Company: BIVIW
Filing Date: 2025-08-04
Form Type: S-1/A
Source: 0001520138-25-000235
Chunk: 78

Company: BIOVIE INC.
Filing Date: 2025-08-04
Form: S-1/A
Chunk 78
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 as of that date.

After giving effect to the issuance by us in
this offering of 1,986,754 Units at an assumed public offering price of $7.55 per Unit (the last reported sale price
of our Common Stock on Nasdaq on July 24, 2025) after deducting estimated underwriting discounts and commissions and estimated
offering expenses, our as adjusted net tangible book value as of March 31, 2025 would have been approximately $34.7 million, or
approximately $9.05 per share. This represents an immediate decrease in net tangible book value of approximately $2.42
per share to our existing stockholders, and an immediate dilution in as adjusted net tangible book value of approximately $(1.50)
per share to new investors purchasing Units in this offering. Dilution per share to new investors is determined by subtracting as adjusted
net tangible book value per share as of March 31, 2025 after giving effect to this offering from the public offering price per Unit paid
by new investors.

The following table illustrates this per share
dilution:

| Assumed public offering price per Unit                                                                  |     |   |   |       |     | $ |  7.55 |   |
| Historical net tangible book value per share as of March 31, 2025                                       |     | $ |   | 11.46 |     |   |       |   |
| Decrease in as adjusted net tangible book value per share after this offering                           |     | $ | ( | 2.42) |     |   |       |   |
| As adjusted net tangible book value per share as of March 31, 2025 after giving effect to this offering |     |   |   |       |     | $ |  9.05 |   |
| Dilution per share to new investors in this offering                                                    |     |   |   |       |     | $ | (1.50 | ) |

A $1.00 increase in
the assumed public offering price of $7.55 per Unit, which was the closing
price of our common stock on Nasdaq on July 24, 2025, would decrease our as adjusted net tangible book value after this offering to approximately
$9.63 per share and would increase the dilution to new investors purchasing Units in this offering to approximately $(1.08) per share,
assuming that the number of Units offered by us, as set forth