Company: BIVIW
Filing Date: 2025-07-11
Form Type: S-1/A
Source: 0001520138-25-000205
Chunk: 108

Company: BIOVIE INC.
Filing Date: 2025-07-11
Form: S-1/A
Chunk 108
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2 million. Additionally, the Company had a net loss of approximately $32.1
million and net cash used in operating activities of approximately $27.9 million during the year ended June 30, 2024.

The Company has not generated any revenue, and
no revenues are expected in the foreseeable future. The Company’s future operations are dependent on the success of the Company’s
ongoing development and commercialization efforts, as well as its ability to secure additional financing. Management expects that future
sources of funding may include sales of equity, obtaining loans, or other strategic transactions.

Although management continues to pursue the Company’s
strategic plans, there is no assurance that the Company will be successful in obtaining sufficient financing on terms acceptable to the
Company, if at all, to fund continuing operations. These circumstances raise substantial doubt on the Company’s ability to continue
as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

At-The-Market Facility

On August 31, 2022, the Company entered into a
Sales Agreement with Cantor, pursuant to which the Company may issue and sell from time-to-time shares of the Company’s Common Stock
through Cantor, subject to the terms and conditions of the Sales Agreement. During the year ended June 30, 2024, the Company sold 333,749
shares of its Common Stock under the Sales Agreement with Cantor for total net proceeds of approximately $9.3 million after 3% commissions
and cost totaling approximately $377,000. During the three months ended September 30, 2024, the Company sold approximately 2,143 shares
of its Common Stock under the Sales Agreement for total net proceeds of approximately $6,400 after 3% commissions and offering costs totaling
approximately $200. On September 25, 2024, the Company filed a prospectus supplement to suspend sales under the Controlled Equity Offering
Sales Agreement.

Offerings

On March 6, 2024, the Company closed the best
efforts public offering (the “March 2024 Offering”) of 1,500,000 shares (the “Shares”) of Common Stock, pre-funded
warrants (the “Pre-funded Warrants”) to purchase 600,000 shares of Common Stock, and warrants to purchase up to 1,050,000
shares of Common Stock (the “Common Warrants”) (CUSIP 09074F132) at a combined public