Company: BIVIW
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001520138-25-000144
Chunk: 101

Company: BIOVIE INC.
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 2
Chunk 101
---
 601,080  
     (601,080)
  
     Investigator-Initiated studies 
     -  
     88,986  
     (88,986)
  
    Other studies in development/canceled 
     18,253  
     1,275,422  
     (1,257,169)

    $(27,486) 
    $11,612,404  
    $(11,639,890)

 25 

Selling, General and Administrative Expenses

Selling, general and administrative expenses for the
nine months ended March 31, 2025, was approximately $6.2 million and was comparable to approximately $6.2 million for the nine months
ended March 31, 2024. The net fluctuations in expenses were primarily comprised of decreases in directors’ compensation of approximately
$339,000, executive teams’ compensation of approximately $416,000, investor and public relation fees of $131,000 offset by increases
in other professional and consultancy fees of $566,000, legal fees of approximately $255,000, audit and accounting fees of approximately
$72,000, and insurance premiums of approximately $31,000.

Other Income and Expense

Other income, net was approximately $350,000 for the
nine months ended March 31, 2025, compared to approximately $210,000 for the nine months ended March 31, 2024. The net increase in other
income of approximately $140,000 was comprised of a decrease in the change in fair value of the related derivative liabilities of approximately
$1.8 million, and an increase in interest income of approximately $190,000, offset by a reduction in interest expense of approximately
$2.1 million due to the pay-off of the notes on December 1, 2024.

 26 

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