Company: BIVIW
Filing Date: 2025-07-22
Form Type: S-1/A
Source: 0001520138-25-000216
Chunk: 104

Company: BIOVIE INC.
Filing Date: 2025-07-22
Form: S-1/A
Chunk 104
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, 2024

Net loss

The net loss for the nine months ended March 31,
2025 was approximately $14.1 million as compared to the net loss of $27.2 million for the nine months ended March 31, 2024. The net decrease
of $13.1 million was primarily attributed to decline in research and development expenses of $13.0 million, and a net increase in other
income, net of approximately $140,000.

Total operating expenses for the nine months ended
March 31, 2025 were approximately $14.4 million and $27.4 million for the nine months ended March 31, 2024. The net decrease of approximately
$13.0 million was primarily due to decreased research and development expenses of approximately $13.0 million due to the completion of
clinical trials in the prior fiscal year.

Research and Development Expenses

Research and development expenses were approximately
$8.0 million and $21.0 million for the nine months ended March 31, 2025 and 2024, respectively. The $13.0 million reduction was primarily
attributed to the completion of the clinical studies in the prior fiscal year and comprised of a declines in direct study costs of approximately
$7.6 million, and the related expenses such as the clinical team payroll of $1.6 million, reflecting the reduction in force in December
2023, and consultants expenses of $2.6 million, reflecting a declining use of consultants and a reduction in the use of regulatory and
other consultants totaling approximately $469,000 as the clinical studies completed in the prior fiscal year. Other decrease included
a decrease in CMC and new drug discovery totaling approximately $535,000, and a decrease in travel & conferences of approximately
$76,000 and publications of approximately $127,000.

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The decrease in clinical studies of approximately
$7.6 million represented the net decrease in clinical trial studies expense of approximately $11.6 million due the completion of the clinical
trials in the prior fiscal year offset by the planning and development of the two new clinical studies, Sunrise PD Phase 2 and Long Covid
Program, totaling approximately $4.0 million. The table below summarizes the expense amounts for the nine months ended March 31, 2025
and 2024 by study:

|                                                       |     | Nine Months Ended | March 31, 2025 |   |