Company: BIVIW
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001520138-25-000343
Chunk: 108

Company: BIOVIE INC.
Filing Date: 2025-11-10
Form: 10-Q
Item: Part II, Item 1
Chunk 108
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 sold to Acuitas Group Holdings, LLC (“Acuitas”) in August 2022 (the “Acuitas Warrants”),
the exercise price for those warrants would adjust downward to the deemed issuance price pursuant to price adjustment protection contained
within those warrants.

As of September 30, 2025, there were warrants
outstanding to purchase an aggregate of 8,307,038 shares of our Common Stock at exercise prices ranging from $0.0001 to $582.00 per share,
84,872 shares issuable upon exercise of outstanding options at exercise prices ranging from $19.00 to $4,209.00 per share and restricted
stock units totaling 5,457. We may also grant additional options, warrants or equity awards. To the extent such shares are issued, the
interest of holders of our Common Stock will be diluted.

Moreover, we are obligated to issue shares of
our Common Stock upon achievement of certain clinical, regulatory and commercial milestones with respect to certain of our drug candidates
(i.e., bezisterim (NE3107), NE3291, NE3413, and NE3789) pursuant to the asset purchase agreement, dated April 27, 2021, by and among the
Company, NeurMedix and Acuitas, as amended on May 9, 2021. The achievement of these milestones could result in the issuance of up to 180,000
shares of our Common Stock, further diluting the interest of holders of our Common Stock.

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Item 2. Unregistered sales of equity securities

In connection
with the Offering, the Company issued to the underwriter warrants (the “Underwriter’s Warrants”) to purchase
300,000 shares of Common Stock. The Underwriter’s Warrants have an exercise price of $2.50 per share, are immediately exercisable,
in whole or in part, and expire on August 11, 2030. The Underwriter’s Warrants provide
for registration rights (including a one-time demand registration right and unlimited piggyback rights) and customary anti-dilution provisions.

Other than
the Underwriter’s Warrants issued in connection with the Offering as disclosed, there were no unregistered sales of equity securities
during the quarterly period ended September 30, 2025.

Item 3. Defaults Upon Senior Securities

None

Item 4. Mine Safety Disclosures

None

Item 5. Other Information

None

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Item 6.