Company: BIVIW
Filing Date: 2025-07-11
Form Type: S-1/A
Source: 0001520138-25-000205
Chunk: 166

Company: BIOVIE INC.
Filing Date: 2025-07-11
Form: S-1/A
Chunk 166
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 the commencement date in determining the present value of lease payments. The Company does not include
options to extend or terminate the lease term in its calculation unless it is reasonably certain that the Company will exercise any such
options. Rent expense is recognized under the operating leases on a straight-line basis. The Company does not recognize right-of-use assets
or lease liabilities for short-term leases, which have a lease term of 12 months or less at inception, and instead will recognize lease
payments as expense on a straight-line basis over the lease term.

Research and Development

Research and development expenses consist primarily
of costs associated with the preclinical and/or clinical trials of drug candidates, compensation and other expenses for research and development,
personnel, supplies and development materials, costs for consultants and related contract research and facility costs.

Income Taxes

The Company uses the asset and liability method of
accounting for deferred income taxes. Deferred income taxes are measured by applying enacted statutory rates to net operating loss carryforwards
and to the differences between the financial reporting and tax bases of assets and liabilities. Deferred tax assets are reduced, by a
valuation allowance if it is more likely than not that some portion or all of the deferred tax assets will not be realized. The Company
decided to apply a full valuation allowance against its deferred tax assets due to the continuing losses.

F-11

| 3. | Significant Accounting Policies (continued) |

The Company recognizes uncertainty in income taxes
in the financial statements using a recognition threshold and measurement attribute of a tax position taken or expected to be taken in
a tax return. The Company applies the “more-likely-than-not” recognition threshold to all tax positions, commencing at the
adoption date of the applicable accounting guidance, which resulted in no unrecognized tax benefits as of such date. Additionally, there
have been no unrecognized tax benefits subsequent to adoption. The Company has opted to classify interest and penalties that would accrue,
if any, according to the provisions of relevant tax law as general and administrative expenses, in the Statements of Operations and Comprehensive
Loss. For the years ended June 30, 2024 and 2023, there was no such interest or penalty.

Net Loss per Common Share

Basic net loss per common share is computed by dividing
the net loss attributable to Common Stockholders by the weighted average number of shares of Common Stock outstanding during the period.
Diluted net loss per common share is computed by dividing the net loss attributable to Common Stockholders by the weighted average number