Company: BIVIW
Filing Date: 2025-07-11
Form Type: S-1/A
Source: 0001520138-25-000205
Chunk: 208

Company: BIOVIE INC.
Filing Date: 2025-07-11
Form: S-1/A
Chunk 208
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 PIPE Warrant Shares were estimated using the Black Scholes Method with the following inputs, the stock price of $3.36,
exercise price of $1.53 and $1.37, remaining term of 2.8 years, risk free rate of 4.0% and volatility of 94.0%.

For the nine months ended March 31, 2025, the Company
recorded $369,465 as a deemed dividend in the accompanying condensed statement in stockholders’ equity.

Consulting expenses

During the nine months ended March 31, 2025, the Company paid a Director
of the Company $50,000 for consulting services which are reflected as a component of selling, general and administrative expenses on the
accompanying condensed statement of operations and comprehensive loss. There were no consulting expenses for the three months ended March
31, 2025.

| 6. | Notes Payable |

On November 30, 2021 (the “Closing Date”),
the Company entered into a Loan and Security Agreement and the Supplement to the Loan and Security Agreement and Promissory Notes (together,
the “Loan Agreement”) with Avenue Venture Opportunities Fund, L.P. (“AVOPI”) and Avenue Venture Opportunities
Fund II, L.P. (“AVOPII,” and together with AVOPI, “Avenue”) for growth capital loans in an aggregate commitment
amount of up to $20 million (the “Loan”). On the Closing Date, $15 million of the Loan was funded (“Tranche 1”).
The Loan bore interest at an annual rate equal to the greater of (a) the sum of 7.00% plus the prime rate as reported in The Wall Street
Journal and (b) 10.75%. The Loan was secured by a lien upon and security interest in all of the Company’s assets, including intellectual
property, subject to agreed exceptions. The Loan was paid in full on its maturity date of December 1, 2024 along with a final payment
equal to 4.25% of the Loan commitment amount, or $850,000, the (“Loan Premium”) and the lien upon and security interest in
all of the Company’s assets was released.

The Loan Agreement included a conversion option to convert up to $5.0 million
of the principal amount of the Loan outstanding at the option of Avenue, into shares of the Company’s Common Stock at a conversion
price of $69.80 per share (the