Company: BIVIW
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001520138-25-000343
Chunk: 13

Company: BIOVIE INC.
Filing Date: 2025-11-10
Form: 10-Q
Item: Part I, Item 1
Chunk 13
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 liability occurs in the principal or most advantageous market for the asset or liability and establishes
that the fair value of an asset or liability shall be determined based on the assumptions that market participants would use in pricing
the asset or liability. The classification of a financial asset or liability within the hierarchy is based upon the lowest level input
that is significant to the fair value measurement. The fair value hierarchy prioritizes the inputs into three levels that may be used
to measure fair value:

Level 1 - Inputs are unadjusted quoted prices
in active markets for identical assets or liabilities.

Level 2 - Inputs are quoted prices for similar
assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through
market corroboration, for substantially the full term of the financial instrument.

Level 3 - Inputs are unobservable inputs based
on our assumptions.

The Company’s financial instruments include
cash, accounts payable, and the carrying value of the operating lease liabilities. The carrying amounts of cash and
accounts payable approximate their fair value, due to the short-term nature of these items. The carrying amounts of notes payable and
operating lease liabilities approximate their fair values since they bear interest at rates which approximate market rates for similar
debt instruments.

Net Loss per Common Share

Basic net loss per common share is computed by
dividing the net loss attributable to Common Stockholders by the weighted average number of shares of Common Stock outstanding during
the period. Diluted net loss per common share is computed by dividing the net loss attributable to Common Stockholders by the weighted
average number of shares of Common Stock outstanding and potentially outstanding shares of Common Stock during the period to reflect the
potential dilution that could occur from common shares issuable through stock options, warrants, restricted stock units, and convertible
debentures. For the three months ending September 30, 2025 and 2024, such amounts were excluded from the diluted loss since their effect
was considered anti-dilutive due to the net loss for the periods presented.

The weighted average number of common shares outstanding
at September 30, 2025 of 5,214,355 includes the weighted average effect of the pre-funded warrants issued in connection with the August
2025 Offering, the exercise of which requires nominal consideration for the delivery of the shares of common stock (see Note 7).

The table below shows the potential shares of
common stock, presented based on amounts outstanding at each year end, which were excluded from the