Company: BIVIW
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001520138-25-000144
Chunk: 28

Company: BIOVIE INC.
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 1
Chunk 28
---
nine months ended March 31, 2025 and 2024: 

    Schedule of assumptions used

    March 31, 2025
     
    March 31, 2024
  
    Expected life of options (in years)
    4
     
    5
  
    Expected volatility
    93.44%
     
    87.11%
  
    Risk free interest rate
    4.34%
     
    4.80%
  
    Dividend Yield
    0%
     
    0%

     16 

On December 20, 2024, the Company issued to employees
and directors stock options to purchase 208,902 and 113,055 shares of Common Stock, respectively; at an exercise price of $1.90, the Company’s
stock price at the close on December 20, 2024. The fair value of the stock options issued to Directors were $1.20 per share. The fair
value of the stock options issued to Management was $1.43 per share.

The Company recorded stock-based compensation
expense relating to the vesting of stock options of approximately $338,000
and $691,000
for the three months ended March 31, 2025 and 2024, respectively. The total stock-based compensation expense from stocks options for
the nine months ended March 31, 2025 and 2024 was approximately $843,000
and $2.1
million, respectively.

Restricted stock units and restricted shares:

On November 20, 2024, the Company issued equity awards
as part of the board of directors’ annual compensation. Two directors received 66,900 restricted stock units (“RSUs”)
with a grant date fair value of $3.36 per share and three directors received stock options to purchase 168,300 shares of Common Stock
at an exercise price of $3.36 per share with a grant date fair value of $2.11 per share. The RSUs vest quarterly on February 8, 2025,
May 8, 2025, August 8, 2025 and the earlier of November 8, 2025 or the next annual shareholders’ meeting. During the three months
ended March 31, 2025, 17,300 shares were issued related to the RSUs that vested in February 2025.

The Company issued 6,818 shares for the final tran