Company: BIVIW
Filing Date: 2025-08-04
Form Type: S-1/A
Source: 0001520138-25-000235
Chunk: 215

Company: BIOVIE INC.
Filing Date: 2025-08-04
Form: S-1/A
Chunk 215
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 expense for the three and nine months ended March 31, 2025 was $24,525.

On January 21, 2025, the Company issued 105,000 RSUs
to an Advisory board at a grant date fair value of $2.05. 20% of the RSUs vested at grant date and the remaining vest quarterly on March
31, 2025, June 30, 2025, September 30, 2025 and December 31, 2025. During the three months ended March 31, 2025, 42,000 shares were issued
related to the RSUs that vested in January 2025 and March 2025.

In February 2025, 8,128 shares were issued and delivered
for employees’ RSUs that vested on November 22, 2024.

The following table summarizes the unvested restricted
stock units outstanding at June 30, 2024 and March 31, 2025:

| Schedule of unvested of restricted stock units |     | Number of Shares |         |   |     | Weighted   
 Average    
 Grant Date 
 Fair Value 
 Per Share  |       |
|:-----------------------------------------------|:----|:-----------------|--------:|:--|:----|:-----------|------:|
| Unvested at June 30, 2024                      |     |                  |  40,291 |   |     | $          | 44.59 |
| Issued                                         |     |                  | 171,900 |   |     |            |  2.56 |
| Vested                                         |     |                  | (74,643 | ) |     |            | 11.67 |
| Canceled                                       |     |                  | (28,509 | ) |     |            |  6.67 |
| Unvested at March 31, 2025                     |     |                  | 109,039 |   |     | $          | 10.81 |

The total stock-based compensation expense from restricted
stock units for the three months ended March 31, 2025 and 2024 was approximately $321,000 and $336,000, respectively. The total
stock-based compensation expense from restricted stock units for the nine months ended March 31, 2025 and 2024 was approximately $888,000
and $1.0 million, respectively.

F-39

Stock Warrants