Company: BIVIW
Filing Date: 2025-07-22
Form Type: S-1/A
Source: 0001520138-25-000216
Chunk: 163

Company: BIOVIE INC.
Filing Date: 2025-07-22
Form: S-1/A
Chunk 163
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 predecessor entities, LAT Pharma LLC and NanoAntibiotics, Inc., BioVie is obligated to pay a low single digit royalty
on net sales of BIV201 (continuous infusion terlipressin). to be shared among LAT Pharma Members, PharmaIn Corporation, and The Barrett
Edge, Inc.

| 2. | Liquidity and Going Concern |

The Company’s operations are subject to a number
of factors that can affect its operating results and financial conditions. Such factors include, but are not limited to: the results of
clinical testing and trial activities of the Company’s products, the Company’s ability to obtain regulatory approval to market
its products; competition from products manufactured and sold or being developed by other companies; the price of, and demand for, Company
products; the Company’s ability to negotiate favorable licensing or other manufacturing and marketing agreements for its products;
and the Company’s ability to raise capital. The Company’s financial statements have been prepared assuming the Company will
continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of
business. As of June 30, 2024, the Company had working capital of approximately $14.7 million, cash and cash equivalents of approximately
$23.8 million, stockholders’ equity of approximately $15.5 million, and an accumulated deficit of approximately $334.2 million.
The Company is in the pre-revenue stage and no revenues are expected in the foreseeable future. The Company’s future operations
are dependent on the success of the Company’s ongoing development and commercialization efforts, as well as its ability to secure
additional financing as needed. Projected cash flows could be extended if further measures are taken to delay planned expenditures in
our research protocols and slow the progress in the Company’s development and launch of next phase clinical programs.

The future viability of the Company is largely dependent
upon its ability to raise additional capital to finance its operations. Management expects that future sources of funding may include
sales of equity, obtaining loans, or other strategic transactions.

F-9

| 2. | Liquidity and Going Concern (continued) |

Although management continues to pursue the Company’s
strategic plans, there is no assurance that the Company will be successful in obtaining sufficient financing on terms acceptable to the
Company, if at all, to fund continuing operations. These circumstances raise substantial doubt on the Company’s ability to continue
as a going concern. The financial statements do not include any adjustments that might result