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 15% compounded quarterly and have a maturity date of December 31, 2027. The aggregate limit of the Series A Notes that can be issued is $3,000,000. member of the Board of Directors and entities controlled by him purchased a total of $1,830,000 of the Series A Notes from the Company. The conversion features of the Series A Notes are as follows: Automatic Conversion – The outstanding principal and unpaid accrued interest of each note shall be automatically converted into either (i) such equity securities sold in the Qualified Financing (equity financing of at least $20,000,000) a conversion price equal to the price paid per share for the equity securities paid by the investors in the Qualified Financing multiplied by 0.75, or (ii) Series A Preferred Stock of the Company at the price of $1.00 per share. BIOVENTRIX, INC. Notes to Consolidated Financial Statements March 31, 2026 and 2025 (unaudited)

Non-Qualified
Financing Conversion – The outstanding principal and unpaid accrued interest of each note may, at the sole election of the
noteholder, be converted into either (i) such equity securities sold in the Non-Qualified Financing (equity financing of at least $10,000,000)
at a conversion price equal to the price paid per share for the equity securities paid by the investors in the Non-Qualified Financing
multiplied by 0.75, or (ii) Series A Preferred Stock of the Company at the price of $1.00 per share.

Maturity
Conversion – If the closing of a Qualified Financing or a Non-Qualified has not occurred on or before the Maturity Date, then
the holder of each note shall elect either: (i) the Company pay the holder an amount equal to the sum of all accrued and unpaid interest
due plus (2) two times (2x) the outstanding principal balance; or (ii) the outstanding principal and unpaid accrued interest be converted
into Series A Preferred Stock of the Company at the price of $1.00 per share.

Corporate
Transaction Conversion – In the event of a Corporate Transaction the holder of each note may elect either: (i) the sum of all
accrued and unpaid interest due plus (2) two times (2x) the outstanding principal balance; or (ii) the outstanding principal and unpaid
accrued interest will convert, effective immediately prior to, but contingent upon, the consummation of such Corporate Transaction, into
Series A Preferred Stock of the Company at the price of $1.00 per share.

Qualified
IPO Conversion – In the event of a sale of shares of Common Stock of the Company in a Qualified IPO (at least $7,500,000 of
gross proceeds), each note shall automatically convert into shares of Series A Preferred Stock of the Company at the price of $1.00 per
share.

Series
A-1 Secured Convertible Notes

From
October 2024 through March 2026, the Company issued $7,875,000 in principal amount of its secured convertible promissory notes (the “Series
A-1 Notes”) to accredited investors. The repayment of Series A-1 Notes is secured by a grant of security interest in all the Company’s
assets which security interest is pari passu to the security interest granted to the note holders. The Series A-1 Notes accrue interest
at the annual rate of 15% compounded quarterly and have a maturity date of December 31, 2027. The aggregate limit of the Series A-1 Notes
that can be issued is $12,000,000.

The
conversion features of the Series A-1 Notes are as follows:

Automatic
Conversion – The outstanding principal and unpaid accrued interest of each note shall be automatically converted into either
(i) such equity securities sold in the Qualified Financing (equity financing of at least $20,000,000) a conversion price equal to the
price paid per share for the equity securities paid by the investors in the Qualified Financing multiplied by 0.75, or (ii) Series A-1
Preferred Stock of the Company at the price of $3.33 per share.

Non-Qualified
Financing Conversion – The outstanding principal and unpaid accrued interest of each note may, at the sole election of the
noteholder, be converted into either (i) such equity securities sold in the Non-Qualified Financing (equity financing of at least $10,000,000)
at a conversion price equal to the price paid per share for the equity securities paid by the investors in the Non-Qualified Financing
multiplied by 0.75, or (ii) Series A-1 Preferred Stock of the Company at the price of $3.33 per share.

Maturity
Conversion – If the closing of a Qualified Financing or a Non-Qualified has not occurred on or before the Maturity Date, then
the holder of each note shall elect either: (i) the Company pay the holder an amount equal to the sum of all accrued and unpaid interest
due plus two times the outstanding principal balance; or (ii) the outstanding principal and unpaid accrued interest be converted into
Series A-1 Preferred Stock of the Company at the price of $3.33 per share.

Corporate
Transaction Conversion – In the event of a Corporate Transaction the holder of each note may elect either: (i) the sum of all
accrued and unpaid interest due plus (2) two times (2x) the outstanding principal balance; or (ii) the outstanding principal and unpaid
accrued interest will convert, effective immediately prior to, but contingent upon, the consummation of such Corporate Transaction, into
Series A-1 Preferred Stock of the Company at the price of $3.33 per share.

Qualified
IPO Conversion – In the event of a Qualified IPO the outstanding principal and unpaid accrued interest of each note will automatically
convert into shares of Series A-1 Preferred Stock of the Company at the price of $3.33 per share.

While
the Company anticipates an automatic conversion of the convertible notes due to achieving a Qualified Financing or Qualified IPO prior
to maturity, a derivative liability of $1,533,647 has been recorded as the fair value of the possibility the notes will fully mature.
See Note 3.

BIOVENTRIX,
INC.

Notes
to Consolidated Financial Statements

March
31, 2026 and 2025

(unaudited)

Note
6 – Obligation for intellectual property

The
Company has licensed certain patents to be used in the development of future products. Certain licensing agreements provide for minimum
payments as well as royalties on future net sales. An agreement entered into by the Company requires a payment of $50,000 within 60 days
of the first commercial sale by the Company of any product capable of treating a heart by drawing heart walls together. In addition to
the minimum payment above, the licensing agreement also provides for the payment of a royalty due on the sale of products at 3% of net
sales, as defined in the agreement. The Company terminated the licensing agreement in October 2025 and has royalty balance of $140,213
and at March 31, 2026, and 2025. No royalty expense for this agreement was recorded during the three months ended March 31, 2026 and

Note
7 – Related party transactions

January 2025, the Co-Chief Executive Officers were granted 413,000 stock options at an exercise price of $1.00 per share. The options
vest 25% after twelve months and 6.25% per month thereafter over the next thirty-six months. The Company recognized $9,988 of stock-based
compensation expense in selling, general administration expenses during the three months ended March 31, 2025, for these grants. See
Note 11.

During
the three months ended March 31, 2025, our Co-Chief Executive Officers and Chief Medical Officer vested in 22,002 shares of restricted
stock. The Company recognized $17,602 of stock-based compensation expense in selling, general administration expenses during the three
months ended March 31, 2025, for the vesting. In addition, 24,750 shares of restricted stock issued to a member of the Board of Directors
also vested during the three months ended March 31, 2025, resulting in stock-based compensation of $19,800 being recognized in selling,
general administration expenses for the vesting.

January 2026, the Company issued a total of 90,000 shares 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