SEC Filing Document

Company: BIOVENTRIX, INC.
Ticker: 
CIK: 1283259
Filing Type: DRS/A
Document Type: DRS/A
Date Filed: 2025-10-06
Accession Number: 0001493152-25-016953
Exchange: 
SIC Code: 3841
SIC Description: Surgical & Medical Instruments & Apparatus
URL: https://www.sec.gov/Archives/edgar/data/1283259/000149315225016953/filename1.htm

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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 Six Months Ended June 30, 2025, and 2024

The
following table summarizes our results of operations for the six months ended June 30, 2025, and 2024:

Six Months Ended June 30, Variance

2025 2024 Amount %

Gross (loss) profit:

Revenue $	- $	- $	- -	%

Cost of goods sold - - - -	%

Gross profit - - - -	%

Operating expenses:

Research and development 482,348 393,025 89,323 23	%

General and administrative expenses 2,139,596 1,242,844 896,752 72	%

Total operating expenses 2,621,945 1,635,869 986,075 60	%

Operating loss (2,621,945	) (1,635,869	) (986,075	) 60	%

Other expense:

Interest 510,231 (24,202	) 534,433 (2208	)%

Other (17,696	) (1,859	) (15,837	) 852	%

Total other expense 492,535 (26,061	) 518,596 (1990	)%

Net loss before taxes (3,114,480	) (1,609,808	) (1,504,672	) 93	%

Income Tax expense (benefit) - - - -	%

Net loss and comprehensive loss (3,114,480	) (1,609,808	) (1,504,672	) 93	%

Revenues

We historically recorded product revenue primarily
from the sale of our Revivent TC™ TransCatheter Ventricular Enhancement System. We sold 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 increased $89,323, or by 23%, to $482,348 for the six months ended June 30,
2025, compared to $393,025 for the same period of the prior year. This increase was primarily due to the ramp up of activity in the 2nd quarter of 2025 in preparation for the RELIVE trial.

Selling,
General and Administrative Expenses

Selling,
general and administrative expenses include salaries, benefits, and stock-based compensation for employees not directly involved in
production, as well as marketing and advertising costs, professional and legal fees, facilities expenses, and other administrative overhead.

Selling,
general and administrative expenses increased $896,752, or by 72%, to $2,139,596 for the six months ended
June 30, 2025, compared to $1,242,844 for the same period of the prior year. This increase was primarily due to legal and professional fees incurred in preparation of this offering.

Other
Expense

Other
expenses increased by $518,596, or by 2208%, to $492,535 for the six months ended June 30, 2025, compared
to a net benefit of $26,061 for the same period of 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 $1,504,672, or by 93%, to $3,114,480 for the six months ended June 30, 2025,
compared to $1,609,808 for the same period of 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.

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 309,971 565,496 (255,525	) (45	)%

Other (21,813	) 4,449 (26,262	) (590	)%

Total
other expense 288,158 569,945 (281,787	) (49	)%

Net loss before taxes (3,850,674	) (14,459,106	) (10,608,432	) (73	)%

Income Tax expense (benefit) - - - -	%

Net loss and comprehensive
loss (3,850,674	) (14,459,106	) (10,608,432	) (73	)%

Revenues

We historically recorded
product revenue primarily from the sale of our Revivent TC™ TransCatheter Ventricular Enhancement System. We sold 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