Company: BIVIW
Filing Date: 2025-07-22
Form Type: S-1/A
Source: 0001520138-25-000216
Chunk: 48

Company: BIOVIE INC.
Filing Date: 2025-07-22
Form: S-1/A
Chunk 48
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 for manufacturing them or to develop or license replacement technology, all of which may not be feasible
on a technical or commercial basis

<div align='center'>21</div>

Licensing of intellectual property is of critical
importance to our business and involves complex legal, business and scientific issues and certain provisions in intellectual property
license agreements may be susceptible to multiple interpretations. Disputes may arise between us and our licensing partners regarding
intellectual property subject to a license agreement, including:

| · | the scope of rights granted under the license agreement and other interpretation-related issues; |

| · | whether and the extent to which technology and processes of one party infringe intellectual property of the other party that are not 
 subject to the licensing agreement;                                                                                                  |

| · | rights to sublicense patent and other rights to third parties; |

| · | any diligence obligations with respect to the use of the licensed technology in relation to development and commercialization of our 
 drug candidates, and what activities satisfy those diligence obligations;                                                            |

| · | the ownership of inventions and know-how resulting from the joint creation or use of intellectual property; |

| · | rights to transfer or assign the license; and |

| · | the effects of termination. |

The resolution of any contract interpretation
disagreement that may arise could narrow what we believe to be the scope of our rights to the relevant intellectual property or technology,
or increase what we believe to be our financial or other obligations under the relevant agreement, either of which could harm our business,
financial condition, results of operations and prospects. If disputes over intellectual property that we have licensed prevent or impair
our ability to maintain our current licensing arrangements on acceptable terms or at all, we may be unable to successfully develop and
commercialize the affected drug candidates. Moreover, any dispute or disagreement with our licensing partners may result in the delay
or termination of the research, development or commercialization of our drug candidates or any future drug candidates, and may result
in costly litigation or arbitration that diverts management attention and resources away from our day-to-day activities, which may adversely
affect our business, financial condition, results of operations and prospects.

Furthermore, current and future collaborators
or strategic partners may develop, either alone or with others, products in related fields that are competitive with the products or potential
products that are the subject of these collaborations. Competing products, either developed by our collaborators or strategic partners
or to which the collaborators or strategic partners have rights, may result in the withdrawal of partner support