Company: BIVIW
Filing Date: 2025-02-11
Form Type: 10-Q
Source: 0001520138-25-000056
Chunk: 23

Company: BIOVIE INC.
Filing Date: 2025-02-11
Form: 10-Q
Item: Part I, Item 3
Chunk 23
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 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.

In order to raise additional capital, we may in the
future offer additional shares of our Common Stock or other securities convertible into or exchangeable for our Common Stock. We may sell
shares or other securities in offerings at a price per share that is less than the current market price of our securities, and investors
purchasing shares or other securities in the future could have rights superior to existing stockholders. The sale of additional shares
of our Common Stock or other securities convertible into or exchangeable for our Common Stock would dilute all of our stockholders, and
if such sales of convertible securities into or exchangeable into our Common Stock occur at a deemed issuance price that is lower than
the current exercise price of our outstanding warrants sold to Acuitas Group Holdings, LLC (“Acuitas”) in August 2022, the
exercise price for those warrants would adjust downward to the deemed issuance price pursuant to price adjustment protection contained
within those warrants.

As of December 31, 2024, there were warrants outstanding to purchase
an aggregate of 9,600,835 shares of our Common Stock at exercise prices ranging from $1.37 to $125.00 per share and 967,811 shares issuable
upon exercise of outstanding options at exercise prices ranging from $1.90 to $420.90 per share and restricted stock units totaling 97,067.
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.

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Item 2. Unregistered sales of equity securities

On August 12, 2024, the Company issued 15,