Company: BIVIW
Filing Date: 2025-05-15
Form Type: DRS
Source: 0001520138-25-000149
Chunk: 21

Company: BIOVIE INC.
Filing Date: 2025-05-15
Form: DRS
Chunk 21
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 of 9,600,564 shares of our Common Stock at exercise prices ranging from $1.37 to $125.00 per share, 887,129 shares
issuable upon exercise of outstanding options at exercise prices ranging from $1.90 to $420.90 per share and restricted stock units totaling
110,539. We may also grant additional options, warrants or equity awards. To the extent such shares are issued, the interest of holders
of our Common Stock will be diluted.

Moreover, we are obligated to issue shares of
our Common Stock upon achievement of certain clinical, regulatory and commercial milestones with respect to certain of our drug candidates
(i.e., bezisterim (NE3107), NE3291, NE3413, and NE3789) pursuant to the asset purchase agreement, dated April 27, 2021, by and among the
Company, NeurMedix and Acuitas, as amended on May 9, 2021. The achievement of these milestones could result in the issuance of up to 1.8
million shares of our Common Stock, further diluting the interest of holders of our Common Stock.

We may, in the future, issue additional
Common Stock, which would reduce investors’ percent of ownership and may dilute our share value.

As of May 5, 2025, our Articles of
Incorporation, as amended, authorize the issuance of 800,000,000 shares of Common Stock, and we had 18,590,735 shares of our Common
Stock issued and 18,562,376 shares of our Common Stock issued and outstanding. Accordingly, we may issue up to an additional
781,409,265 shares of Common Stock. The future issuance of Common Stock may result in substantial dilution in the percentage of our
Common Stock held by our then existing stockholders. We may value any Common Stock in the future on an arbitrary basis. The issuance
of Common Stock for future services or acquisitions or other corporate actions may have the effect of diluting the value of the
shares held by our investors, might have an adverse effect on any trading market for our Common Stock and could impair our ability
to raise capital in the future through the sale of equity securities.

There is a limited trading market
for our Common Stock, which could make it difficult to liquidate an investment in our Common Stock, in a timely manner.

Our Common Stock is currently traded on Nasdaq.
Because there is a limited public market for