Company: BIVIW
Filing Date: 2025-10-06
Form Type: POS AM
Source: 0001520138-25-000294
Chunk: 14

Company: BIOVIE INC.
Filing Date: 2025-10-06
Form: POS AM
Chunk 14
---
 has
been volatile, holders of that stock have sometimes instituted securities class action litigation against the issuer. If any of our stockholders
were to bring such a lawsuit against us, we could incur substantial costs defending the lawsuit and the attention of our management would
be diverted from the operation of our business.

We do not intend to pay dividends on our Common Stock, so any returns will be limited to the value of our Common Stock.

We currently anticipate that we will retain any future
earnings to finance the continued development, operation and expansion of our business. As a result, we do not anticipate declaring or
paying any cash dividends or other distributions in the foreseeable future. If we do not pay dividends, our Common Stock may be less valuable
because stockholders must rely on sales of their Common Stock after price appreciation, which may never occur, to realize any gains on
their investment.

You may experience future dilution as a result of future equity offerings or if we issue shares subject to options, warrants, stock awards or other arrangements.

In order to raise additional capital, we may in the
future offer additional shares of our Common Stock or other securities convertible into or exchangeable for our Common Stock in any other
offering at a price per share that is less than the current market price of our securities, and investors purchasing shares or other securities
in the future could have rights superior to existing stockholders. The sale of additional shares of our Common Stock or other securities
convertible into or exchangeable for our Common Stock would dilute all of our stockholders, and if such sales of convertible securities
into or exchangeable into our Common Stock occur at a deemed issuance price that is lower than the current exercise price of our outstanding
warrants sold to Acuitas Group Holdings, LLC (“Acuitas”) in August 2022 (the “Acuitas Warrants”), the exercise
price for those warrants would adjust downward to the deemed issuance price pursuant to price adjustment protection contained within those
warrants.

As of September 30, 2025, there were warrants outstanding
to purchase an aggregate of 8,307,038 shares of our Common Stock at exercise prices ranging from $2.50 to $582.00 per share, 84,872 shares
issuable upon exercise of outstanding options at exercise prices ranging from $19.00 to $4,209.00 per share and restricted stock units
totaling 5,457. We may also grant additional options, warrants or equity awards. To