Company: BIVIW
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001520138-25-000144
Chunk: 80

Company: BIOVIE INC.
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 8
Chunk 80
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, which
was sustained (43% reduction) during the three months after treatment initiation as compared to the three-month pre-treatment period.

 22 

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

Net loss

The net loss for the three months ended March
31, 2025 was approximately $2.8 million as compared to the net loss of $8.1 million for the three months ended March 31, 2024. The net
decrease of $5.3 million is due to a decrease in research and development expenses of $4.4 million, decrease in selling, general and administrative
expenses of approximately $388,000, and a decline in other expense of approximately $536,000.

Total operating expenses for the three months
ended March 31, 2025 were approximately $3.0 million as compared to $7.7 million for the three months ended March 31, 2024. The net
decrease of approximately $4.7 million for the three months ended March 31, 2025 was comprised of decreased research and development expenses
of approximately $4.4 million primarily due to the completion of clinical trials in the prior fiscal year and a net decrease in selling,
general and administrative expenses of approximately $388,000.

Research and Development Expenses

Research and development (“R&D”) expenses
were approximately $1.3 million and $5.7 million for the three months ended March 31, 2025 and 2024, respectively. The $4.4 million net
decrease was primarily attributed to a decline in expenses of approximately $2.9 million from studies that completed in prior fiscal year
and other related expenses such as the clinical teams’ payroll of approximately $262,000, reflecting the reduction in force in December
2023, and a decrease in consultancy expense of approximately $678,000, resulting from declining use of consultants as the clinical studies
were completed, a decrease in Chemistry, Manufacturing and Controls (“CMC”) and new drug discovery totaling approximately
$354,000, a reduction in the use of regulatory and other consultants totaling approximately $29,000, and a decrease in related expenses
of approximately $18,000 in travel, conferences and publications.

The table below summarizes the expenses incurred for
the three months ended March 31, 2025 and 2024 by study:

    Three Months Ended