Company: BIVIW
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001520138-25-000144
Chunk: 69

Company: BIOVIE INC.
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 8
Chunk 69
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2.40  
     7.1  
     - 
  
    Options Expired 
     (38,806) 
     62.48  
     -  
     - 
  
    Options Canceled 
     (82,402) 
     7.87  
     -  
     - 
  
    Outstanding at March 31, 2025 
     887,129  
    $29.46  
     6.2  
    $- 
  
    Exercisable at March 31, 2025 
     448,470  
    $44.50  
     5.1  
    $- 

The fair value of each option on the date of grant
is estimated using the Black-Scholes option pricing model. The pricing model reflects the following weighted-average assumptions for the
nine months ended March 31, 2025 and 2024: 

    Schedule of assumptions used

    March 31, 2025
     
    March 31, 2024
  
    Expected life of options (in years)
    4
     
    5
  
    Expected volatility
    93.44%
     
    87.11%
  
    Risk free interest rate
    4.34%
     
    4.80%
  
    Dividend Yield
    0%
     
    0%

     16 

On December 20, 2024, the Company issued to employees
and directors stock options to purchase 208,902 and 113,055 shares of Common Stock, respectively; at an exercise price of $1.90, the Company’s
stock price at the close on December 20, 2024. The fair value of the stock options issued to Directors were $1.20 per share. The fair
value of the stock options issued to Management was $1.43 per share.

The Company recorded stock-based compensation
expense relating to the vesting of stock options of approximately $338,000
and $691,000
for the three months ended March 31, 2025 and 2024, respectively. The total stock-based compensation expense from stocks options for
the nine months ended March 31, 2025 and 2024 was approximately $843,000
and $2.1
million, respectively.

Restricted stock units and restricted shares:

On