Company: BIVIW
Filing Date: 2025-08-08
Form Type: 424B5
Source: 0001520138-25-000247
Chunk: 76

Company: BIOVIE INC.
Filing Date: 2025-08-08
Form: 424B5
Chunk 76
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 this offering, would have been approximately $33.6 million, or approximately $3.84 per share. This represents a decrease in net tangible book value of approximately $(7.62) per share to our existing stockholders and dilution in as adjusted net tangible book value of approximately $(1.84) per share to new investors purchasing Units in this offering.

The number of shares of our Common Stock to be
outstanding after this offering is based on 1,851,738 shares of our Common Stock outstanding as of March 31, 2025, and excludes:

| · | 88,713 shares of our Common Stock issuable upon the exercise of outstanding 
 stock options at a weighted average exercise price of $294.70 per share;    |

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| · | 960,056 shares of our Common Stock issuable upon the exercise of outstanding 
 warrants at a weighted average exercise price of $35.00 per share; and       |

| · | 11,054 shares of our Common Stock issuable upon vesting of restricted 
 stock units issued under our equity incentive plan.                   |

To the extent that outstanding exercisable options
or warrants are exercised, you may experience further dilution.

In addition, we may choose to raise additional
capital due to market conditions or strategic considerations, even if we believe we have sufficient funds for our current or future operating
plans. To the extent that we raise additional capital by issuing equity securities or convertible debt, your ownership will be further
diluted.

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SECURITIES MARKET INFORMATION</div>

Market Information

Our shares of Common Stock are listed on Nasdaq under the symbol “BIVI.” On August 7, 2025, the last reported sales price of our Common Stock on Nasdaq was $2.91 per share. The Warrants have been approved for listing on Nasdaq under the symbol “BIVIW”.

Holders

As of July 8, 2025, there were 75 holders of record of our Common Stock.

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BUSINESS</div>

Overview of the Company

We are a clinical-stage company developing innovative
drug therapies for the treatment of neurological and neurodegenerative disorders and advanced liver disease.

Neurodegenerative Disease Program

The Company acquired the biopharmaceutical assets
of NeurMedix, Inc. (“NeurMedix”) a privately held clinical-stage pharmaceutical company and a related