Company: BIVIW
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001520138-25-000343
Chunk: 11

Company: BIOVIE INC.
Filing Date: 2025-11-10
Form: 10-Q
Item: Part I, Item 1
Chunk 11
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its products; and the Company’s ability to raise capital. The Company’s financial statements have been prepared assuming the
Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal
course of business. As of September 30, 2025, the Company had working capital of approximately $24.4 million, cash and cash equivalents
of approximately $25.0 million, stockholders’ equity of approximately $24.9 million, and an accumulated deficit of approximately
$357.3 million. The Company is in the pre-revenue stage and no revenues are expected in the foreseeable future. The Company’s future
operations are dependent on the success of the Company’s ongoing development and commercialization efforts, as well as its ability
to secure additional financing as needed. Projected cash flows could be extended if further measures are taken to delay planned expenditures
in our research protocols and slow the progress in the Company’s development and launch of next phase clinical programs.

The future viability of the Company is largely
dependent upon its ability to raise additional capital to finance its operations. Management expects that future sources of funding may
include sales of equity, obtaining loans, or other strategic transactions. 

Although management continues to pursue the Company’s
strategic plans, there is no assurance that the Company will be successful in obtaining sufficient financing on terms acceptable to the
Company, if at all, to fund continuing operations. These circumstances raise substantial doubt on the Company’s ability to continue
as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

3.Significant Accounting Policies

Basis of Presentation – Interim Financial Information

These unaudited interim condensed financial statements
and related notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S.
GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities
and Exchange Commission (the “SEC”) for Interim Reporting. Accordingly, they do not include all of the information and footnotes
required by U.S. GAAP for complete financial statements. The unaudited interim condensed financial statements furnished reflect all adjustments
(consisting of normal recurring accruals) that are, in the opinion of management, considered necessary for a fair presentation of the
results for the interim periods presented. Interim results are not necessarily indicative of the results for the full year. The condensed