Company: BIVIW
Filing Date: 2025-05-15
Form Type: DRS
Source: 0001520138-25-000149
Chunk: 33

Company: BIOVIE INC.
Filing Date: 2025-05-15
Form: DRS
Chunk 33
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’ equity                                                                                                                                              |     | $      |   21,817,945 |   |     |             |           |   |
| Total capitalization                                                                                                                                                    |     | $      |   24,660,215 |   |     |             |         0 |   |

The as adjusted information discussed above is
illustrative only and will be based on the actual public offering price and other terms of this offering determined at pricing. The number
of shares of our Common Stock to be outstanding after this offering is based on 18,517,376 shares of our Common Stock outstanding as of
March 31, 2025, and excludes:

| · | 887,120 shares of our Common Stock issuable upon the exercise of outstanding stock options at a weighted 
 average exercise price of $29.47 per share;                                                              |

| · | 9,600,564 shares of our Common Stock issuable upon the exercise of outstanding warrants at a weighted 
 average exercise price of $3.50 per share; and                                                        |

| · | 109,039 shares of our Common Stock issuable upon vesting of restricted stock units issued under our equity 
 incentive plan.                                                                                            |

<div align='center'>20

Dilution</div>

If you invest in shares of our Common Stock in
this offering, your interest will be diluted to the extent of the difference between the assumed public offering price per share of Common
Stock and the net tangible book value per share of Common Stock immediately after this offering.

The net tangible book value of our Common Stock
as of March 31, 2025 was approximately $21.6 million, or approximately $1.17
per share. The net tangible book value per share of our Common Stock represents our total tangible assets (total assets less intangible
assets) less total liabilities divided by the number of shares of Common Stock outstanding as of that date.

After giving effect to the issuance by us in this
offering of Units at an assumed public offering
price of $ per Unit (the last reported sale price of our Common Stock on Nasdaq
on , 2025) after deducting estimated offering expenses, our as adjusted net tangible
book value as of March 31, 2025 would have been approximately $ million, or approximately $ per
share. This represents an immediate increase in net tangible book value of approximately $
per share to our existing stockholders, and an immediate dilution in as adjusted net tangible book value of approximately $
per share