Company: BIVIW
Filing Date: 2025-08-08
Form Type: 424B5
Source: 0001520138-25-000247
Chunk: 187

Company: BIOVIE INC.
Filing Date: 2025-08-08
Form: 424B5
Chunk 187
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 (69,643,154 | ) |     |   |   (60,637,938 | ) |
| Net deferred tax assets            |     | $ |             - |   |     | $ |             - |   |

At June 30, 2024 and 2023, the Company has recorded a full valuation
against its net deferred tax assets of approximately $69.6million
and $60.6million,
respectively, since in the judgement of management, these assets are not more than likely to be realized. The increase in the
valuation allowance during the year ended June 30, 2024 was approximately $9.0million.

At June 30, 2024, the Company had a Net Operating
Loss (“NOL”) carryforward of approximately $184 million. NOL’s generated prior to 2018 have expiration dates ranging
from 2032 to 2037.

The Company has no current tax expense due to its net losses and a full
valuation allowance.

Reconciliation of the differences between income tax
benefit computed at the federal and state statutory tax rates and the provision for income tax benefit for the years ended June 30, 2024
and 2023 is as follows:

| Schedule of effective income tax rate reconciliation |     |      |     |    |     |      |     |    |
|                                                      |     | 2024 |     |    |     | 2023 |     |    |
| Income tax expense at federal statutory rate         |     |      |  21 | %  |     |      |  21 | %  |
| State taxes, net of federal benefit                  |     |      |   7 | %  |     |      |   7 | %  |
| Change in valuation allowance                        |     |      | (28 | )% |     |      | (28 | )% |
| Effective tax rate                                   |     |      |   - |    |     |      |   - |    |

| 14. | Subsequent Events |

On September 25, 2024, the Company closed a best
efforts public offering (the “September 2024 Offering”) of 1,360,800
shares of its common stock, par value $0.0001
per share, pre-funded warrants (the “September Pre-funded Warrants”) to purchase 600,000
shares of Common Stock, and warrants to purchase up to 1