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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Other expense: Interest 309,971 565,496 (255,525 ) (45 )% Other (21,813 ) 4,449 (26,262 ) (590 )% Total other expense 288,158 569,945 (281,787 ) (49 )% Net loss before taxes (3,850,674 ) (14,459,106 ) (10,608,432 ) (73 )% Income Tax expense (benefit) - - - - % Net loss and comprehensive loss (3,850,674 ) (14,459,106 ) (10,608,432 ) (73 )% Revenues We 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 larger percentage of our total expenses for the foreseeable future.

Research
and development expenses decreased $7,650,732, or by 93%, to $589,951 for the year ended December 31, 2024, compared to $8,240,683 for
the same period of the prior year. This decrease was primarily due to the operational transition commencing at the end of 2023.

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 fee, facilities expenses, and other administrative overhead.

Selling,
general and administrative expenses decreased $2,854,289, or by 49%, to $2,972,565 for the year ended December 31, 2024, compared to
$5,826,854 for the same period of the prior year. This decrease was primarily due to reduction in salaries and wages and most general
and administrative activities.

Other
Expense

Other
expenses decreased by $281,787, or by 49%, to $288,158 for the year ended December 31, 2024, compared to $569,945
for the same period of the prior year. This decrease was primarily due to 8% placement agent fees incurred on $5,650,000 aggregate
principal amount of convertible notes raised in 2023 while there were no placement agent fees on the $4,710,000 aggregate principal
amount of convertible notes raised in 2024.

Net
Earnings and Losses

Our
net loss decreased by $10,608,432, or by 73%, to $3,850,674 for the year ended December 31, 2024, compared to $14,459,106
for the same period of the prior year. This decrease was due primarily to winding down and ceasing operations at the end of 2023.

Liquidity
and Capital Resources

of September 30, 2025, we had cash of $1,958,867. 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 nine months
ended September 30, 2025 and 2024, we had a net loss of $5,218,770 and $2,678,613, respectively, and negative cash
flows from operations of $4,341,368 and $1,984,673, respectively. Further, we had an accumulated deficit of $228,792,443
as of September 30, 2025, and $222,401,612 as of September 30, 2024. For the three months ended September
30, 2025 and 2024, we had a net loss of $2,104,290 and $1,068,805, respectively, and negative cash flows from operations
of $1,689,163 and $774,598, respectively. For the years ended December 31, 2024 and 2023, we had a net loss of $3,850,674
and $14,459,106, respectively, and negative cash flows from operations of $2,718,714 and $14,337,336, respectively. Further, we had an
accumulated deficit of $223,584,567 as of December 31, 2024, and $219,722,999 as of December 31, 2023. 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 September 30, 2025, we received funding of

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

borrowed $8,417,559 from accredited investors in the form of convertible notes with an interest rate of 15% as of September
30, 2025. As of September 30, 2025, we had accrued interest payable of $1,073,111.

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

Nine Months Ended September

Net cash flows used in operating activities $	(4,341,368	) $	(1,984,673	)

Net cash flows used in investing activities - -

Net cash flows provided by financing activities 3,662,600 3,000,000

Net change in cash (678,768	) 1,015,327

Cash, beginning of year 2,637,635 646,349

Cash, end of period 1,958,867 1,661,676

Net cash used in
operating activities was $4,341,368 for the nine months ended September 30, 2025, as compared to net cash used in
operating activities of $1,984,673 for the nine months ended September 30, 2024, which represents an increase of
$2,356,695 in net cash used in operating activities. The increase in cash used in operating activities for the nine months
ended September 30, 2025 was due to ramping up operations in advance on a new clinical trial and incurring expenses related to
a potential initial public offering.

There was no cash
used for investing activities for the nine months ended September 30, 2025 and 2024.

Net cash provided
by financing activities was $3,662,600 and $3,000,000 for the nine months ended September 30, 2025 and 2024,
respectively. Net cash provided by financing activities in both periods consisted of issuances of convertible notes to finance operations.

Year Ended December 31,