Company: BIVIW
Filing Date: 2025-07-11
Form Type: S-1/A
Source: 0001520138-25-000205
Chunk: 176

Company: BIOVIE INC.
Filing Date: 2025-07-11
Form: S-1/A
Chunk 176
---
 $       | - |     | $       | 1,820,042 |     | $     | 1,820,042 |

The following table presents the activity for level 3 liabilities measured
at fair value using unobservable inputs for the years ended June 30, 2024 and 2023:

| Fair value, liabilities measured on recurring basis |     | Derivative liability - Warrants |          |   |     | Derivative liability - Conversion Option |          |   |
|:----------------------------------------------------|:----|:--------------------------------|---------:|:--|:----|:-----------------------------------------|---------:|:--|
| Balance at June 30, 2022                            |     | $                               |  194,531 |   |     | $                                        |  188,030 |   |
| Additions to level 3 liabilities                    |     |                                 |        - |   |     |                                          |        - |   |
| Change in in fair value of level 3 liabilities      |     |                                 |  699,749 |   |     |                                          |  737,732 |   |
| Transfer in and/or out of level 3                   |     |                                 |        - |   |     |                                          |        - |   |
| Balance at June 30, 2023                            |     | $                               |  894,280 |   |     | $                                        |  925,762 |   |
| Additions to level 3 liabilities                    |     |                                 |        - |   |     |                                          |        - |   |
| Change in in fair value of level 3 liabilities      |     |                                 | (890,509 | ) |     |                                          | (925,762 | ) |
| Transfer in and/or out of level 3                   |     |                                 |        - |   |     |                                          |        - |   |
| Balance at June 30, 2024                            |     | $                               |    3,771 |   |     | $                                        |        - |   |

The fair values of derivative liabilities for the
Avenue Warrants and Conversion Option at June 30, 2024 in the accompanying balance sheet, were approximately $3,800 and approximately
zero, respectively. The total change in the fair value of the derivative liabilities totaled approximately $(1.8) million and $1.4 million
for the years ended June 30, 2024, and