Company: BIVIW
Filing Date: 2025-08-04
Form Type: S-1/A
Source: 0001520138-25-000235
Chunk: 77

Company: BIOVIE INC.
Filing Date: 2025-08-04
Form: S-1/A
Chunk 77
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 |        7,463 |   |     |             |        7,662 |   |
| Additional paid-in capital                                                                                                                                            |     |        |  370,465,616 |   |     |             |  383,965,417 |   |
| Accumulated deficit                                                                                                                                                   |     |        | (348,655,105 | ) |     |             | (348,655,105 | ) |
| Treasury stock                                                                                                                                                        |     |        |          (29 | ) |     |             |          (29 | ) |
| Total stockholders’ equity                                                                                                                                            |     | $      |   21,817,945 |   |     |             |   35,317,945 |   |
| Total capitalization                                                                                                                                                  |     | $      |   24,660,215 |   |     |             |   38,160,215 |   |

The as adjusted information discussed above is illustrative only and
will be based on the actual public offering price and other terms of this offering determined at pricing. 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;    |

| · | 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.                   |

<div align='center'>39

Dilution</div>

If you invest in shares of our Common Stock in
this offering, your interest will be diluted to the extent of the difference between the assumed public offering price per share of Common
Stock and the net tangible book value per share of Common Stock immediately after this offering.

The net tangible book value 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