Company: BIVIW
Filing Date: 2025-05-15
Form Type: DRS
Source: 0001520138-25-000149
Chunk: 30

Company: BIOVIE INC.
Filing Date: 2025-05-15
Form: DRS
Chunk 30
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 our intellectual property rights; |

| - | the volatility of the market price and trading volume in our Common Stock; |

| - | the risk that our Common Stock will be delisted from Nasdaq; |

| - | the absence of liquidity in our Common Stock; |

| - | the risk of substantial dilution from future issuances of our equity securities; and |

| - | the other risks set forth herein and in the documents incorporated by reference herein under the caption 
 “Risk Factors.”                                                                                          |

<div align='center'>16</div>

The foregoing does not represent an exhaustive
list of matters that may be covered by the forward-looking statements contained herein or risk factors that we are faced with. The factors
set forth above under “Risk Factors” and other cautionary statements made in this prospectus should be read and understood
as being applicable to all related forward-looking statements wherever they appear in this prospectus. The forward-looking statements
contained in this prospectus represent our judgment as of the date of this prospectus. We caution readers not to place undue reliance
on such statements. You should read this prospectus and the documents that we have filed as exhibits to this prospectus and incorporated
by reference herein completely and with the understanding that our actual future results may be materially different from the plans, intentions
and expectations disclosed in the forward-looking statements we make. Except as required by law, we undertake no obligation to update
publicly any forward-looking statements for any reason, even if new information becomes available or other events occur in the future.
All subsequent written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified
in their entirety by the cautionary statements contained above and throughout this prospectus.

<div align='center'>17

Use of Proceeds</div>

We estimate that the net proceeds from our issuance
and sale of Units and Pre-funded Units in this offering will be approximately $ million, or approximately
$ million if the underwriters exercise their over-allotment option in full, based on an assumed public
offering price of $ per Unit, which was the closing price of shares of our Common Stock on Nasdaq on May
, 2025, after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us, assuming no sale
of the Pre-funded Units.

We intend to use the net proceeds from this offering for working capital and
general corporate purposes. This may include, but is not limited to, capital expenditures, research and development expenditures and