Company: BIVIW
Filing Date: 2025-08-04
Form Type: S-1/A
Source: 0001520138-25-000235
Chunk: 214

Company: BIOVIE INC.
Filing Date: 2025-08-04
Form: S-1/A
Chunk 214
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20, 2024, the Company issued to employees
and directors stock options to purchase 208,902 and 113,055 shares of Common Stock, respectively; at an exercise price of $1.90, the Company’s
stock price at the close on December 20, 2024. The fair value of the stock options issued to Directors were $1.20 per share. The fair
value of the stock options issued to Management was $1.43 per share.

The Company recorded stock-based compensation
expense relating to the vesting of stock options of approximately $338,000
and $691,000
for the three months ended March 31, 2025 and 2024, respectively. The total stock-based compensation expense from stocks options for
the nine months ended March 31, 2025 and 2024 was approximately $843,000
and $2.1
million, respectively.

Restricted stock units and restricted shares:

On November 20, 2024, the Company issued equity awards
as part of the board of directors’ annual compensation. Two directors received 66,900 restricted stock units (“RSUs”)
with a grant date fair value of $3.36 per share and three directors received stock options to purchase 168,300 shares of Common Stock
at an exercise price of $3.36 per share with a grant date fair value of $2.11 per share. The RSUs vest quarterly on February 8, 2025,
May 8, 2025, August 8, 2025 and the earlier of November 8, 2025 or the next annual shareholders’ meeting. During the three months
ended March 31, 2025, 17,300 shares were issued related to the RSUs that vested in February 2025.

The Company issued 6,818 shares for the final tranche of RSUs that vested in August 2024 and November 2024, from
the directors’ annual awards granted November 9, 2023. Additionally, in December 2024, 397 shares were issued related to the vesting
of RSUs previously awarded to a consultant.

During the three months ended March 31, 2025, the Company awarded 45,000
shares of restricted common stock as part of a service agreement to a vendor. The total cost of the award was based on $2.18 per share
as of the date of the award and related stock-based compensation