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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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

Net cash used
in operating activities was $1,874,485 for the three months ended March 31, 2026, as compared to net
cash used in operating activities of $926,245 for the three months ended March 31, 2025, which
represents an increase of $948,240 in net cash used in operating activities. The increase in cash used in operating
activities for the three months ended March 31, 2026 was due to the RELIVE clinical trial which began
in September 2025, increased headcount and related expenses and expenses related to a potential initial public
offering.

There was no cash
used for investing activities for the three months ended March 31, 2026 and 2025.

Net cash provided
by financing activities was $960,390 and $450,000 for the three months ended March 31, 2026 and 2025,
respectively. Net cash provided by financing activities in both periods consisted of issuances of convertible notes to finance operations.

Contractual
Obligations

Lease
Agreement

lease space at 120 Forbes Boulevard, Mansfield, MA 02048. The area of such lease is approximately 9,000 square feet and the lease
expires in 2027. Payments under the lease range from $139,407 per year in the first year of the lease and increase to a high of $161,620
in the final year of the lease.

Convertible
Notes

See
the section titled “Description of Capital Stock — History of Securities Issuances.”

Off-Balance
Sheet Arrangements

have no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition,
changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.

Critical
Accounting Policies

The
following discussion relates to our critical accounting policies. The preparation of financial statements in conformity
with GAAP requires our management to make assumptions, estimates and judgments that affect the amounts reported, including the notes
thereto, and related disclosures of commitments and contingencies, if any. We have identified certain accounting policies that are significant
to the preparation of our financial statements. These accounting policies are important for an understanding of our financial condition
and results of operations. Critical accounting policies are those that are most important to the portrayal of our financial condition
and results of operations and require management’s difficult, subjective, or complex judgment, often as a result of the need to
make estimates about the effect of matters that are inherently uncertain and may change in subsequent periods. Certain accounting estimates
are particularly sensitive because of their significance to financial statements and because of the possibility that future events affecting
the estimate may differ significantly from management’s current judgments. We believe the following critical accounting policies
involve the most significant estimates and judgments used in the preparation of our financial statements:

Use
of Estimates

The
preparation of consolidated and combined financial statements in conformity with U.S. GAAP requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and related disclosures of contingent assets and liabilities at
the date of the consolidated and combined financial statements as well as the reported amounts of revenues and expenses during the reporting
period. Estimates are based on several factors including the facts and circumstances available at the time the estimates are made, historical
experience, risk of loss, general economic conditions and trends and the assessment of the probable future outcome. Subjective and significant
estimates include, but are not limited to, the valuation of stock-based compensation, expense recognition and accruals associated with
third party providers supporting pre-clinical studies and other research and development, and income tax asset realization. Actual results
could differ from those estimates. Estimates and assumptions are reviewed periodically and the effects of changes, if any, are reflected
in the consolidated and combined statements of operations in the period that they are determined.

Collaborative
Arrangements

analyze our collaborative arrangements to assess whether such arrangements involve joint operating activities performed by parties
that are both active participants in the activities and exposed to significant risks and rewards, and therefore are within the scope
of FASB ASC Topic 808, Collaborative Arrangements (“ASC 808”). For collaborative arrangements that contain multiple
elements, we determine which units of account are deemed to be within the scope of ASC 808 and which units of account are more
reflective of a vendor-customer relationship, and therefore are within the scope of ASC 606. For units of account that are accounted
for pursuant to ASC 808, an appropriate recognition method is determined and applied consistently, either by analogy to appropriate accounting
literature or by applying a reasonable accounting policy election. For collaborative arrangements that are within the scope of ASC 808,
we evaluate the income statement classification for presentation of amounts due to or owed from other participants associated
with multiple units of account in a collaborative arrangement based on the nature of each activity. Payments or reimbursements that are
the result of a collaborative relationship instead of a customer relationship, such as co-development and co-commercialization activities,
are recorded as increases or decreases to Research and Development Expense or General and Administrative Expense, as appropriate. Milestone
payments are considered contingent liabilities and are recognized when we deem the milestone event to be probable.

Fair
Value Measurements

FASB
ASC Topic 820, Fair Value Measurements and Disclosures, defines fair value, establishes a framework for measuring fair value,
and expands disclosures about fair value measurements. Fair value is to be determined based on the exchange price that would be received
for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability
in an orderly transaction between market participants. In determining fair value, we used various valuation approaches. A fair
value hierarchy has been established for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes
the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are those that
market participants would use in pricing the asset or liability based on market data obtained from sources independent of us.

Unobservable
inputs reflect our assumption about the inputs that market participants would use in pricing the asset or liability developed
based on the best information available in the circumstances. The fair value hierarchy is categorized into three levels, based on the
inputs, as follows:

●	Level
1 - Valuations based on quoted prices for identical instruments in active markets. Since valuations are based on quoted prices that
are readily and regularly available in an active market, valuation of these instruments does not entail a significant degree of judgment.

●	Level
2 - Valuations based on observable inputs other than quoted prices included in Level 1, such as quoted prices for either similar
instruments in active markets, identical or similar instruments in markets that are not active, or model-derived valuations whose
inputs or significant value drivers are observable or can be corroborated by observable market data.

●	Level
3 - Valuations based on inputs that are unobservable. These valuations require significant judgment.

The
availability of valuation techniques and observable inputs can vary and is affected by a wide variety of factors, including the type
of asset or liability, whether the asset or liability is new and not yet established in the marketplace, and other characteristics particular
to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market,
the determination of fair value requires more judgment. Those estimated values do not necessarily represent the amounts that may be ultimately
realized due to the occurrence of future circumstances that cannot be reasonably determined. Because of the inherent uncertainty of valuations,
those estimated values may be materially higher or lower than the values that would have been used had a ready market for the assets
or liabilities existed.

Research
and Development