Company: BIVIW
Filing Date: 2025-08-04
Form Type: S-1/A
Source: 0001520138-25-000235
Chunk: 195

Company: BIOVIE INC.
Filing Date: 2025-08-04
Form: S-1/A
Chunk 195
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 ACTIVITIES:                                                     |     |                   |             |   |     |                   |             |   |
| Right of use assets obtained in exchange for lease obligations                                               |     | $                 |           - |   |     | $                 |     432,192 |   |
| Reclassification of unrealized gains on U.S. Treasury Bills (available-for-sale investments) upon settlement |     | $                 |           - |   |     | $                 |     176,591 |   |
| Deemed dividend for ratchet adjustment to warrants                                                           |     | $                 |     369,465 |   |     | $                 |     886,423 |   |

<div align='center'>See accompanying notes to unaudited condensed financial
statements

F-29

BioVie Inc.

Notes to Condensed Financial Statements

For the Three and Nine Months Ended March 31, 2025 and 2024

(unaudited)</div>

| 1. | Background Information |

BioVie Inc. (the “Company” or “we”
or “our”) is a clinical-stage company developing innovative drug therapies to treat chronic debilitating conditions including
neurological and neuro-degenerative disorders and liver disease.

The Company acquired the biopharmaceutical assets of NeurMedix, Inc.
(“NeurMedix”) a privately held clinical-stage pharmaceutical company and a related party in June 2021. The acquired
assets included NE3107 or (“bezisterim”). Bezisterim, the approved generic name for NE3107 is an investigational, novel, orally
administered small molecule that is thought to inhibit inflammation-driven insulin resistance and major pathological inflammatory cascades
with a novel mechanism of action. There is emerging scientific consensus that both inflammation and insulin resistance may play fundamental
roles in the development of Alzheimer’s disease (“AD”) and Parkinson’s disease (“PD”), and beziisterim
could, if approved by the U.S. Food and Drug Administration (“FDA”), represent an entirely new medical approach to treating
these devastating conditions affecting an estimated 6 million Americans suffering from AD and 1 million Americans suffering from PD.

Neurodegenerative Disease Program

In neurodegenerative disease, the Company’s drug candidate bezisterim
(NE3107) inhibits activation of inflammatory actions extracellular single-regulated kinase (“ERK”) and nuclear factor kappa-light-chain-enhancer
of activated B cells (“NFκB”) (including interactions