Company: BIVIW
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001520138-25-000144
Chunk: 123

Company: BIOVIE INC.
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 4
Chunk 123
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 future equity offerings or if we issue shares subject to options, warrants, stock awards or other arrangements.

As of March 31, 2025, our Articles of Incorporation,
as amended, authorize the issuance of 800,000,000 shares of Common Stock, and we had 18,545,735 shares of Common Stock issued and 18,517,376
issued and outstanding. Accordingly, we may issue up to an additional 781,454,265 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.

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 March 31, 2025, there were warrants outstanding
to purchase an aggregate of 9,600,564 shares of our Common Stock at exercise prices ranging from $1.37 to $125.00 per share and 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 109,039. We may also grant additional options, warrants or equity awards. To the extent such shares are issued, the interest