Company: BIVIW
Filing Date: 2025-09-25
Form Type: DEF 14A
Source: 0001520138-25-000287
Chunk: 33

Company: BIOVIE INC.
Filing Date: 2025-09-25
Form: DEF 14A
Chunk 33
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5 (the last trading day of     
 the 2025 fiscal year), based on the closing price per share of the Company’s common stock as of such dates and assuming the reinvestment 
 of dividends.                                                                                                                            |

| (2) | The amounts reported represent net                                                                                               
 loss for the applicable fiscal year calculated in accordance with generally accepted accounting principles in the United States. |

Relationship Between CAP Amounts and Performance Measures

The following charts show graphically the relationships over the past two
years of the CAP Amounts for the PEO and the Other NEOs as compared to our (i) cumulative total shareholder return and (ii) net loss.

While the Compensation Committee makes executive compensation decisions
in consideration of a variety of factors, including corporate and individual performance, the decisions of the Compensation Committee
and Board of Directors in 2024 and 2025 were made independently of these disclosure requirements.

| -21- |

| -22- |

<div align='center'>SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT</div>

Based solely upon information made available to us,
the following table sets forth information as of September 22, 2025 regarding the beneficial ownership of our common stock by:

| ● | each of our NEOs and directors; |

| ● | all our executive officers and directors as a group; and |

| ● | each person known by us to be the beneficial owner of more than 5% of our outstanding shares of common stock |

The percentage ownership information shown in the
table is based upon 7,535,080 shares of common stock outstanding as of September 22, 2025.

Beneficial ownership is determined in accordance with
the rules of the SEC and includes voting or investment power with respect to the securities. Except as otherwise indicated, each person
or entity named in the table has sole voting and investment power with respect to all shares of our capital shown as beneficially owned,
subject to applicable community property laws.

In computing the number and percentage of shares beneficially
owned by a person as of a particular date, shares that may be acquired by such person (for example, upon the exercise of options or warrants)
within 60 days of such date are counted as outstanding, while these shares are not counted as outstanding for computing the percentage
ownership of any other person.

The address of each holder listed below, except as
otherwise indicated, is c/o BioVie Inc., 680 W Nye Lane, Suite 201, Carson City, Nevada