Company: BIVIW
Filing Date: 2025-08-08
Form Type: 424B5
Source: 0001520138-25-000247
Chunk: 75

Company: BIOVIE INC.
Filing Date: 2025-08-08
Form: 424B5
Chunk 75
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 of our Common Stock
as of March 31, 2025 was approximately $21.2 million, or approximately $11.46 per share. The net tangible book value per share of our
Common Stock represents our total tangible assets (total assets less intangible assets) less total liabilities divided by the number of
shares of Common Stock outstanding as of that date.

After giving effect to the issuance by us in this offering of 5,620,000 Units at the public offering price of $2.00 per Unit and 380,000 Pre-funded Units at the public offering price of $1.999 per Pre-funded Unit, assuming full exercise of the Pre-funded Warrants, and after deducting estimated underwriting discounts and commissions and estimated offering expenses, our as adjusted net tangible book value as of March 31, 2025 would have been approximately $31.9 million, or approximately $4.07 per share. This represents an immediate decrease in net tangible book value of approximately $(7.39) per share to our existing stockholders, and an immediate dilution in as adjusted net tangible book value of approximately $(2.07) per share to new investors purchasing Units in this offering. Dilution per share to new investors is determined by subtracting as adjusted net tangible book value per share as of March 31, 2025 after giving effect to this offering from the public offering price per Unit paid by new investors.

The following table illustrates this per share
dilution:

| Public offering price per Unit                                                                          |     |   |       |   | $ |  2.00 |   |
| Historical net tangible book value per share as of March 31, 2025                                       |     | $ | 11.46 |   |   |       |   |
| Decrease in as adjusted net tangible book value per share after this offering                           |     | $ | (7.39 | ) |   |       |   |
| As adjusted net tangible book value per share as of March 31, 2025 after giving effect to this offering |     |   |       |   | $ |  4.07 |   |
| Dilution per share to new investors in this offering                                                    |     |   |       |   | $ | (2.07 | ) |

If the underwriters exercise their overallotment option to purchase shares of Common Stock in full, the as adjusted net tangible book value as of March 31, 2025, after giving effect to