Company: BIVIW
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001520138-25-000144
Chunk: 43

Company: BIOVIE INC.
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 1
Chunk 43
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 net increase in other
income of approximately $140,000 was comprised of a decrease in the change in fair value of the related derivative liabilities of approximately
$1.8 million, and an increase in interest income of approximately $190,000, offset by a reduction in interest expense of approximately
$2.1 million due to the pay-off of the notes on December 1, 2024.

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Capital Resources and Liquidity

As of March 31, 2025, the Company had working capital of approximately
$21.2 million, cash and cash equivalents totaling approximately $23.2 million, stockholders’ equity of approximately $21.8 million,
and an accumulated deficit of approximately $348.7 million.

The Company used net cash in operations totaling approximately
$13.4 million and net cash provided by financing activities was approximately $12.7 million comprised of net proceeds from the capital
raise activities of $15.7 million and proceeds from exercise of warrants of $2.9 million offset by the payment of $5.0 million of the
Company’s notes payable and payment of the $850,000 loan premium.

The Company has not generated any revenue, and no
revenues are expected in the foreseeable future. The Company’s future operations are dependent on the success of the Company’s
ongoing development and commercialization efforts, as well as its ability to secure additional financing. Management expects that
future sources of funding may include sales of equity, obtaining loans, or other strategic transactions.

Although management continues to pursue the Company’s
strategic plans, there is no assurance that the Company will be successful in obtaining sufficient financing on terms acceptable to the
Company, if at all, to fund continuing operations. These circumstances raise substantial doubt on the Company’s ability to continue
as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. 

Critical Accounting Policies and Estimates

For the nine-month period ended March 31, 2025, the
Company added a Grant Program accounting policy that is disclosed in the Significant Accounting Policies section of this Form 10-Q. There
were no other significant changes to the Company’s critical accounting policies as identified in the Annual Report Form 10-K for
the fiscal year ended June 30, 2024.

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New Accounting Pronouncements

The Company considered the applicability and impact
of recent accounting pronouncements and determined those to be either not applicable or expected to