Company: BIVIW
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001520138-25-000144
Chunk: 41

Company: BIOVIE INC.
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 1
Chunk 41
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4. The net decrease
of $13.1 million was primarily attributed to decline in research and development expenses of $13.0 million, and a net increase in other
income, net of approximately $140,000.

Total operating expenses for the nine months ended
March 31, 2025 were approximately $14.4 million and $27.4 million for the nine months ended March 31, 2024. The net decrease of approximately
$13.0 million was primarily due to decreased research and development expenses of approximately $13.0 million due to the completion of
clinical trials in the prior fiscal year.

Research and Development Expenses

Research and development expenses were approximately $8.0 million and
$21.0 million for the nine months ended March 31, 2025 and 2024, respectively. The $13.0 million reduction was primarily attributed to
the completion of the clinical studies in the prior fiscal year and comprised of a declines in direct study costs of approximately $7.6
million, and the related expenses such as the clinical team payroll of $1.6 million, reflecting the reduction in force in December 2023,
and consultants expenses of $2.6 million, reflecting a declining use of consultants and a reduction in the use of regulatory and other
consultants totaling approximately $469,000 as the clinical studies completed in the prior fiscal year. Other decrease included a decrease
in CMC and new drug discovery totaling approximately $535,000, and a decrease in travel & conferences of approximately $76,000 and
publications of approximately $127,000.

 24 

The decrease in clinical studies of approximately $7.6 million represented
the net decrease in clinical trial studies expense of approximately $11.6 million due the completion of the clinical trials in the prior
fiscal year offset by the planning and development of the two new clinical studies, Sunrise PD Phase 2 and Long Covid Program, totaling
approximately $4.0 million. The table below summarizes the expense amounts for the nine months ended March 31, 2025 and 2024 by study:

    Nine Months Ended  
    Nine Months Ended  
    Increase 

    March 31, 2025  
    March 31, 2024  
    (Decrease) 

    Current Studies 

    Sunrise PD Phase 2 
    $2,640,572  
    $20,000  
    $2,620