Company: BIVIW
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001520138-25-000343
Chunk: 30

Company: BIOVIE INC.
Filing Date: 2025-11-10
Form: 10-Q
Item: Part I, Item 1
Chunk 30
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, net was approximately $197,000 compared
to other expenses, net of $30,000, for the three months ended September 30, 2025 and 2024, respectively. The net increase in other income
of approximately $227,000 was comprised of a reduction in interest expense of approximately $254,000 due to the payoff of the notes payable
on December 1, 2024, offset by a reduction in interest income of approximately $25,000.

24

Capital Resources and Liquidity

As of September 30, 2025, the Company had working
capital of approximately $24.4 million, cash and cash equivalents totaling approximately $25.0 million, stockholders’ equity of
approximately $24.9 million, and an accumulated deficit of approximately $357.3 million.

The Company used net cash in operations totaling
approximately $3.0 million and net cash provided by financing activities was comprised of net proceeds from capital raise activities of
$10.5 million.

The Company has not generated any revenue and
no revenues are expected in the foreseeable future. The Company’s future operations are dependent on the success of the Company’s
ongoing development and commercialization efforts, as well as its ability to secure additional financing. Management expects that
future sources of funding may include sales of equity, obtaining loans, or other strategic transactions.

Although management continues to pursue the Company’s
strategic plans, there is no assurance that the Company will be successful in obtaining sufficient financing on terms acceptable to the
Company, if at all, to fund continuing operations. These circumstances raise substantial doubt on the Company’s ability to continue
as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Registered Offering 

On August 11, 2025, the Company closed an underwritten
public offering (the “Offering”) of (i) 5,620,000 units (the “Units”), with each Unit consisting of one share
of common stock and one warrant (the “Warrants”) and (ii) 380,000 pre-funded units (the “Pre-Funded Units”), with
each Pre-Funded Unit consisting of one pre-funded warrant and one Warrant. The underwriter also exercised its over-allotment option in
part and purchased an additional 667,300 Warrants. The Offering resulted in net proceeds of approximately $10.5 million, after deducting
underwriting discounts and commissions and other