Company: BIVIW
Filing Date: 2025-08-08
Form Type: 424B5
Source: 0001520138-25-000247
Chunk: 162

Company: BIOVIE INC.
Filing Date: 2025-08-08
Form: 424B5
Chunk 162
---
 stock, presented based on amounts outstanding
at each year end, that were excluded from the computation of diluted net loss per share attributable to common stockholders because including
them would have had an anti-dilutive effect:

| Schedule of dilutive securities were excluded from the computation of diluted loss per share |     |                  | June 30, 2024 |     |                  | June 30, 2023 |
|:---------------------------------------------------------------------------------------------|:----|:-----------------|--------------:|:----|:-----------------|--------------:|
|                                                                                              |     | Number of Shares |               |     | Number of Shares |               |
| Stock Options                                                                                |     |                  |       518,076 |     |                  |       395,286 |
| Warrants                                                                                     |     |                  |     1,932,029 |     |                  |       777,029 |
| Restricted Stock Units                                                                       |     |                  |        40,291 |     |                  |        59,646 |
| Notes payable conversion option                                                              |     |                  |        71,633 |     |                  |        71,633 |
| Total                                                                                        |     |                  |     2,562,029 |     |                  |     1,303,594 |

Stock-based Compensation

The Company has accounted for stock-based compensation
under the provisions of Accounting Standards Codification (“ASC”) Topic 718 – “Stock Compensation” (“ASC
718”) which requires the use of the fair-value based method to determine compensation for all arrangements under which employees
and others receive shares of stock or equity instruments (stock options and Common Stock purchase warrants). For employees and non-employees
awards, the fair value of each stock option award is estimated on the date of grant using the Black-Scholes valuation model that uses
assumptions for expected volatility, expected dividends, expected term, and the risk-free interest rate. For non-employees, the Company
utilizes the graded vesting attribution method under which the entity treats each separately vesting portion (tranche) as a separate award
and recognizes compensation cost for each tranche over its separate vesting schedule. Expected volatilities are based on historical volatility
of peer companies and other factors estimated over the expected term of the stock options. For employee and non-employee awards, the expected
term of options granted is derived using the “simplified method” which computes expected term as the average of the sum of
the vesting term plus