Company: BIVIW
Filing Date: 2025-07-11
Form Type: S-1/A
Source: 0001520138-25-000205
Chunk: 209

Company: BIOVIE INC.
Filing Date: 2025-07-11
Form: S-1/A
Chunk 209
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 “Conversion Option”).

On the Closing Date, the Company also issued to Avenue
warrants to purchase 36,101 shares of Common Stock of the Company (the “Avenue Warrants”) at an exercise price per share equal
to $58.20. The Avenue Warrants are exercisable until November 30, 2026.

The amount of the carrying value of the notes payable
was determined by allocating portions of the outstanding principal of the notes, resulting in approximately $1.4 million allocated to
the fair value of the Avenue Warrants, and approximately $2.2 million allocated to the fair value of the embedded Conversion Option. Accordingly,
the total amount of unearned discount of approximately $3.6 million, the total direct financing cost of approximately $390,000 and the
Loan Premium of $850,000 were amortized using the effective interest method over the term of the Loan.

Total interest expense associated with the Loan was
approximately $312,000, which is reflected as a component of interest expense on the accompanying condensed statements of operations and
comprehensive loss for the nine months ended March 31, 2025. Interest expense associated with this loan was comprised of interest incurred
on the outstanding principal of the loan of approximately $163,000, amortization of financing costs of approximately $12,000, amortization
of the unearned discount of approximately $111,000, and the accretion of the Loan Premium of approximately $26,000.

F-35

Total interest expense associated with the Loan for
the three months ended March 31, 2024 was approximately $629,000 on the accompanying condensed statements of operations and comprehensive
loss. Interest expense was comprised of interest incurred on the outstanding principal of the loan of approximately $327,000, amortization
of financing costs of approximately $24,000, amortization of the unearned discount of approximately $222,000 and the accretion of Loan
Premium of approximately $52,000. Total interest expense associated with the Loan for the nine months ended March 31, 2024 was approximately
$2.5 million on the accompanying condensed statements of operations and comprehensive loss. Interest expense was comprised of interest
incurred on the outstanding principal of the loan of approximately $1.3 million, amortization of financing costs of approximately $92,000,
amortization of the unearned discount of approximately $867,000 and the accretion of Loan Premium of approximately $201,000.

The