Company: BIVIW
Filing Date: 2025-08-08
Form Type: 424B5
Source: 0001520138-25-000247
Chunk: 159

Company: BIOVIE INC.
Filing Date: 2025-08-08
Form: 424B5
Chunk 159
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 are affected by estimates and assumptions, which
are used for, but not limited to, accounting for clinical accruals, share-based compensation, accounting for derivatives, assumptions
used in recording leases, the inputs used in the valuation of goodwill and intangible assets in connection with impairment testing and
accounting for income taxes. Actual results could differ from those estimates.

Cash and cash equivalents

Cash and cash equivalents consisted of cash deposits
and money market funds held at a bank and funds held in a brokerage account which included a U.S. treasury money market fund and U.S.
Treasury Bills with original maturities of three months or less.

Investments in U.S. Treasury Bills

Investments in U.S. Treasury Bills with maturities
greater than three months, are accounted for as available-for-sale and are recorded at fair value. Unrealized gains were included in other
comprehensive income in the accompanying statements of operations and comprehensive loss.

Concentration of Credit Risk in the Financial Service Industry

As of June 30, 2024, the Company had cash deposited
in certain financial institutions in excess of federally insured levels. The Company regularly monitors the financial stability of these
financial institutions and believes that it is not exposed to any significant credit risk in cash and cash equivalents. However, in March
and April 2023, certain U.S. government banking regulators took steps to intervene in the operations of certain financial institutions
due to liquidity concerns, which caused general heightened uncertainties in financial markets. While these events have not had a material
direct impact on the Company’s operations, if further liquidity and financial stability concerns arise with respect to banks and
financial institutions, either nationally or in specific regions, the Company’s ability to access cash or enter into new financing
arrangements may be threatened, which could have a material adverse effect on its business, financial condition and results of operations.

F-10

| 3. | Significant Accounting Policies (continued) |

Fair value measurement of assets and liabilities

We determine the fair values of our financial instruments
based on the fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable
inputs when measuring fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability
in an orderly transaction between market participants at the measurement date. The fair value assumes that the transaction to sell the
asset or transfer the liability occurs in the principal or most advantageous market for the asset or liability