SEC Filing Document

Company: BIOVENTRIX, INC.
Ticker: 
CIK: 1283259
Filing Type: DRS/A
Document Type: DRS/A
Date Filed: 2025-12-12
Accession Number: 0001493152-25-027406
Exchange: 
SIC Code: 3841
SIC Description: Surgical & Medical Instruments & Apparatus
URL: https://www.sec.gov/Archives/edgar/data/1283259/000149315225027406/filename1.htm

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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. No options or stock awards have been granted from the 2024 Plan as of
December 31, 2024.

Note
13 – 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

December
31, 2024 and 2023

Lease-related
assets and liabilities at December 31, consist of the following:

Lease right of use asset $	344,487 $	445,133

Lease liability, current 142,061 137,885

Lease liability, non-current 222,332 326,214

Total lease liability $	364,393 $	464,099

Lease
payments remaining at December 31, consist of the following :

Total lease payments 421,303 566,324

Less: imputed interest at 11.67% $	(56,910	) $	(102,225	)

Present value of lease payments $	364,393 $	464,099

Weighted-average remaining lease term 2.75 years 3.75 years

Lease
expense of $145,962 was recorded in 2024 and 2023.

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. As of December 31, 2024,
and 2023, the Company did not have any material reserve estimates recorded.

August 31, 2023, the Company received a complaint (the “Complaint”) by former stockholder Gary Moline (the “Plaintiff”)
that was filed in the Court of Chancery of the State of Delaware (the “Court”), in which the Plaintiff asserted various causes
of action, including breach of charter, breach of fiduciary duties claims, and assertion of a class action designation plus attorney’s
fees, against BioVentrix, its officers and directors, and certain other parties (the “Defendants”) in connection with a recapitalization
of BioVentrix that was consummated in February 2023. There is no amount of liquidated damages asserted. The Company believes that it
has substantial defenses to these claims and intend to vigorously dispute these allegations and defend against the assertions in the
Complaint and filed a Motion to Dismiss the Complaint on October 5, 2023, and an Opening Brief in support of the Company’s Motion
to Dismiss on November 7, 2023. The Plaintiff responded to the Motion to Dismiss on December 15, 2023, in which the Plaintiff conceded
that he no longer intends to pursue a breach of charter claim but otherwise opposed the remainder of Defendants’ Motion to Dismiss.
On January 5, 2024, the Defendants filed their Reply to Plaintiff’s Opposition to Defendants’ Motion to Dismiss. The Court
dismissed Count I and Count III of the Plaintiff’s Complaint on May 1, 2024, and the Defendants filed an Answer to Plaintiff’s
Complaint with the Court on June 12, 2024. The Company is currently in the discovery process regarding this Complaint.

BIOVENTRIX,
INC.

Notes
to Consolidated Financial Statements

December
31, 2024 and 2023

Note
14 – 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. For the years ended December 31, 2024,
and 2023 the Company recorded contributions of $10,549 and $105,938, respectively.

Note
15 – 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 our single reporting segment. As a
result, the Company has determined that it has only one reportable segment.

Although
the Company has generated minimal revenue during the reporting period, it continues to incur expenses related to research and development,
general and administrative activities, and other operational costs. The CODM uses these expense categories to assess the Company’s
performance and allocate resources.

The
accounting policies of the single segment are the same as those described in the summary of significant accounting policies. There have
been no significant changes in measurement methods during the reporting period.

Geographically,
we have no assets in a foreign country requiring separate disclosure.

The
following table provides the significant expenses that management used to manage our one reportable segment:

Research and development $	589,951 $	8,240,683

Selling, general and administrative 2,972,565 5,826,854

Total operating expenses $	3,562,516 $	14,067,537

Note
16 – Subsequent events:

In preparing the financial
statements, the Company has evaluated all subsequent events and transactions for potential recognition or disclosure through the date
of the of the Report of Independent Registered Accounting Firm, the date the financial statements were available for issuance.

Subsequent to December
31, 2024, the Company raised $3,662,600 of Series A-1 Secured Convertible Notes and received commitments for purchases
of an additional $2,127,400.

The Company granted
528,000 stock options at an exercise price of $1.00 per share and 512,500 stock options at an exercise price of $1.14 per share. The
options vest over 48 months, with no vesting until after the twelfth month then vest each month for the following 36 months. Related
parties were granted 743,000 stock options of the 1,040,500 stock options granted.

In September 2025, the
Company received a unanimous written consent of the board of directors to amend the Series A-1 Secured Convertible Notes to provide for
a discount of 8.25% to any purchaser of a secured convertible promissory note in the principal amount of at least $2,327,400, increase
the maximum aggregate amount of Series A-1 Secured Convertible Notes to $12,000,000 and to authorize the second amendment to the certificate
of designations of the Series A-1 preferred stock by 2,000,000 shares.

Through
and including              , 2025 (the 25th day after the date of this prospectus) all dealers that effect transactions in these securities,
whether or not participating in the listing, may be required to deliver a prospectus. This is in addition to a dealer’s obligation
to deliver a prospectus when acting as an underwriter and with respect to an unsold allotment or subscription.

Shares

Common
Stock

BIOVENTRIX,
INC.

PROSPECTUS

BENCHMARK,
A STONEX COMPANY

PART
II — INFORMATION NOT REQUIRED IN PROSPECTUS

Item
13. Other Expenses of Issuance and Distribution

The
following table sets forth an itemized statement of the amounts of all our expenses (excluding underwriting discounts and non-accountable
expense allowance) in connection with the registration of the common stock offered hereby. With the exception of the SEC registration
fee, the FINRA filing fee and the Nasdaq initial listing fee, the amounts set forth below are estimates.

SEC registration fee $

FINRA filing fee

Nasdaq initial listing fee 50,000

Transfer agent fees 5,000

Accounting fees and expenses [●]

Legal fees and expenses [●]

Printing and engraving expenses 30,000

Other expenses [●]

Total $	[●]

Item
14. Indemnification of Directors and Officers