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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Document Content:

45,532 Total long-term assets 459,410 536,903 Total assets $ 1,803,679 $ 3,279,249 LIABILITIES AND STOCKHOLDERS’ DEFICIT Current liabilities: Accounts payable $ 2,580,798 $ 2,470,535 Accrued liabilities 1,265,624 784,350 Lease liability, current 144,125 142,061 Convertible notes 5,627,000 4,710,000 Discount on convertible notes (457,246 ) (375,292 ) Total current liabilities 9,160,301 7,731,654 Long-term liabilities: Derivative liability 532,191 364,398 Lease liability, non-current 164,407 222,332 Total long-term liabilities 696,598 586,730 Total liabilities 9,856,899 8,318,384 Stockholders’ deficit: Common stock, $0.0001 par value, 25,000,000 shares authorized; 5,712,645 and 5,616,390 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively 571 561 Convertible preferred stock, $0.0001 par value, 12,500,000 shares authorized; 1,565,000 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively 157 157 Additional paid-in capital 218,634,205 218,533,820 Accumulated deficit (226,688,153 ) (223,573,673 ) Total stockholders’ deficit (8,053,220 ) (5,0039,135 ) Total liabilities and stockholders’ deficit $ 1,803,679 $ 3,279,249

See
accompanying notes which are an integral part of these financial statements.

BIOVENTRIX,
INC.

Consolidated
Statements of Operations

(unaudited)

For
the Three Months Ended
June 30, For
the Six Months Ended
June 30,

Operating
income:

Sales $	- $	- $	- $	-

Cost
of goods sold - - - -

Gross
profit - - - -

Operating
expenses:

Research
and development 372,480 164,431 482,348 393,025

Selling,
general and administrative 1,177,869 549,960 2,139,597 1,242,844

Total
operating expenses 1,550,349 714,391 2,621,945 (1,635,869	)

Loss
from operations (1,550,349	) (714,391	) (2,621,945	) (1,635,869	)

Other
expense (income):

Interest,
net 320,107 (21,011	) 510,231 (24,202	)

Other (17,826	) 203 (17,696	) (1,859	)

Total
other expense (income) 302,281 (20,808	) 492,535 (26,061	)

Loss
from operations before provision for income taxes (1,852,630	) (693,583	) (3,114,480	) (1,609,808	)

Provision
for Income taxes - - - -

Net
loss $	(1,852,630	) $	(693,583	) $	(3,114,480	) $	(1,609,808	)

Net
loss per share – basic and diluted $	(0.32	) $	(0.13	) $	(0.55	) $	(0.31	)

Weighted
average common shares outstanding – basic and diluted 5,706,299 5,312,554 5,680,384 5,174,608

See
accompanying notes which are an integral part of these financial statements.

BIOVENTRIX,
INC.

Consolidated
Statements of Changes in Stockholders’ Deficit

(unaudited)

Preferred Stock Common Stock Additional Paid Accumulated Total Stockholders’

Shares Amount Shares Amount In Capital Deficit Deficit

Balances, December 31, 2023 1,565,000 $	157 5,000,971 $	500 $	218,147,685 $	(219,722,999	) $	(1,574,657	)

Stock-based compensation expense 348,000 $	35 $	278,366 $	278,401

Issuance of common shares to former Preferred A-1 shareholders 132,674 $	13 $	(13	) $	-

Net Loss $	(1,609,808	) $	(1,609,808	)

Balances, June 30, 2024 1,565,000 $	157 5,481,645 $	548 $	218,426,038 $	(223,332,807	) $	(2,906,064	)

Balances, December 31, 2024 1,565,000 $	157 5,616,390 $	561 $	218,533,820 $	(223,573,673	) $	(5,039,135	)

Stock-based compensation expense 96,255 $	10 $	100,385 $	100,395

Net loss $ $	(3,114,480	) $	(3,114,480	)

Balances, June 30, 2025 1,565,000 $	157 5,712,645 $	571 $	218,634,205 $	(226,688,153	) $	(8,053,220	)

See
accompanying notes which are an integral part of these financial statements.

BIOVENTRIX,
INC.

Consolidated
Statements of Cash Flows

(unaudited)

For
the Six Months Ended June 30,

Cash
flows from operating activities:

Net
loss $	(3,114,480	) $	(1,609,808	)

Adjustments
to reconcile net loss to net cash used in operating activities:

Depreciation 22,598 22,598

Stock
based compensation 100,395 278,401

Change in the fair value of derivative
liability (17,789	) -

Discount on convertible notes 103,628 -

Changes
in operating assets and liabilities:

Accounts
payable 110,263 71,944

Accrued
liabilities 481,275 -

Inventories (101,965	) (27,637	)

Lease
liability (55,862	) (49,925	)

Lease
asset 54,894 51,115

Prepaid
expense (235,162	) 53,237

Net
cash used in operating activities (2,652,205	) (1,210,075	)

Cash
flows from investing activities:

Purchases
of property and equipment - -

Net
cash used in investing activities - -

Cash
flows from financing activities:

Proceeds
from convertible notes payable 917,000 2,370,000

Net
cash provided by financing activities 917,000 2,370,000

Increase
(Decrease) in cash and cash equivalents $	(1,735,205	) $	1,159,925

Cash
and cash equivalents, start of year 2,637,635 646,349

Cash
and cash equivalents, end of year $	902,430 $	1,806,274

Supplemental
disclosure of cash flow information

Non-cash operating activities:

Derivative liability $	185,582 $	34,927

Cash
paid during the period for:

Income
taxes $	- $	-

See
accompanying notes which are an integral part of these financial statements.

BIOVENTRIX,
INC.

Notes
to Consolidated Financial Statements

June
30, 2025 and 2024

(unaudited)

Note
1 – Organization and operations and basis of presentation

BioVentrix,
Inc. (the “Company”) is a private medical device company that was incorporated in the state of California on October 15,
2003, as CHF Technologies, Inc. During 2012, the Company created BioVentrix, Inc., a Delaware corporation, which it then merged into
CHF Technologies, Inc. From 2004 through 2007, the Company marketed products and services to treat various heart related issues. In 2007,
the Company ceased sales and marketing of these product lines and began developing a new product to treat heart failure. In June 2016
the Company received CE Mark Certification for its product Revivent TC ™ TransCatheter Ventricular Enhancement System. In 2016
the Company tested and marketed the system in Europe. In May 2016, the Company received Food and Drug Administration (“FDA”)
Investigational Device Exemption (“IDE”) approval for its clinical trial and began to test and market the system in the United
States in 2017. The Company’s trial, which was completed in 2023 (the “ALIVE Trial”), achieved statistical significance
with a subpopulation on functional status 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 investigational device exemption (“IDE”) from the
U.S. Food and Drug Administration (the “FDA”) under Breakthrough Therapy Designation (“BTD”) to begin a pivotal
trial (the “RELIVE Trial”). The FDA grants BTD 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 $227 million
as of June 30, 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

June
30, 2025 and 2024

(unaudited)

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