Company: BIVIW
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001520138-25-000343
Chunk: 55

Company: BIOVIE INC.
Filing Date: 2025-11-10
Form: 10-Q
Item: Part I, Item 8
Chunk 55
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on the securities class action were filed in the United States District Court for the District of Nevada, allegedly on behalf of the Company,
by three putative stockholders: Andrew Hulm on December 30, 2024; William Settel on April 28, 2025 and Cline Wilkerson on September 11,
2025, (collectively the “Related Derivative Lawsuits”). Each Related Derivative Lawsuit names the same current and former
officers and directors as defendants and alleges essentially the same claims: that the defendants breached their fiduciary duties by causing
or failing to prevent the securities violations alleged in the securities class action, and related claims for unjust enrichment, waste
of corporate assets, gross mismanagement, and abuse of control. On September 29, 2025, at the request of the parties, the court consolidated
all three Related Derivative Lawsuits under the caption In re BioVie Inc. Derivative Litigation, Case No. 3:24-cv-0602-CSD.

The Company believes that the claims are without
merit and intends to defend vigorously against them, but there can be no assurances as to the outcome.

10.Employee Benefit Plan

On August 1, 2021, the Company began sponsoring
an employee benefit plan subject to Section 401(K) of the Internal Revenue Service Code (the “401K Plan”) pursuant to which,
all employees meeting eligibility requirements are able to participate.

Subject to certain limitations in the Internal
Revenue Code, eligible employees are permitted to make contributions to the 401K Plan on a pre-tax salary reduction basis and the Company
will match 5% of the first 5% of an employee’s contributions to the 401K Plan. The Company made contributions into the plan of approximately
$55,800 and $34,500, for the three months ended September 30, 2025 and 2024, respectively.

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11.Segment Reporting

The Company operates as one operating segment
with a focus on its efforts to develop drug therapies for the treatment of neurological and neurodegenerative disorders and advanced liver
disease. The Company's CEO, as the chief operating decision maker, manages and allocates resources to the operations of the Company based
on the line items included within these condensed financial statements and segment performance is evaluated based on net loss. This enables
the CEO to assess the overall level of available resources and determine how best to deploy these resources