Company: BIVIW
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001520138-25-000144
Chunk: 82

Company: BIOVIE INC.
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 8
Chunk 82
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 $200,000 compared
to other expense, net of $336,000, for the three months ended March 31, 2025 and 2024, respectively. The net decrease in other expense
of approximately $536,000 was comprised of the decrease in the change in fair value of the derivative liabilities of approximately $102,000,
offset by a decline in interest expense of approximately $624,000 due to the payoff of the notes payable on December 1, 2024, and an increase
in interest income of approximately $14,000.

Comparison of the nine months ended March 31, 2025 to the nine months
ended March 31, 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
public