Company: BIVIW
Filing Date: 2025-08-08
Form Type: 424B5
Source: 0001520138-25-000247
Chunk: 167

Company: BIOVIE INC.
Filing Date: 2025-08-08
Form: 424B5
Chunk 167
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 five years. The down round feature reduced the exercise
price of the PIPE Warrant Shares to $10.00 per share on March 6, 2024 in connection with the offering further described in Note 9 as the
Company sold stock at a price lower than its initial exercise price. The Company calculated the difference in fair value of the PIPE Warrant
Shares between the stated exercise price and the reduced exercise price and recorded $886,423 as a deemed dividend. The fair value of
the PIPE Warrant Shares were estimated using the Black Scholes Method with the following inputs, the stock price of $10.65, exercise price
of $18.20 and $10.00, remaining term of 3.5 years, risk free rate of 4.4% and volatility of 95.0%.

On August 15, 2022, the Company received net proceeds of approximately
$5.9 million, net of costs of approximately $94,000, and entered into an amended and restated registration agreement with Acuitas, which
amended and restated that certain registration rights agreement, dated as of June 10, 2021, by and between the Company and Acuitas (the
“Existing Registration Rights Agreement”), to amend the definition of “Registrable Securities” in the Existing
Registration Rights Agreement to include the PIPE Shares and the PIPE Warrant Shares as Registrable Securities thereunder.

F-14

| 7. | Notes Payable |

On November 30, 2021 (the “Closing
Date”), the Company entered into a Loan and Security Agreement and the Supplement to the Loan and Security Agreement and
Promissory Notes (together, the “Loan Agreement”) with Avenue Venture Opportunities Fund, L.P. (“AVOPI”) and
Avenue Venture Opportunities Fund II, L.P. (“AVOPII,” and together with AVOPI, “Avenue”) for growth capital
loans in an aggregate commitment amount of up to $20 million (the “Loan”). On the Closing Date, $15 million of the Loan
was funded (“Tranche 1”). The Loan provided for an additional $5 million to be available to the Company on or prior to
September 15, 2022, subject to the Company’s achievement of certain milestones with respect to certain of its ongoing clinical
trials, which were not achieved. The Loan bears interest at an annual rate equal to the greater of (a) the sum of