Company: BIVIW
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001520138-25-000343
Chunk: 61

Company: BIOVIE INC.
Filing Date: 2025-11-10
Form: 10-Q
Item: Part I, Item 8
Chunk 61
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 the Per-Protocol population, which included those patients who completed the trial and who were further verified
to have taken the study drug (based on pharmacokinetic data), an observed descriptive change from baseline appeared to suggest a slowing
of cognitive loss; these same patients experienced an advantage in age deceleration vs. placebo as measured by DNA epigenetic change.
Age deceleration is used by longevity researchers to measure the difference between the patient’s biological age, in this case as
measured by the Horvath DNA methylation Skin Blood Clock, relative to the patient’s actual chronological age. This test was a non-primary/secondary
endpoint, other-outcome measure, done via blood test collected at week 30 (end of study). Additional DNA methylation data continues to
be collected and analyzed.

22

Comparison of the three months ended September 30, 2025 to the three
months ended September 30, 2024

Net loss

The net loss for the three months ended September
30, 2025 was approximately $5.1 million and as compared to the net loss of $4.2 million for the three months ended September 30, 2024.
The net increase of $900,000 for the three months ended September 30, 2025 was comprised of the net increase in research and development
expenses of $946,000, net increase in general and administrative expenses of approximately $216,000 offset by a decrease in other (income)
expense, net of approximately $227,000.

Total operating expenses for the three months
ended September 30, 2025 were approximately $5.3 million as compared to $4.1 million for the three months ended September 30, 2024. The
net increase of approximately $1.2 million for the three months ended September 30, 2025, was comprised of net increased research and
development expenses of approximately $946,000 primarily attributed to the development and launch of both the Long COVID program in April
2025 and Sunrise PD Phase 2 studies in May 2025 and the net increase in general and administrative expenses of approximately $216,000.

Research and Development Expenses 

Research and development (“R&D”)
expenses were approximately $2.9 million for the three months ended September 30, 2025, an increase of approximately $946,000 from $2.0
million for three months ended September 30, 2024. The net increase in R&D