Company: BIVIW
Filing Date: 2025-07-22
Form Type: S-1/A
Source: 0001520138-25-000216
Chunk: 65

Company: BIOVIE INC.
Filing Date: 2025-07-22
Form: S-1/A
Chunk 65
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 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 June 30, 2025, there were warrants outstanding
to purchase an aggregate of 960,098 shares of our Common Stock at exercise prices ranging from $13.70 to $1,250.00 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 7,212. We may also grant additional options, warrants or equity awards. To the extent such shares are issued, the interest of
holders of our Common Stock will be diluted.

Moreover, we are obligated to issue shares of
our Common Stock upon achievement of certain clinical, regulatory and commercial milestones with respect to certain of our drug candidates
(i.e., bezisterim (NE3107), NE3291, NE3413, and NE3789) pursuant to the asset purchase agreement, dated April 27, 2021, by and among the
Company, NeurMedix and Acuitas, as amended on May 9, 2021. The achievement of these milestones could result in the issuance of up to 1.8
million shares of our Common Stock, further diluting the interest of holders of our Common Stock.

We may, in the future, issue additional
Common Stock, which would reduce investors’ percent of ownership and may dilute our share value.

As of June 30, 2025, our Articles of Incorporation,
as amended, authorize the issuance of 800,000,000 shares of Common Stock, and we had 1,862,922 shares of our Common Stock issued and 1,860,086
shares