Company: BIVIW
Filing Date: 2025-08-04
Form Type: S-1/A
Source: 0001520138-25-000235
Chunk: 104

Company: BIOVIE INC.
Filing Date: 2025-08-04
Form: S-1/A
Chunk 104
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 of approximately $14,000.

Comparison of the nine months ended March 31, 2025 to the nine months ended March 31, 2024

Net loss

The net loss for the nine months ended March 31,
2025 was approximately $14.1 million as compared to the net loss of $27.2 million for the nine months ended March 31, 2024. The net decrease
of $13.1 million was primarily attributed to decline in research and development expenses of $13.0 million, and a net increase in other
income, net of approximately $140,000.

Total operating expenses for the nine months ended
March 31, 2025 were approximately $14.4 million and $27.4 million for the nine months ended March 31, 2024. The net decrease of approximately
$13.0 million was primarily due to decreased research and development expenses of approximately $13.0 million due to the completion of
clinical trials in the prior fiscal year.

Research and Development Expenses

Research and development expenses were approximately
$8.0 million and $21.0 million for the nine months ended March 31, 2025 and 2024, respectively. The $13.0 million reduction was primarily
attributed to the completion of the clinical studies in the prior fiscal year and comprised of a declines in direct study costs of approximately
$7.6 million, and the related expenses such as the clinical team payroll of $1.6 million, reflecting the reduction in force in December
2023, and consultants expenses of $2.6 million, reflecting a declining use of consultants and a reduction in the use of regulatory and
other consultants totaling approximately $469,000 as the clinical studies completed in the prior fiscal year. Other decrease included
a decrease in CMC and new drug discovery totaling approximately $535,000, and a decrease in travel & conferences of approximately
$76,000 and publications of approximately $127,000.

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The decrease in clinical studies of approximately
$7.6 million represented the net decrease in clinical trial studies expense of approximately $11.6 million due the completion of the clinical
trials in the prior fiscal year offset by the planning and development of the two new clinical studies, Sunrise PD Phase 2 and Long Covid
Program, totaling approximately $4.0 million. The table below summarizes the expense amounts for the nine months ended March 31, 2025