Company: BIVIW
Filing Date: 2025-07-22
Form Type: S-1/A
Source: 0001520138-25-000216
Chunk: 78

Company: BIOVIE INC.
Filing Date: 2025-07-22
Form: S-1/A
Chunk 78
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 Units at an assumed public offering price of $10.30 per Unit (the last reported sale price of our Common Stock
on Nasdaq on June 26, 2025) after deducting estimated underwriting discounts and commissions and estimated offering expenses, our
as adjusted net tangible book value as of March 31, 2025 would have been approximately $34.7 million, or approximately $10.50 per
share. This represents an immediate decrease in net tangible book value of approximately $0.97 per share to our existing stockholders,
and an immediate dilution in as adjusted net tangible book value of approximately $(0.20) per share to new investors purchasing Units
in this offering. Dilution per share to new investors is determined by subtracting as adjusted net tangible book value per share as of
March 31, 2025 after giving effect to this offering from the public offering price per Unit paid by new investors.

The following table illustrates this per share
dilution:

| Assumed public offering price per Unit                                                                  |     |   |   |       |     | $ | 10.30 |   |
| Historical net tangible book value per share as of March 31, 2025                                       |     | $ |   | 11.46 |     |   |       |   |
| Decrease in as adjusted net tangible book value per share after this offering                           |     | $ | ( | 0.97) |     |   |       |   |
| As adjusted net tangible book value per share as of March 31, 2025 after giving effect to this offering |     |   |   |       |     | $ | 10.50 |   |
| Dilution per share to new investors in this offering                                                    |     |   |   |       |     | $ | (0.20 | ) |

A $1.00 increase in the
assumed public offering price of $10.30 per Unit, which was the closing price of our common stock on Nasdaq on June 26, 2025, would increase
our as adjusted net tangible book value after this offering to approximately $10.92 per share and would increase the dilution to new investors
purchasing Units in this offering to approximately $0.38 per share, assuming that the number of Units offered by us, as set forth on the
cover page of this prospectus, remains the same and after deducting estimated underwriting discounts and commissions and estimated offering