Company: BIVIW
Filing Date: 2025-08-08
Form Type: 424B5
Source: 0001520138-25-000247
Chunk: 181

Company: BIOVIE INC.
Filing Date: 2025-08-08
Form: 424B5
Chunk 181
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 prices were set at the grant date fair value with vesting terms over a five year period and the options terminate on the
earlier of tenth grant date anniversary or the date of which the options are fully exercised.

On October 3, 2023, the Company granted stock options
to purchase 21,117 shares of Common Stock to new hire employees. 20% of the shares underlying the options awarded vest on the one-year
anniversary of the grant date, and the remaining 80% will vest in equal monthly installments over 48 months each month thereafter. The
exercise price of the options is $34.10, the grant date fair value, and the options terminate on the earlier of the tenth grant date anniversary
or the date of which the options are fully exercised.

In June 2024, the Company granted stock options to
purchase 115,800 shares of Common Stock to employees. 33% of the shares underlying the options awarded vest on the grant date, and the
remaining 67% will vest over 2years on first and second anniversary of the grant date. The exercise price of the options is $4.70, the
grant date fair value, and the options terminate on the earlier of the tenth grant date anniversary or the date of which the options are
fully exercised.

F-21

| 9. | Equity Transactions (continued) |

Stock Warrants

The following table summarizes the warrants activity during the years ended
June 30, 2024 and 2023:

| Summary of warrants activity                 |     | Number of Shares |           |   |     | Weighted Average Exercise Price |        |     | Weighted Average Remaining Life (Years) |     |     | Aggregate Intrinsic Value |            |
|:---------------------------------------------|:----|:-----------------|----------:|:--|:----|:--------------------------------|-------:|:----|:----------------------------------------|----:|:----|:--------------------------|-----------:|
| Outstanding and exercisable at June 30, 2022 |     |                  |    51,037 |   |     | $                               |  61.70 |     |                                         | 3.8 |     | $                         |          - |
| Granted                                      |     |                  |   727,273 |   |     |                                 |  18.20 |     |                                         | 5.0 |     |                           |          - |
| Expired                                      |     |