Company: BIVIW
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001520138-25-000144
Chunk: 46

Company: BIOVIE INC.
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 1
Chunk 46
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 that piggy-backs on the securities class action also pending in that court. The derivative complaint names certain current and
former officers and directors as defendants, and generally alleges that they breached their fiduciary duties by causing or failing to
prevent the securities violations alleged in the securities class action. The derivative complaint also alleges claims for unjust enrichment,
waste of corporate assets, gross mismanagement, and abuse of control as against all defendants. The defendants believe that the claims
are without merit and intend to defend vigorously against them, but there can be no assurances as to the outcome.

On April 28, 2025, a second shareholder derivative lawsuit was filed
in the United States District Court for the District of Nevada by putative stockholder William Settel, allegedly on behalf of the Company,
that alleges essentially the same claims as in the Hulm derivative litigation, against the same defendants based on the same alleged conduct.
The Settel derivative complaint alleges claims for breach of fiduciary duty, aiding and abetting breach of fiduciary duty, unjust enrichment,
abuse of control, and waste of corporate assets against all defendants. The defendants believe that the claims are without merit and intend
to defend vigorously against them, but there can be no assurances as to the outcome.

Item 1A. Risk Factors

Other than as described below, there have been no material changes
to the Risk Factors previously disclosed in our Annual Report on Form 10-K filed with the SEC on September 30, 2024 (the “2024 Form
10-K”), our quarterly report for the period ended September 30, 2024 (the “Q1 2025 10-Q”) and our quarterly report for
the period ended December 31, 2024 (the “Q2 2025 10-Q”). The risks described in our 2024 Form 10-K, our Q1 2025 10-Q, our
Q2 2025 10-Q and below are not the only risks facing our Company. Additional risks and uncertainties not currently known to the Company
or that we currently deem to be immaterial also may materially adversely affect our business, financial condition, and/or operating results.

Risks Relating to Our Business and Industry

We rely and will continue to rely on third parties
to conduct our clinical trials. If these third parties do not successfully carry out their contractual duties or meet expected deadlines
or do not successfully perform and comply with regulatory requirements, we may not be able to