Company: BIVIW
Filing Date: 2025-07-03
Form Type: S-1
Source: 0001520138-25-000198
Chunk: 18

Company: BIOVIE INC.
Filing Date: 2025-07-03
Form: S-1
Chunk 18
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Risk Factors</div>

Investing in shares of our Common Stock involves a high degree of risk. Before deciding whether to invest in shares of our Common Stock, you should consider carefully the risks and uncertainties discussed under the sections titled “Risk Factors” contained in our most recent Annual Report on Form 10-K and in our most recent Quarterly Report on Form 10-Q, as well as any amendments thereto reflected in our subsequent filings with the SEC, which are incorporated by reference into this prospectus, together with other information in this prospectus, the documents incorporated by reference herein, and any prospectus supplement and any free writing prospectus that we may authorize. Please also read carefully the section titled “Cautionary Note Regarding Forward-Looking Statements.”

Risks Relating to this Offering and Our Common
Stock

You may experience immediate and substantial
dilution in the net tangible book value per share of our Common Stock you purchase in this offering.

The public offering price per Unit in this offering may exceed the
as adjusted net tangible book value per share of our Common Stock outstanding prior to this offering. After giving effect to the sale
by us of the Units at an assumed public offering price of $10.30 per Unit, and after underwriter fees and estimated offering expenses
payable by us and assuming full exercise of the Pre-Funded Warrants, you will experience immediate dilution of $(0.20) per share, representing
the difference between our as adjusted net tangible book value per share as of March 31, 2025 after giving effect to this offering and
the assumed public offering price. The exercise of outstanding warrants and stock options may also result in further dilution of your
investment. See the section entitled “Dilution” on page 21 for a more detailed illustration of the dilution you may incur
if you participate in this offering.

Our management will have broad discretion
over the use of the net proceeds from this offering, may invest or spend the proceeds raised in this offering in ways with which you may
not agree and the proceeds may not yield a significant return.

Our management will have broad discretion over
the use of proceeds from this offering. We currently intend to use the net proceeds of this offering as described in the section entitled
“Use of Proceeds.” However, our management will have broad discretion in the application of the net proceeds from this offering
and could use them for purposes other than those contemplated at the time of this offering. Accordingly, you are