Company: BIVIW
Filing Date: 2025-08-04
Form Type: S-1/A
Source: 0001520138-25-000235
Chunk: 191

Company: BIOVIE INC.
Filing Date: 2025-08-04
Form: S-1/A
Chunk 191
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 21 | %  |     |      |  21 | %  |
| State taxes, net of federal benefit                  |     |      |   7 | %  |     |      |   7 | %  |
| Change in valuation allowance                        |     |      | (28 | )% |     |      | (28 | )% |
| Effective tax rate                                   |     |      |   - |    |     |      |   - |    |

| 14. | Subsequent Events |

On September 25, 2024, the Company closed a best
efforts public offering (the “September 2024 Offering”) of 1,360,800
shares of its common stock, par value $0.0001
per share, pre-funded warrants (the “September Pre-funded Warrants”) to purchase 600,000
shares of Common Stock, and warrants to purchase up to 1,960,800
shares of Common Stock (the “September Common Warrants”) at a combined public offering price of $1.53
per Share, or September Pre-funded Warrant, and the associated September Common Warrant. The SeptemberCommon Warrants have an exercise price of $ 1.53per share and are immediately exercisable upon issuance and will expire on the fifth anniversary date of the original issuance date.The
gross proceeds to the Company from the September 2024 Offering were approximately $3.0
million, before deducting placement agent fees and offering expenses of approximately $560,000.
Additionally, upon closing the Company issued the placement agent warrants (“September Placement Agent’s
Warrants”) to purchase 98,040
shares of Common Stock exercisable at a per share price of $1.91,
which was equal to 125% of the public offering price per share. The September Placement Agent’s Warrants are exercisable
during a five-year period commencing 180 days from September 25, 2024.

<div align='center'>F-25

BioVie Inc.

Condensed Balance Sheets

(Unaudited)</div>

| ASSETS                                                                                                                                                                                                                                                                        
 CURRENT ASSETS:                                                                                                                                                                                                                                                               |     | March 31, 
 2025      |              |   |     | June 30, 
 2024     |              |   |
|:------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|:----|:----------|-------------:|:--|:----|:---------|-------------:|:--|
| Cash and