Company: BIVIW
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001520138-25-000144
Chunk: 75

Company: BIOVIE INC.
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 8
Chunk 75
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ulm, allegedly on behalf of the Company, that
piggy-backs on the securities class action also pending in that court. The derivative complaint names certain current and former officers
and directors as defendants, and generally alleges that they breached their fiduciary duties by causing or failing to prevent the securities
violations alleged in the securities class action.

On April 28, 2025, a second shareholder derivative lawsuit was filed
in the United States District Court for the District of Nevada by putative stockholder William Settel, allegedly on behalf of the Company,
that likewise piggy-backs on the securities class action. The Settel derivative complaint alleges essentially the same claims as the Hulm
derivative action against the same defendants based on the same alleged conduct.

The Company believes that the claims are without merit and intend to defend
vigorously against them, but there can be no assurances as to the outcome.

    11.
    Employee Benefit Plan

On August 1, 2021, the Company began sponsoring an
employee benefit plan subject to Section 401(K) of the Internal Revenue Service Code (the “401K Plan”) pursuant to which,
all employees meeting eligibility requirements are able to participate.

Subject to certain limitations in the Internal Revenue
Code, eligible employees are permitted to make contributions to the 401K Plan on a pre-tax salary reduction basis and the Company will
match 5% of the first 5% of an employee’s contributions to the 401K Plan. The Company made contributions into the plan of approximately
$46,800 and $53,900, for the three months ended March 31, 2025 and 2024, respectively. The Company made contributions into the plan of
approximately $108,800 and $105,000, for the nine months ended March 31, 2025 and 2024, respectively.

 20 

Item 2. Management’s Discussion and Analysis of Financial Condition
and Results of Operations

This report contains forward-looking statements within
the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended.
Any statements contained in this report that are not statements of historical fact may be forward-looking statements. When we use the
words “intends,” “estimates,” “predicts,” “potential,” “continues,” “anticipates,”
“plans,” “expects,” “believes,”