended March 31 2026, the vesting of 11,250 shares resulted in $12,825 recorded in selling, general
administration expenses. See Note 7.

Note
12 – Commitments and contingencies

The
Company leases its facility under a non-cancelable lease agreement accounted for in accordance with ASC 842, Leases. The Company determines
if an arrangement is a lease at inception. Right-of-use (ROU) assets represent the Company’s right to use an underlying asset for
the lease term, and lease liabilities represent the Company’s obligation to make lease payments over the term. Lease ROU assets
and liabilities are recognized at commencement based on the present value of lease payments over the lease term, using the Company’s
incremental borrowing rate unless the rate implicit in the lease is readily determinable.

BIOVENTRIX,
INC.

Notes
to Consolidated Financial Statements

March
31, 2026 and 2025

(unaudited)

Lease-related
assets and liabilities consist of the following at:

March
31, December

Lease
right of use asset $	201,446 $	231,785

Lease
liability, current 147,349 146,061

Lease
liability, non-current 68,988 101,955

Total
lease liability $	216,347 $	248,278

Lease
payments remaining at March 31, 2026, consist of the following :

Total
lease payments 233,844

Less:
imputed interest at 11.67% (17,497	)

Present
value of lease payments $	216,347

Weighted-average
remaining lease term 1.5
yrs

Lease
expense of $36,491 was recorded in selling, general administration expenses during the three months ended March 31, 2026, and 2025.

the normal course of business, the Company is subject to various legal matters from which contingent liabilities may arise. The Company
assesses, in conjunction with its legal counsel, the need to record a liability for litigation and contingencies. Reserve estimates are
recorded when and if it is determined that a loss-related matter is both probable and reasonably estimable.

August 31, 2023, the Company received a complaint filed by former stockholder Gary Moline in the Court of Chancery of the State of Delaware
against the Company, its officers and directors, and certain other parties. The complaint alleges, among other things, breaches of fiduciary
duty in connection with the Company’s recapitalization consummated in February 2023 and seeks class certification and an award
of attorneys’ fees. The complaint does not assert an amount of liquidated damages. The Company believes it has meritorious defenses
and intends to vigorously defend against the claims. On October 5, 2023, the Company filed a motion to dismiss. On May 1, 2024, the Court
dismissed certain counts of the complaint. The Company filed its answer on June 12, 2024. The matter is currently in discovery. Although
the outcome of this matter is uncertain, as of March 31, 2026, the Company has an accrual of $600,000 recorded in Accrued Expenses related
to a settlement proposal. The settlement proposal was not accepted, and there can be no assurance that the matter will be resolved on
similar terms. The Company may incur additional losses in excess of the amount accrued; however, such additional losses cannot be reasonably
estimated at this time.

Note
13 – Employee benefit plans

The
Company has a 401(k) plan in which employees who have met certain eligibility requirements may participate. Each eligible employee may
elect to contribute to the 401(k) plan, and the Company may make discretionary contributions. The Company has recorded contributions
of $27,408 and $6,929 in selling, general administration expenses for the three months ended March 31, 2026, and 2025, respectively in

Note
14 – Segments

The
Company operates in one reportable segment, which is the development of a new product to treat heart failure. The Company’s chief
operating decision maker (“CODM”) is the chief executive officer. The CODM regularly reviews and uses consolidated net loss,
as reported on our Consolidated Statements of Operations in evaluating the overall performance of the single reporting segment. As a
result, the Company has determined that it has only one reportable segment.

BIOVENTRIX,
INC.

Notes
to Consolidated Financial Statements

March
31, 2026 and 2025

(unaudited)