Company: BIVIW
Filing Date: 2025-08-04
Form Type: S-1/A
Source: 0001520138-25-000235
Chunk: 108

Company: BIOVIE INC.
Filing Date: 2025-08-04
Form: S-1/A
Chunk 108
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ator-Initiated studies         |     |      |    73,000 |     |      |    311,000 |     |            |    (238,000 | ) |
|                                        |     | $    | 9,245,000 |     | $    | 23,065,000 |     | $          | (13,820,000 | ) |

Selling, General and Administrative Expenses

Selling, general and administrative expenses were
approximately $8.8 million and $11.6 million for the year ended June 30, 2024 and 2023, respectively. The net decrease of approximately
$2.7 million was primarily attributed to decreased stock and cash compensation of approximately $2.8 million of the executives and directors,
and a decline in investor relations fees of approximately $396,000, offset by insurance expense of approximately $248,000 and legal fees
of approximately $306,000.

Other Income and Expense

Other income, net was approximately $59,000 compared
to other expense, net of $5.2 million, for the year ended June 30, 2024 and 2023, respectively. The net increase in other income of approximately
$5.2 million was primarily driven by the change in fair value of the derivative liabilities of approximately $3.3 million, reduction in
interest expense of approximately $1.4 million due to amortization and accretion of the financing costs, unearned discount, and premium
relating to the note payable, and an increase in interest income of approximately $574,000 from the investment in U.S. Treasury Bills.

Capital Resources and Liquidity

As of March 31, 2025, the Company had working
capital of approximately $21.2 million, cash and cash equivalents totaling approximately $23.2 million, stockholders’ equity of
approximately $21.8 million, and an accumulated deficit of approximately $348.7 million.

The Company used net cash in operations totaling
approximately $13.4 million and net cash provided by financing activities was approximately $12.7 million comprised of net proceeds from
the capital raise activities of $15.7 million and proceeds from exercise of warrants of $2.9 million offset by the payment of $5.0 million
of the Company’s notes payable and payment of the $850,000 loan premium.

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As of June 30, 2024, the Company had