Company: BIVIW
Filing Date: 2025-07-22
Form Type: S-1/A
Source: 0001520138-25-000216
Chunk: 201

Company: BIOVIE INC.
Filing Date: 2025-07-22
Form: S-1/A
Chunk 201
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Level 2 - Inputs are quoted prices for similar assets
and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market
corroboration, for substantially the full term of the financial instrument.

Level 3 - Inputs are unobservable inputs based on
our assumptions.

The Company’s financial instruments include
cash and cash equivalents, accounts payable and the carrying value of the operating lease liabilities and notes payable. The carrying
amounts of cash and accounts payable approximate their fair value, due to the short-term nature of these items. The carrying amounts of
notes payable and operating lease liabilities approximate their fair values since they bear interest at rates which approximate market
rates for similar debt instruments.

Net Loss per Common Share

Basic net loss per common share is computed by dividing the net loss
attributable to common stockholders by the weighted average number of shares of the Company’s Class A common stock (“Common
Stock”) outstanding during the period. Diluted net loss per common share is computed by dividing the net loss attributable to Common
Stockholders by the weighted average number of shares of Common Stock outstanding and potentially outstanding shares of Common Stock during
the period to reflect the potential dilution that could occur from common shares issuable through stock options, warrants, and convertible
debentures. For the three and nine months ending March 31, 2025 and 2024, such amounts were excluded from the diluted loss since their
effect was considered anti-dilutive due to the net loss for the periods presented.

The table below shows the potential shares of Common Stock, presented
based on amounts outstanding at each period end, which were excluded from the computation of diluted net loss per share attributable to
common stockholders because including them would have had an anti-dilutive effect:

| Schedule of dilutive securities were excluded from the computation of diluted loss per share |     |                  | March 31, 2025 |     |                  | March 31, 2024 |
|:---------------------------------------------------------------------------------------------|:----|:-----------------|---------------:|:----|:-----------------|---------------:|
|                                                                                              |     | Number of Shares |                |     | Number of Shares |                |
| Stock Options                                                                                |     |                  |        887,129 |     |                  |        402,276 |
| Warrants                                                                                     |     |                  |      9,600,564 |     |                  |      1,932,029 |
| Restricted Stock