Company: BIVIW
Filing Date: 2025-10-06
Form Type: POS AM
Source: 0001520138-25-000294
Chunk: 13

Company: BIOVIE INC.
Filing Date: 2025-10-06
Form: POS AM
Chunk 13
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-Funded Warrants) at a weighted average exercise price of $5.99 per share; |

| · | 5,457 shares of our Common Stock issuable upon vesting of restricted 
 stock units issued under our equity incentive plan.                  |

Unless otherwise indicated, this prospectus supplement
reflects and assumes no exercise of outstanding options or warrants.

| 6 |

<div align='center'>Risk Factors</div>

Investing in our Common Stock involves a high degree of risk. Before deciding whether to invest in our Common Stock, you should consider carefully the risks and uncertainties discussed under the sections titled “Risk Factors” contained in our Annual Report on Form 10-K for the fiscal year ended June 30, 2025, as well as any amendments thereto reflected in our subsequent filings with the SEC, which are incorporated by reference into this prospectus, together with other information in this prospectus, the documents incorporated by reference herein, and any prospectus supplement and any free writing prospectus that we may authorize. Please also read carefully the section titled “Cautionary Note Regarding Forward-Looking Statements.”

Risks Relating to this Offering and Our Common Stock

Our stock price is and may continue to be volatile and you may not be able to resell our Common Stock at or above the price you paid.

The market price for our Common Stock is volatile
and may fluctuate significantly in response to a number of factors, many of which we cannot control, such as quarterly fluctuations in
financial results, the timing and our ability to advance the development of our product candidates or changes in securities analysts’
recommendations could cause the price of our stock to fluctuate substantially. In addition, stock markets generally have recently experienced
volatility. Our stock price is likely to experience significant volatility in the future. The price of our Common Stock may decline and
the value of any investment in our Common Stock may be reduced regardless of our performance. Further, the daily trading volume of our
Common Stock has historically been relatively low. As a result of the historically low volume, our shareholders may be unable to sell
significant quantities of Common Stock in the public trading markets without a significant reduction in the price of our shares of Common
Stock. Each of these factors, among others, could harm your investment in our Common Stock and could result in your being unable to resell
the shares of our Common Stock that you purchase at a price equal to or above the price you paid.

In the past, when the market price of a stock