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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expenses, and increased interest expense related to a significantly higher balance of convertible notes outstanding. Comparison of Years Ended December 31, 2025, and 2024 The following table summarizes our results of operations for the years ended December 31, 2025, and 2024: Year Ended December 31, Variance 2025 2024 Amount % Gross (loss) profit: Revenue $ - $ - $ - - % Cost of goods sold - - - - % Gross profit - - - - % Operating expenses: Research and development 1,173,645 589,951 583,694 99 % General and administrative expenses 5,096,785 2,972,565 2,124,220 71 % Total operating expenses 6,270,430 3,562,516 2,707,914 76 % Operating loss (6,270,430 ) (3,562,516 ) (2,707,914 ) 76 % Other expense: Interest 1,391,294 309,971 1,081,323 349 % Other 5,947 (21,813 ) 27,760 (127 )% Total other expense 1,397,241 288,158 1,109,083 385 % Net loss before taxes (7,667,671 ) (3,850,674 ) (3,816,997 ) 99 %

Income Tax expense (benefit) - - - -	%

Net loss and comprehensive loss (7,667,671	) (3,850,674	) (3,816,997	) 99	%

Revenues

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 to preserve capital was made and although we have certain approvals to sell in Europe, 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 $583,694, or by 99%, to $1,173,645 for the year ended December
31, 2025, compared to $589,951 for the prior year. This increase was primarily due to the ramp up of activity
in that began in the second 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 $2,124,220, or by 71%, to $5,096,785 for the year ended December 31, 2025, compared to $2,972,565 for
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 $1,109,083, or by 385%, to $1,397,241 for the year ended December 31, 2025, compared to $288,158 for 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 $3,816,997, or by 99%, to $7,667,671 for the year ended December 31, 2025, compared to $3,850,674 for 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.

Liquidity
and Capital Resources

of March 31, 2026, we had cash of $924,026. To date, we have financed our operations primarily from proceeds from
private equity offerings and various debt arrangements. See the section titled “Description of Capital Stock — History
of Securities Issuances.”

are in the development stage and have incurred losses and negative cash flows from operations since inception. For the years ended December
31, 2025 and 2024, we had a net loss of $7,667,671 and $3,850,674, respectively, and negative cash flows from operations of $5,812,114
and $2,718,714, respectively. Further, we had an accumulated deficit of $231,241,344 as of December 31, 2025, and $223,573,673 as of
December 31, 2024. For the three months ended March 31, 2026 and 2025, we had a net loss of $3,256,799 and
$1,266,153, respectively, and negative cash flows from operations of $1,874,485 and $926,245, respectively. Based
on the current development plans for our product candidates and other operating requirements, existing cash and equivalents are not sufficient
to fund operations for the twelve months following the date of the registration statement of which this prospectus is a part. We expect
to incur losses over the next several years as we continue the development of our technologies and product candidates, manage our regulatory
processes, initiate and continue clinical trials, and prepare for potential commercialization of product candidates. To date, we have
been reliant on a small number of investors to finance our operations. From our inception through March 31, 2026, we received
funding of approximately $229 million.

Until
we are successful in our efforts for capital infusion, which is not entirely within our control, a substantial doubt exists about our
ability to continue as a going concern for a period of one year after the date of filing of our financial statements. In addition, the
ability of our stockholders to continue to provide financial support is dependent on our ability to secure additional funding. Management
continues to address our liquidity position and will adjust spending as needed in order to preserve liquidity. Our future liquidity needs
will be determined primarily by the success of our operations with respect to the progression of our product candidates and key development
and regulatory events in the future. Potential sources of additional funding include: (1) pursuing collaboration, out-licensing and/or
partnering opportunities for our portfolio programs and product candidates with one or more third parties, (2) renegotiating third party
agreements, (3) securing additional debt financing and/or (4) selling equity securities. There can be no assurances that we will be successful
in these efforts.

plan to raise additional capital from various potential sources, including equity and/or debt financings, grant funding, and strategic
relationships. In addition, we have an engagement with the underwriters to sell up to $       million of our common stock in this initial public
offering, which amount, if fully raised, would be sufficient to fund our operations for approximately          months. However, there can be no
guarantee that we will be able to successfully complete this initial public offering or otherwise raise the necessary capital on terms
acceptable to us, if at all. Should such financings be unsuccessful, we would be required to delay, scale back or eliminate some or all
of our research and development programs, which would likely have a material adverse effect on us and our consolidated and combined financial
statements.

Due
to the above factors, a substantial doubt exists as to our ability to continue as a going concern.

Loans
to the Company

We borrowed $10,875,000
from accredited investors in the form of convertible notes with an interest rate of 15% as of March 31, 2026. As of
March 31, 2026, we had accrued interest payable of $1,907,423.

Summary
of Cash Flow

The
following table provides detailed information about our net cash flow for all financial statement periods presented in this prospectus:

Cash
Flow

Three
Months Ended March 31,

Net
cash flows used in operating activities $	(1,874,485	) $	(926,245	)

Net
cash flows used in investing activities - -

Net
cash flows provided by financing activities 960,390 450,000

Net
change in cash (914,095	) (476,245	)

Cash,
beginning of year 1,838,121 2,637,635

Cash,
end of period 924,026 2,161,390