Company: BIVIW
Filing Date: 2025-07-11
Form Type: S-1/A
Source: 0001520138-25-000205
Chunk: 76

Company: BIOVIE INC.
Filing Date: 2025-07-11
Form: S-1/A
Chunk 76
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 dividends,
if any, in the future will be at the discretion of our board of directors and will depend on applicable law and then-existing conditions,
including our financial condition, operating results, contractual restrictions, capital requirements, business prospects and other factors
our board of directors may deem relevant. We currently intend to retain all available funds and any future earnings to fund the development
and growth of our business.

<div align='center'>38

CAPITALIZATION</div>

The following table sets forth our capitalization as
of March 31, 2025 as follows:

| · | on an actual basis; and |

| · | on an as adjusted basis to reflect the issuance by us in this offering                                                                
 of 1,456,310 Units at an assumed public offering price of $10.30 per Unit (the last reported sale price of our Common Stock on Nasdaq 
 on June 26, 2025) after deducting estimated offering expenses.                                                                        |

You should read this table together with “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” as well as our financial statements and related notes
and the other financial information included herein.

| (in thousands, except share and per share amounts)                                                                                                                    |     | Actual |              |   |     | As adjusted |              |   |
|:----------------------------------------------------------------------------------------------------------------------------------------------------------------------|:----|:-------|-------------:|:--|:----|:------------|-------------:|:--|
| Cash and cash equivalents                                                                                                                                             |     | $      |   23,152,014 |   |     |             |   36,652,014 |   |
| Total liabilities                                                                                                                                                     |     |        |    2,842,270 |   |     |             |    2,842,270 |   |
| Preferred stock; $0.001 par value; 10,000,000 shares authorized; 0 shares issued and outstanding                                                                      |     |        |            - |   |     |             |            - |   |
| Common stock, $0.0001 par value; 800,000,000 shares authorized at March 31, 2025; 1,854,574 shares issued of which 1,851,738 shares are outstanding at March 31, 2025 |     |        |        7,463 |   |     |             |        7,609 |   |
| Additional paid-in capital                                                                                                                                            |     |        |  370,465