Company: BIVIW
Filing Date: 2025-08-08
Form Type: 424B5
Source: 0001520138-25-000247
Chunk: 206

Company: BIOVIE INC.
Filing Date: 2025-08-08
Form: 424B5
Chunk 206
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 Current portion of Notes Payable                                                        |     | $              | - |     | $             | 5,000,000 |   |
| Less: debt financing costs                                                              |     |                | - |     |               |   (11,820 | ) |
| Less: unearned discount                                                                 |     |                | - |     |               |  (111,212 | ) |
| Plus: accretion of Loan Premium                                                         |     |                | - |     |               |   824,242 |   |
| Current portion of Notes Payable, net of financing costs, unearned premium and discount |     | $              | - |     | $             | 5,701,210 |   |

| 7. | Fair Value Measurements |

The Company’s derivative liabilities during the nine months ended
March 31, 2025 related to the Avenue Warrants is a level 3 liability measured at fair value.

The fair value of the Avenue Warrants at March 31, 2025, in the accompanying
condensed balance sheets, was nil. The total change in the fair value of the derivative liabilities totaled approximately $3,771 and $1.8
million for the nine months ended March 31, 2025 and 2024, respectively, and approximately $7,290 and $109,000 for the three months ended March
31, 2025 and 2024, respectively; and accordingly, was recorded in the accompanying condensed statements
of operations and comprehensive loss. The assumptions used in the Black Scholes model to value the derivative liabilities at March 31,
2025 included the closing stock price of $0.98 per share; for the Avenue Warrants, the exercise price of $58.20, remaining term 1.7 years,
risk free rate of 3.9% and volatility of 86.0%. The Conversion Option was nil as of March 31, 2025 and June 30, 2024 as the corresponding
debt matured and was repaid in December 2024.

Derivative liability – Avenue Warrants

The Avenue Warrants were not considered to be indexed
to the Company’s own stock, and accordingly, were recorded as a derivative liability at fair value in the accompanying condensed
balance sheets at March 31, 2025 and June 30, 2024, respectively.

The Black Scholes model was used to calculate the
fair value of the derivative warrant to bifurcate