Company: BIVIW
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001520138-25-000144
Chunk: 84

Company: BIOVIE INC.
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 8
Chunk 84
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 general and administrative expenses for the
nine months ended March 31, 2025, was approximately $6.2 million and was comparable to approximately $6.2 million for the nine months
ended March 31, 2024. The net fluctuations in expenses were primarily comprised of decreases in directors’ compensation of approximately
$339,000, executive teams’ compensation of approximately $416,000, investor and public relation fees of $131,000 offset by increases
in other professional and consultancy fees of $566,000, legal fees of approximately $255,000, audit and accounting fees of approximately
$72,000, and insurance premiums of approximately $31,000.

Other Income and Expense

Other income, net was approximately $350,000 for the
nine months ended March 31, 2025, compared to approximately $210,000 for the nine months ended March 31, 2024. The net increase in other
income of approximately $140,000 was comprised of a decrease in the change in fair value of the related derivative liabilities of approximately
$1.8 million, and an increase in interest income of approximately $190,000, offset by a reduction in interest expense of approximately
$2.1 million due to the pay-off of the notes on December 1, 2024.

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Capital Resources and Liquidity

As of March 31, 2025, the Company had working capital of approximately
$21.2 million, cash and cash equivalents totaling approximately $23.2 million, stockholders’ equity of approximately $21.8 million,
and an accumulated deficit of approximately $348.7 million.

The Company used net cash in operations totaling approximately
$13.4 million and net cash provided by financing activities was approximately $12.7 million comprised of net proceeds from the capital
raise activities of $15.7 million and proceeds from exercise of warrants of $2.9 million offset by the payment of $5.0 million of the
Company’s notes payable and payment of the $850,000 loan premium.

The Company has not generated any revenue, and no
revenues are expected in the foreseeable future. The Company’s future operations are dependent on the success of the Company’s
ongoing development and commercialization efforts, as well as its ability to secure additional financing. Management expects that
future sources of funding may include sales of equity, obtaining loans, or other strategic transactions.

Although management continues to pursue the Company’s
str