Company: BIVIW
Filing Date: 2025-08-08
Form Type: 424B5
Source: 0001520138-25-000247
Chunk: 207

Company: BIOVIE INC.
Filing Date: 2025-08-08
Form: 424B5
Chunk 207
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 the amount from the Avenue Loan amount funded. The Avenue Warrants are recorded at fair
value at the date of issuance and remeasured at each subsequent reporting period end date.

Embedded derivative liability – Conversion Option

The Conversion Option was accounted for as an embedded
derivative liability and required bifurcation from the Loan amount. The Black Scholes model was used to calculate the fair value of the
Conversion Option to bifurcate it from the Loan.

F-36

Financial assets

As of March 31, 2025, investments in U.S. Treasury
Bills were valued through use of quoted prices and are classified as Level 1. The following table presents information about our assets
that are measured at fair value on a recurring basis using the above input categories.

| Measured at fair value on a recurring basis             |     | Fair Value Measurements at 
 March 31, 2025             |            |     |         |   |     |         |   |     |       |            |
|:--------------------------------------------------------|:----|:---------------------------|-----------:|:----|:--------|:--|:----|:--------|:--|:----|:------|-----------:|
|                                                         |     | Level 1                    |            |     | Level 2 |   |     | Level 3 |   |     | Total |            |
| Cash                                                    |     | $                          |  8,007,601 |     | $       | - |     | $       | - |     | $     |  8,007,601 |
| U.S. Treasury Bills due in 3 months or less at purchase |     |                            | 15,144,413 |     |         | - |     |         | - |     |       | 15,144,413 |
| Total                                                   |     | $                          | 23,152,014 |     | $       | - |     | $       | - |     | $     | 23,152,014 |

|                                                         |     | Fair Value Measurements at 
 June 30, 2024              |            |     |         |   |     |         |   |     |       |            |
|:--------------------------------------------------------|:----|:---------------------------|-----------:|:----|:--------|:--|:----|:--------|:--|:----|:------|-----------:|
|                                                         |     | Level 1                    |            |