Company: BIVIW
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001520138-25-000144
Chunk: 39

Company: BIOVIE INC.
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 1
Chunk 39
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 as compared to $7.7 million for the three months ended March 31, 2024. The net
decrease of approximately $4.7 million for the three months ended March 31, 2025 was comprised of decreased research and development expenses
of approximately $4.4 million primarily due to the completion of clinical trials in the prior fiscal year and a net decrease in selling,
general and administrative expenses of approximately $388,000.

Research and Development Expenses

Research and development (“R&D”) expenses
were approximately $1.3 million and $5.7 million for the three months ended March 31, 2025 and 2024, respectively. The $4.4 million net
decrease was primarily attributed to a decline in expenses of approximately $2.9 million from studies that completed in prior fiscal year
and other related expenses such as the clinical teams’ payroll of approximately $262,000, reflecting the reduction in force in December
2023, and a decrease in consultancy expense of approximately $678,000, resulting from declining use of consultants as the clinical studies
were completed, a decrease in Chemistry, Manufacturing and Controls (“CMC”) and new drug discovery totaling approximately
$354,000, a reduction in the use of regulatory and other consultants totaling approximately $29,000, and a decrease in related expenses
of approximately $18,000 in travel, conferences and publications.

The table below summarizes the expenses incurred for
the three months ended March 31, 2025 and 2024 by study:

    Three Months Ended  
    Three Months Ended  
    Increase 

    March 31, 2025  
    March 31, 2024  
    (Decrease) 

    Current Studies 

    Liver Program Phase 3 
    $95,323  
    $41,685  
    $53,638 
  
    Sunrise PD Phase 2 
     965,888  
     -  
     965,888 
  
    Long Covid Program, net of 2.5 million reimbursement 
     (1,087,734) 
     -  
     (1,087,734)
  
    Investigator-Initiated studies 
     12,025  
     9,199  
     2,826 

    $(14,498) 
    $50,884  
    $(65,382)

    Completed Studies