Company: BIVIW
Filing Date: 2025-05-15
Form Type: DRS
Source: 0001520138-25-000149
Chunk: 35

Company: BIOVIE INC.
Filing Date: 2025-05-15
Form: DRS
Chunk 35
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 outstanding as of March 31, 2025, and excludes:

| · | 887,120 shares of our Common Stock issuable upon the exercise of outstanding stock options at a weighted 
 average exercise price of $29.47 per share;                                                              |

<div align='center'>21</div>

| · | 9,600,564 shares of our Common Stock issuable upon the exercise of outstanding warrants at a weighted 
 average exercise price of $3.50 per share; and                                                        |

| · | 109,039 shares of our Common Stock issuable upon vesting of restricted stock units issued under our equity 
 incentive plan.                                                                                            |

To the extent that outstanding exercisable options
or warrants are exercised, you may experience further dilution.

In addition, we may choose to raise additional
capital due to market conditions or strategic considerations, even if we believe we have sufficient funds for our current or future operating
plans. To the extent that we raise additional capital by issuing equity securities or convertible debt, your ownership will be further
diluted.

<div align='center'>22

Principal Stockholders</div>

Based solely upon information made available to
us, the following table sets forth information as of May 5, 2025 regarding the beneficial ownership of our Common Stock by:

| · | each person known by us to be the beneficial owner of more than 5% of our outstanding shares of Common 
 Stock;                                                                                                 |

| · | each of our named executive officers and directors; and |

| · | all our executive officers and directors as a group. |

The percentage ownership information shown in
the table is based upon 18,562,376 shares of Common Stock outstanding as of May 5, 2025.

Beneficial ownership is determined in accordance
with the rules of the SEC and includes voting or investment power with respect to the securities. Except as otherwise indicated, each
person or entity named in the table has sole voting and investment power with respect to all shares of our capital shown as beneficially
owned, subject to applicable community property laws.

In computing the number and percentage of shares
beneficially owned by a person as of a particular date, shares that may be acquired by such person (for example, upon the exercise of
options or warrants) within 60 days of such date are counted as outstanding, while these shares are not counted as outstanding for computing
the percentage ownership of any other person.

The address of each holder listed below, except
as otherwise indicated, is