Company: BIVIW
Filing Date: 2025-08-08
Form Type: 424B5
Source: 0001520138-25-000247
Chunk: 154

Company: BIOVIE INC.
Filing Date: 2025-08-08
Form: 424B5
Chunk 154
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 |   |
| Unrealized gain on U.S. Treasury Bills (available-for-sale)                                                  |     | $             |           - |   |     | $             |     176,591 |   |
| Reclassification of unrealized gains on U.S. Treasury Bills (available-for-sale investments) upon settlement |     | $             |     176,591 |   |     | $             |           - |   |
| Deemed dividend of ratchet adjustment to warrants                                                            |     | $             |     886,423 |   |     | $             |           - |   |

<div align='center'>The accompanying notes are an integral part of the financial statements.

F-7

BioVie Inc.

Notes to Financial Statements</div>

| 1. | Background Information |

BioVie Inc. (the “Company” or “we”
or “our”) is a clinical-stage company developing innovative drug therapies to treat chronic debilitating conditions including
neurological and neuro-degenerative disorders and liver disease.

The Company acquired the biopharmaceutical assets
of NeurMedix, Inc. (“NeurMedix”) a privately held clinical-stage pharmaceutical company and a related party in June 2021. The
acquired assets included NE3107. NE3107 is an investigational, novel, orally administered small molecule that is thought to inhibit inflammation-driven
insulin resistance and major pathological inflammatory cascades with a novel mechanism of action. There is emerging scientific consensus
that both inflammation and insulin resistance may play fundamental roles in the development of Alzheimer’s disease (“AD”)
and Parkinson’s disease (“PD”), and NE3107 could, if approved by the U.S. Food and Drug Administration (“FDA”),
represent an entirely new medical approach to treating these devastating conditions affecting an estimated 6 million Americans suffering
from AD and 1 million Americans suffering from PD.

Neurodengenerative Disease Program

In neurodegenerative disease, the Company’s
drug candidate NE3107 inhibits activation of inflammatory actions extracellular single-regulated kinase (“ERK”) and nuclear
factor kappa-light-chain-enhancer of activated B cells (“NFκB”) (including interactions with tumor necrosis factor (“TNF”)
signaling and other relevant inflammatory pathways) that lead to neuroinflammation and insulin resistance. NE3107 does not interfere with
their homeostatic functions (e.g., insulin signaling and neuron growth and survival). Both inflammation and insulin resistance are drivers
of AD