SEC Filing Document

Company: BIOVENTRIX, INC.
Ticker: 
CIK: 1283259
Filing Type: S-1/A
Document Type: S-1/A
Date Filed: 2026-03-18
Accession Number: 0001493152-26-010642
Exchange: 
SIC Code: 3841
SIC Description: Surgical & Medical Instruments & Apparatus
URL: https://www.sec.gov/Archives/edgar/data/1283259/000149315226010642/forms-1a.htm

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to adjustment for certain events, including dilutive issuances, stock splits, and reclassifications) at a conversion price originally equal to the original issue price subject to certain adjustments. Mandatory Conversion, Series A Preferred Stock – Upon an IPO with gross proceeds of $7,500,000 or more, the Series A Preferred Stock is subject to immediate mandatory conversion into Common Stock at a conversion rate equal to the greater of (A) the then effective conversion rate (defined as the Series A Original Issue Price divided by the Series A Conversion Price) or (B) one times (1x) the Original Issue Price of the Series A Preferred Stock divided by the price per share of the Common Stock issued in this offering. For Series A preferred shares, the original issue price is $10.00 per share and the current conversion price is $10.00 per share subject to adjustment for stock splits and other forms of recapitalization.

Mandatory
Conversion, Series A-1 Preferred Stock – Upon the closing of an offering with gross proceeds of $7,500,000 or more, Series
A-1 Preferred Stock is subject to immediate mandatory conversion into Common Stock at a conversion rate equal to the greater of (A) the
then effective conversion rate (defined as the Series A-1 Original Issue Price divided by the Series A-1 Conversion Price) or (B) three
times (3x) the Original Issue Price of the Series A-1 Preferred Stock divided by the price per share of the Common Stock issued in this
offering. For Series A-1, the original issue price is $3.33 per share and the current conversion price is
$3.33 per share subject to adjustment for stock splits and other forms of recapitalization.

Voting
Rights – Each share of Series A preferred stock shall entitle the holder thereof to the number of votes per share equal to
the number of shares of common stock into which such share is convertible.

Rights
and Preferences of Common Shareholders

Dividends
– Holders of common stock are entitled to receive dividends whenever funds are legally available and when declared by the Board
of Directors, subject to the prior rights of holders of all classes of stock outstanding.

BIOVENTRIX,
INC.

Notes
to Consolidated Financial Statements

December
31, 2025 and 2024

Liquidation
Rights – after payment of the full liquidation preference to holders of preferred stock
in the event of any liquidation, dissolution, or winding-up of the Company the remaining assets of the Company legally available for
distribution shall be distributed ratably to the holders of the common stock.

Voting
Rights – Each share of common stock is entitled to one vote.

Reserved
shares of common stock – As of December 31, 2025, the Company had reserved shares of common stock for future issuance as follows:

Series A Preferred
Stock 1,565,000

Convertible Notes 6,099,989

Stock options available for
grant 549,500

Stock
options outstanding 950,500

Total
common shares reserved 9,164,989

Note
10 – Stock compensation plan:

August 2024, the Company adopted the 2024 Equity Incentive Plan (the “2024 Plan”), which provides for the granting of incentive
stock options, nonstatutory 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. As of December 31, 2025, there were 950,500 shares granted under the
2024 Plan. See Note 9.

Note
11 – 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, 2025 and 2024

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

Lease right of
use asset $	231,785 $	344,487

Lease liability, current 146,323 142,061

Lease
liability, non-current 101,955 222,332

Total
lease liability $	248,278 $	364,393

Lease
payments remaining at December 31, 2025, consist of the following :

Total lease payments 271,927

Less:
imputed interest at 11.67% (23,649	)

Present value of lease payments $	248,278

Weighted-average remaining
lease term 1.75
years

Lease
expense of $145,962 was recorded in 2025 and 2024.

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, 2025,
and 2024, the Company did not have any material reserve estimates recorded.

On August 31, 2023, the Company received a
complaint filed by former stockholder Gary Moline in the Court of Chancery of the State of Delaware against the Company, its officers
and directors, and certain other parties. The complaint alleges, among other things, breaches of fiduciary duty in connection with the
Company’s recapitalization consummated in February 2023 and seeks class certification and an award of attorneys’ fees. The
complaint does not assert an amount of liquidated damages.

The Company believes it has meritorious defenses
and intends to vigorously defend against the claims. On October 5, 2023, the Company filed a motion to dismiss. On May 1, 2024, the Court
dismissed certain counts of the complaint. The Company filed its answer on June 12, 2024. The matter is currently in discovery.

Although the outcome of this matter is uncertain,
the Company recorded an accrual of $600,000 as of December 31, 2025 related to a settlement proposal. The settlement proposal was not
accepted, and there can be no assurance that the matter will be resolved on similar terms. The Company may incur additional losses in
excess of the amount accrued, however such additional losses cannot be reasonably estimated at this time.

BIOVENTRIX,
INC.

Notes
to Consolidated Financial Statements

December
31, 2025 and 2024

Note
12 – 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, 2025,
and 2024 the Company recorded contributions of $98,600 and $10,549, respectively.

Note
13 – 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 $	1,173,645 $	589,951

Selling, general and administrative 5,096,785 2,972,565

Total operating expenses $	6,270,430 $	3,562,516

Note
14 – Subsequent events:

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.

January 2026, the Company issued 90,000 restricted stock awards to the three independent members of the Company’s
board of directors, which will vest monthly through December 2027.