Company: BIVIW
Filing Date: 2025-05-15
Form Type: DRS
Source: 0001520138-25-000149
Chunk: 16

Company: BIOVIE INC.
Filing Date: 2025-05-15
Form: DRS
Chunk 16
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 indicated, this prospectus supplement reflects and assumes the following:

| · | no exercise of outstanding options or warrants; |

| · | no implementation of the proposed reverse stock split prior to the consummation of this offering; |

| · | no exercise of the underwriters’ over-allotment option; |

| · | no exercise of the Pre-Funded Warrants and Warrants issued and sold in this offering; and |

| · | no exercise of the Representative’s Warrants to be issued upon consummation of this offering at an 
 exercise price equal to 125% of the offering price of our Common Stock.                            |

<div align='center'>8

Risk Factors</div>

Investing in shares of our Common Stock involves a high degree of risk. Before deciding whether to invest in shares of our Common Stock, you should consider carefully the risks and uncertainties discussed under the sections titled “Risk Factors” contained in our most recent Annual Report on Form 10-K and in our most recent Quarterly Report on Form 10-Q, as well as any amendments thereto reflected in our subsequent filings with the SEC, which are incorporated by reference into this prospectus, together with other information in this prospectus, the documents incorporated by reference herein, and any prospectus supplement and any free writing prospectus that we may authorize. Please also read carefully the section titled “Cautionary Note Regarding Forward-Looking Statements.

Risks Relating to this Offering and Our Common
Stock

You may experience immediate and substantial
dilution in the net tangible book value per share of our Common Stock you purchase in this offering.

The public offering price per Unit in this offering
may exceed the as adjusted net tangible book value per share of our Common Stock outstanding prior to this offering. After giving effect
to the sale by us of the Units at an assumed public offering price of $ per Unit
and the Pre-Funded Units at an assumed public offering price of $ per Unit, and
after underwriter fees and estimated offering expenses payable by us and assuming full exercise of the Pre-Funded Warrants, you will experience
immediate dilution of $ per share, representing the difference between our as adjusted net tangible
book value per share as of March 31, 2025 after giving effect to this offering and the assumed public offering price. The exercise of
outstanding warrants and stock options may also result in further dilution of your investment. See the section entitled “Dilution”
on page 21 for a more detailed illustration