Company: BIVIW
Filing Date: 2025-08-08
Form Type: 424B5
Source: 0001520138-25-000247
Chunk: 176

Company: BIOVIE INC.
Filing Date: 2025-08-08
Form: 424B5
Chunk 176
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     |                                             | 9.8 |     |                           |         - |
| Options Expired                                                             |     |         |    (640 | ) |     |                                 |  46.09 |     |                                             |   - |     |                           |         - |
| Options Canceled                                                            |     |         | (31,812 | ) |     |                                 |  57.19 |     |                                             |   - |     |                           |         - |
| Outstanding at June 30, 2024                                                |     |         | 518,076 |   |     | $                               |  54.11 |     |                                             | 6.1 |     | $                         |         - |
| Exercisable at June 30, 2024                                                |     |         | 296,934 |   |     | $                               |  66.65 |     |                                             | 4.9 |     | $                         |         - |

The fair value of each option grant on the date of
grant is estimated using the Black-Scholes model. The following weighted-average assumptions were utilized for the years ended:

| Schedule of assumptions used        | June 30, 2024 |     | June 30, 2023 |
|:------------------------------------|--------------:|:----|--------------:|
| Expected life of options (in years) |             6 |     |             6 |
| Expected volatility                 |        86.28% |     |        81.65% |
| Risk free interest rate             |         4.40% |     |         3.82% |
| Dividend Yield                      |            0% |     |            0% |

The Company recorded stock based compensation expense
relating to the vesting of stock options of approximately $2.8 million and $4.2 million for the years ended June 30, 2024 and 2023, respectively.

Issuance and modification of restricted stock units and options:

On June 21, 2022, the Company awarded 12,452 restricted
stock units (“RSUs”) to the President and CEO under the Company’s 2019 Omnibus Plan. Each RSU awarded to the CEO entitles
him to receive one share of Common Stock upon vesting. The RSUs vest in three equal annual installments beginning on the first anniversary
grant date. 4,151 and 4,151 RSUs vested in June