Company: BIVIW
Filing Date: 2025-08-08
Form Type: 424B5
Source: 0001520138-25-000247
Chunk: 99

Company: BIOVIE INC.
Filing Date: 2025-08-08
Form: 424B5
Chunk 99
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 |          |   (116,047 | ) |
|                                                      |     | $                  |        (26,091 | ) |     | $                  |      2,923,304 |     | $        | (2,949,395 | ) |

Selling, General and Administrative Expenses

Selling, general and administrative expenses were
approximately $1.6 million and $2.0 million for the three months ended March 31, 2025 and 2024, respectively. The net decrease in expenses
of approximately $388,000 were primarily attributed to decreases in directors’ compensation of approximately $201,000, executive
teams’ compensation of $148,000 and legal fees of approximately $121,000, offset by increased expenses comprising of increased audit,
accounting and regulatory filing fees of approximately $19,000, other consulting and professional fees of approximately $25,000, public
and investor relations fees of $8,000 and miscellaneous expenses for website development, travel and other banking fees totaling approximately
$23,000.

Other Income and Expense

Other income, net was approximately $200,000 compared
to other expense, net of $336,000, for the three months ended March 31, 2025 and 2024, respectively. The net decrease in other expense
of approximately $536,000 was comprised of the decrease in the change in fair value of the derivative liabilities of approximately $102,000,
offset by a decline in interest expense of approximately $624,000 due to the payoff of the notes payable on December 1, 2024, and an increase
in interest income of approximately $14,000.

Comparison of the nine months ended March 31, 2025 to the nine months ended March 31, 2024

Net loss

The net loss for the nine months ended March 31,
2025 was approximately $14.1 million as compared to the net loss of $27.2 million for the nine months ended March 31, 2024. The net decrease
of $13.1 million was primarily attributed to decline in research and development expenses of $13.0 million, and a net increase in other
income, net of approximately $140,000.

Total operating expenses for the nine months ended
March 31, 2025 were approximately $14.4 million and $27.4 million for the nine months ended March 31, 2024. The net decrease of approximately
$13.0