Company: BIVIW
Filing Date: 2025-07-11
Form Type: S-1/A
Source: 0001520138-25-000205
Chunk: 40

Company: BIOVIE INC.
Filing Date: 2025-07-11
Form: S-1/A
Chunk 40
---
 which drugs are developed and ultimately approved by regulatory authorities. Additionally, the timing of
the market introduction of some of our potential product candidate or of competitors’ products may be an important competitive factor.
Accordingly, the relative speed with which we can develop drugs, complete pre-clinical testing, clinical trials, approval processes and
supply commercial quantities to market are important competitive factors. We expect that competition among drugs approved for sale will
be based on various factors, including product efficacy, safety, reliability, availability, price and patent protection.

The successful development of biopharmaceuticals
is highly uncertain. A variety of factors including, pre-clinical study results or regulatory approvals, could cause us to abandon the
development of our product candidates.

There may be conflicts of interest among our officers, directors and stockholders.

Certain of our executive officers and directors
and their affiliates are engaged in other activities and have interests in other entities on their own behalf or on behalf of other persons.
Neither we nor any of our shareholders will have any rights in these ventures or their income or profits. In particular, our executive
officers or directors or their affiliates may have an economic interest in or other business relationship with partner companies that
invest in us or are engaged in competing drug development. Our executive officers or directors may have conflicting fiduciary duties to
us and third parties. The terms of transactions with third parties may not be subject to arm’s length negotiations and therefore
may be on terms less favorable to us than those that could be procured through arm’s length negotiations. Although we have established
an audit committee comprised solely of independent directors to oversee transactions between us and our insiders, we do not have any formal
policies in place to deal with such conflicting fiduciary duties should such a conflict arise.

<div align='center'>18</div>

We indemnify our officers and directors against liability to us and our security holders, and such indemnification could increase our operating costs.

Our Articles of Incorporation and Bylaws require
us to indemnify our officers and directors against claims associated with carrying out the duties of their offices. We are also required
to advance the costs of certain legal defenses upon the indemnitee undertaking to repay such expenses to the extent it is determined that
such person was not entitled to indemnification of such expenses. Insofar as indemnification for liabilities arising under the Securities
Act may be permitted to our officers, directors, or control persons, the Commission has advised that such indemnification is against public
policy