Company: BIVIW
Filing Date: 2025-08-08
Form Type: 424B5
Source: 0001520138-25-000247
Chunk: 171

Company: BIOVIE INC.
Filing Date: 2025-08-08
Form: 424B5
Chunk 171
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     | Derivative liability - Conversion Option |          |   |
|:----------------------------------------------------|:----|:--------------------------------|---------:|:--|:----|:-----------------------------------------|---------:|:--|
| Balance at June 30, 2022                            |     | $                               |  194,531 |   |     | $                                        |  188,030 |   |
| Additions to level 3 liabilities                    |     |                                 |        - |   |     |                                          |        - |   |
| Change in in fair value of level 3 liabilities      |     |                                 |  699,749 |   |     |                                          |  737,732 |   |
| Transfer in and/or out of level 3                   |     |                                 |        - |   |     |                                          |        - |   |
| Balance at June 30, 2023                            |     | $                               |  894,280 |   |     | $                                        |  925,762 |   |
| Additions to level 3 liabilities                    |     |                                 |        - |   |     |                                          |        - |   |
| Change in in fair value of level 3 liabilities      |     |                                 | (890,509 | ) |     |                                          | (925,762 | ) |
| Transfer in and/or out of level 3                   |     |                                 |        - |   |     |                                          |        - |   |
| Balance at June 30, 2024                            |     | $                               |    3,771 |   |     | $                                        |        - |   |

The fair values of derivative liabilities for the
Avenue Warrants and Conversion Option at June 30, 2024 in the accompanying balance sheet, were approximately $3,800 and approximately
zero, respectively. The total change in the fair value of the derivative liabilities totaled approximately $(1.8) million and $1.4 million
for the years ended June 30, 2024, and 2023, respectively; and accordingly, was recorded in the accompanying statements of operations
and comprehensive loss. The assumptions used in the Black Scholes model to value the derivative liabilities at June 30, 2024 included
the closing stock price of $4.00 per share; for the Avenue Warrants, the exercise price of $58.20, remaining term 2.4 year, risk free
rate of 4