Company: BIVIW
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001520138-25-000144
Chunk: 29

Company: BIOVIE INC.
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 1
Chunk 29
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che of RSUs that vested in August 2024 and November 2024, from
the directors’ annual awards granted November 9, 2023. Additionally, in December 2024, 397 shares were issued related to the vesting
of RSUs previously awarded to a consultant.

During the three months ended March 31, 2025, the Company awarded 45,000
shares of restricted common stock as part of a service agreement to a vendor. The total cost of the award was based on $2.18 per share
as of the date of the award and related stock-based compensation expense for the three and nine months ended March 31, 2025 was $24,525. 

On January 21, 2025, the Company issued 105,000 RSUs
to an Advisory board at a grant date fair value of $2.05. 20% of the RSUs vested at grant date and the remaining vest quarterly on March
31, 2025, June 30, 2025, September 30, 2025 and December 31, 2025. During the three months ended March 31, 2025, 42,000 shares were issued
related to the RSUs that vested in January 2025 and March 2025.

In February 2025, 8,128 shares were issued and delivered
for employees’ RSUs that vested on November 22, 2024.

The following table summarizes the unvested restricted
stock units outstanding at June 30, 2024 and March 31, 2025:

    Schedule of unvested of restricted stock units 

    Number of Shares  
    Weighted Average Grant Date Fair Value Per Share 

    Unvested at June 30, 2024 
     40,291  
    $44.59 
  
    Issued 
     171,900  
     2.56 
  
    Vested 
     (74,643) 
     11.67 
  
    Canceled 
     (28,509) 
     6.67 
  
    Unvested at March 31, 2025 
     109,039  
    $10.81 

The total stock-based compensation expense from restricted
stock units for the three months ended March 31, 2025 and 2024 was approximately $321,000 and $336,000,