Company: BIVIW
Filing Date: 2025-08-08
Form Type: 424B5
Source: 0001520138-25-000247
Chunk: 73

Company: BIOVIE INC.
Filing Date: 2025-08-08
Form: 424B5
Chunk 73
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 the net proceeds from this offering and could
use them for purposes other than those contemplated at the time of this offering. Our stockholders may not agree with the manner in which
our management chooses to allocate and spend the net proceeds. Moreover, our management may use the net proceeds for corporate purposes
that may not positively impact our results of operations or increase the market value of our securities.

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Dividend Policy</div>

We have never declared or paid dividends on our
Common Stock and we do not anticipate paying any cash dividends on our Common Stock in the foreseeable future. Payment of cash dividends,
if any, in the future will be at the discretion of our board of directors and will depend on applicable law and then-existing conditions,
including our financial condition, operating results, contractual restrictions, capital requirements, business prospects and other factors
our board of directors may deem relevant. We currently intend to retain all available funds and any future earnings to fund the development
and growth of our business.

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CAPITALIZATION</div>

The following table sets forth our capitalization as
of March 31, 2025 as follows:

| · | on an actual basis; and |

| · | on                                                                                                
 an as adjusted basis to reflect the issuance by us in this offering of 5,620,000 Units            
 at the public offering price of $2.00 per Unit and 380,000 Pre-funded Units at the public         
 offering price of $1.9999 per Pre-funded Unit, assuming full exercise of the Pre-funded Warrants, 
 and after deducting estimated offering expenses.                                                  |

You should read this table together with “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” as well as our financial statements and related notes
and the other financial information included herein.

| (in thousands, except share and per share amounts)                                                                                                                    |     | Actual |              |   |     | As adjusted |              |   |
|:----------------------------------------------------------------------------------------------------------------------------------------------------------------------|:----|:-------|-------------:|:--|:----|:------------|-------------:|:--|
| Cash and cash equivalents                                                                                                                                             |     | $      |   23,152,014 |   |     |             |   33,862,014 |   |
| Total liabilities                                                                                                                                                     |     |        |    2,842,270 |   |     |             |    2,842,270 |   |
| Preferred stock; $0