Company: BIVIW
Filing Date: 2025-02-11
Form Type: 10-Q
Source: 0001520138-25-000056
Chunk: 9

Company: BIOVIE INC.
Filing Date: 2025-02-11
Form: 10-Q
Item: Part I, Item 2
Chunk 9
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 and an accumulated deficit of approximately $345.9 million.

The Company used net cash in operations totaling approximately
$12.2 million and net cash provided by financing activities was approximately $12.7 million comprised of net proceeds from the capital
raise activities of $15.7 million and proceeds from exercise of warrants of $2.9 million offset by the payment of $5.0 million of the
Company’s notes payable and payment of $850,000 loan premium.

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.

Controlled Equity Offering

During the six months ended December 31, 2024, the
Company sold approximately 2,143 shares of its Common Stock under its Controlled Equity Offering Sales Agreement with Cantor Fitzgerald
& Co 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.

Registered Direct Offerings 

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. 265,000 September Pre-funded Warrants were exercised in
the three months ended September 30, 2024 and reflected on the condensed statement of changes in