Company: BIVIW
Filing Date: 2025-08-08
Form Type: 424B5
Source: 0001520138-25-000247
Chunk: 153

Company: BIOVIE INC.
Filing Date: 2025-08-08
Form: 424B5
Chunk 153
---
 statements and (2) involved our especially
challenging, subjective, or complex judgments. The communication of the critical audit matter does not alter in any way our opinion on
the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion
on the critical audit matter or on the accounts or disclosures to which it relates.

Research and development expenses and related accruals

As described in Note 3 to the accompanying financial
statements, research and development expenses consist primarily of costs associated with the preclinical and/or clinical trials of drug
candidates, compensation and other expenses for research and development, personnel, supplies and development materials, costs for consultants
and related contract research and third-party facility costs. The amounts recorded for clinical trial expenses represent the Company’s
estimates of clinical trial expenses based on facts and circumstances known to the Company at that time, and are dependent upon the timely
and accurate reporting of contract research organizations and other third-party vendors.

<div align='center'>F-2</div>

We identified the accounting for the research and
development expenses and related accruals to be a critical audit matter due to the degree of management judgement in ensuring they are
complete, accurate and classified correctly, their significance, and the risk of material misstatement due to the nature and timing of
these costs and accruals. This in turn led to a high degree of auditor judgment, subjectivity, and effort in applying the procedures related
to their accounting.

Addressing the matter involved performing procedures
and evaluating audit evidence in connection with forming our overall opinion on the financial statements. These procedures included, obtaining
an understanding of management’s process and evaluating the design of controls over research and development expense classification
and the completeness and accuracy of related accruals, independently researching vendors, testing a selection of research and development
expense transactions to determine, based on the underlying supporting documents, the mathematical accuracy of the expense and the appropriateness
of the expense classification. In addition, we made inquiries of management and reviewed subsequent payments, invoices and agreements
relating to certain research and development expenses to ensure that accruals were properly recorded as of June 30, 2024.

/s/ EisnerAmper LLP

We have served as the Company’s auditor since
2019.

EISNERAMPER LLP

Iselin, New Jersey

September 30, 2024

<div align='center'>F-3

BioVie Inc.

Balance Sheets