Company: BIVIW
Filing Date: 2025-08-08
Form Type: 424B5
Source: 0001520138-25-000247
Chunk: 98

Company: BIOVIE INC.
Filing Date: 2025-08-08
Form: 424B5
Chunk 98
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 (43% reduction) during the three months after treatment initiation as compared to the three-month pre-treatment period.

Results of Operations

Comparison of the three months ended March 31, 2025 to the three months ended March 31, 2024

Net loss

The net loss for the three months ended March
31, 2025 was approximately $2.8 million as compared to the net loss of $8.1 million for the three months ended March 31, 2024. The net
decrease of $5.3 million is due to a decrease in research and development expenses of $4.4 million, decrease in selling, general and administrative
expenses of approximately $388,000, and a decline in other expense of approximately $536,000.

Total operating expenses for the three months
ended March 31, 2025 were approximately $3.0 million as compared to $7.7 million for the three months ended March 31, 2024. The net decrease
of approximately $4.7 million for the three months ended March 31, 2025 was comprised of decreased research and development expenses of
approximately $4.4 million primarily due to the completion of clinical trials in the prior fiscal year and a net decrease in selling,
general and administrative expenses of approximately $388,000.

Research and Development Expenses

Research and development (“R&D”)
expenses were approximately $1.3 million and $5.7 million for the three months ended March 31, 2025 and 2024, respectively. The $4.4 million
net decrease was primarily attributed to a decline in expenses of approximately $2.9 million from studies that completed in prior fiscal
year and other related expenses such as the clinical teams’ payroll of approximately $262,000, reflecting the reduction in force
in December 2023, and a decrease in consultancy expense of approximately $678,000, resulting from declining use of consultants as the
clinical studies were completed, a decrease in Chemistry, Manufacturing and Controls (“CMC”) and new drug discovery totaling
approximately $354,000, a reduction in the use of regulatory and other consultants totaling approximately $29,000, and a decrease in related
expenses of approximately $18,000 in travel, conferences and publications.

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The table below summarizes the expenses incurred
for the three months ended March 31, 2025 and 2024 by study:

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