Company: BIVIW
Filing Date: 2025-07-11
Form Type: S-1/A
Source: 0001520138-25-000205
Chunk: 103

Company: BIOVIE INC.
Filing Date: 2025-07-11
Form: S-1/A
Chunk 103
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667 |     | $        |    (89,667 | ) |
| AD mild to moderate pivotal Phase 3                  |     |                    |        (26,091 | ) |     |                    |      2,715,662 |     |          | (2,741,753 | ) |
| Investigator-Initiated studies                       |     |                    |              - |   |     |                    |          1,928 |     |          |     (1,928 | ) |
| Other studies in development/cancelled               |     |                    |              - |   |     |                    |        116,047 |     |          |   (116,047 | ) |
|                                                      |     | $                  |        (26,091 | ) |     | $                  |      2,923,304 |     | $        | (2,949,395 | ) |

Selling, General and Administrative Expenses

Selling, general and administrative expenses were
approximately $1.6 million and $2.0 million for the three months ended March 31, 2025 and 2024, respectively. The net decrease in expenses
of approximately $388,000 were primarily attributed to decreases in directors’ compensation of approximately $201,000, executive
teams’ compensation of $148,000 and legal fees of approximately $121,000, offset by increased expenses comprising of increased audit,
accounting and regulatory filing fees of approximately $19,000, other consulting and professional fees of approximately $25,000, public
and investor relations fees of $8,000 and miscellaneous expenses for website development, travel and other banking fees totaling approximately
$23,000.

Other Income and Expense

Other income, net was approximately $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