Company: BIVIW
Filing Date: 2025-07-11
Form Type: S-1/A
Source: 0001520138-25-000205
Chunk: 203

Company: BIOVIE INC.
Filing Date: 2025-07-11
Form: S-1/A
Chunk 203
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 for as available-for-sale and are recorded at fair value. Realized gains were included in the
accompanying condensed statements of operations and comprehensive loss from the settlement of available-for-sale investments during the
nine months ended March 31, 2024. The Company had no outstanding investment securities with original maturities of greater than three
months at the time of purchase as of and during the three and nine months ended March 31, 2025.

Concentration of Credit Risk in the Financial Service Industry

As of March 31, 2025, the Company had cash deposited
in certain financial institutions in excess of federally insured levels. The Company regularly monitors the financial stability of these
financial institutions and believes that it is not exposed to any significant credit risk in cash and cash equivalents. However, if liquidity
and financial stability concerns arise with respect to banks and financial institutions, either nationally or in specific regions, the
Company’s ability to access cash or enter into new financing arrangements may be threatened, which could have a material adverse
effect on its business, financial condition and results of operations.

F-32

Fair value measurement of assets and liabilities

We determine the fair values of our financial instruments
based on the fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable
inputs when measuring fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability
in an orderly transaction between market participants at the measurement date. The fair value assumes that the transaction to sell the
asset or transfer the liability occurs in the principal or most advantageous market for the asset or liability and establishes that the
fair value of an asset or liability shall be determined based on the assumptions that market participants would use in pricing the asset
or liability. The classification of a financial asset or liability within the hierarchy is based upon the lowest level input that is significant
to the fair value measurement. The fair value hierarchy prioritizes the inputs into three levels that may be used to measure fair value:

Level 1 - Inputs are unadjusted quoted prices in active
markets for identical assets or liabilities.

Level 2 - Inputs are quoted prices for similar assets
and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market
corroboration, for substantially the full term of the financial instrument.

Level 3 - Inputs are unobservable inputs based on
our assumptions.

The Company’s financial instruments include
cash