Company: BIVIW
Filing Date: 2025-05-15
Form Type: DRS
Source: 0001520138-25-000149
Chunk: 34

Company: BIOVIE INC.
Filing Date: 2025-05-15
Form: DRS
Chunk 34
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 to new investors participating in this offering. Dilution per share to new investors is determined by subtracting as adjusted
net tangible book value per share as of March 31, 2025 after giving effect to this offering from the public offering price per Unit paid
by new investors.

The following table illustrates this per share
dilution:

| Assumed public offering price per Unit                                                                  |        | $ |
| Historical net tangible book value per share as of March 31,2025                                        | $ 1.17 |   |
| Increase in as adjusted net tangible book value per share after this offering                           |      $ |   |
| As adjusted net tangible book value per share as of March 31, 2025 after giving effect to this offering |        | $ |
| Dilution per share to new investors in this offering                                                    |        | $ |

A $
increase (decrease) in the assumed public offering price of $ per Unit, which was the closing price of our common stock
on Nasdaq on May , 2025, would increase (decrease) our as adjusted net tangible book value after this offering by approximately
$ per share and the dilution to new investors purchasing Units in this offering by $
per share, assuming that the number of Units offered by us, as set forth on the cover page of this prospectus, remains the same and after
deducting estimated underwriting discounts and commissions. An increase (decrease) of
Units in the number of Units offered by us, as set forth on the cover page of this prospectus, would increase (decrease) our as adjusted
net tangible book value after this offering by approximately $ per share and decrease the dilution
to new investors purchasing Units in this offering by approximately $ per share, assuming no change
in the assumed public offering price per Unit and after deducting estimated underwriting discounts and commissions.

If the underwriters exercise their overallotment option in full, the as adjusted
net tangible book value as of March 31, 2025, after giving effect to this offering, would have been approximately $
million, or approximately $ per share. This represents an increase in net tangible book value of approximately
$ per share to our existing stockholders and dilution in as adjusted net tangible book value of approximately
$ per share to new investors purchasing Units in this offering.

The number of shares of our Common Stock to be
outstanding after this offering is based on 18,517,376 shares of our Common Stock