Company: BIVIW
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001520138-25-000343
Chunk: 49

Company: BIOVIE INC.
Filing Date: 2025-11-10
Form: 10-Q
Item: Part I, Item 8
Chunk 49
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 price of $182.00, with a term of exercise of five years.

As results of the Company’s subsequent capital
raises, the warrants’ down round features (the “rachet adjustment”) resulted in deemed dividends of $43,544 and $325,041
recognized in the accompanying condensed statements of changes in stockholders’ equity for the periods ended September 30, 2025
and 2024, respectively.

For the three months ended September 30, 2024,
the deemed dividend of $325,041 was recognized based on rachet adjustments from the September 25, 2024 capital raises, that reduced the
exercise prices from $100.00 to $15.30 per share. The fair value of the PIPE Warrant Shares were estimated using the Black Scholes Method
with the following inputs at September 2024, the stock price of $12.00, exercise price of $15.30 and $100.00, remaining term of 2.9 years,
risk free rate of 3.5% and volatility of 93.0%, resulting in a $325,041 deemed dividend. The October 22, 2024 capital raise further reduced
the exercise prices from $15.30 per share to $13.70 per share which drove an additional ratchet adjustment in the second quarter of fiscal
year 2025.

For the three months ended September 30, 2025,
the deemed dividend of $43,544 recognized from the rachet adjustment resulting from the August 2025 capital raise, that reduced the exercise
price from $13.70 to $2.50 per share. The fair value of the PIPE Warrant Shares was estimated using the Black Scholes Method with the
following inputs, the stock price of $1.79, exercise price of $13.70 and reduced exercise price of $2.50, remaining term of 2.0 years,
risk free rate of 3.8% and volatility of 94.0% resulting in a $43,544 deemed dividend.

    14

Issuance of common stock for cash

On August 11, 2025, the Company closed an underwritten
public offering of (i) 5,620,000 units (the “Units”), with each Unit consisting of one share of common stock and one warrant
(the “Warrants”) and (ii) 380,000 pre-funded units (the “Pre-Funded Units”), with each