Company: BIVIW
Filing Date: 2025-07-03
Form Type: S-1
Source: 0001520138-25-000198
Chunk: 36

Company: BIOVIE INC.
Filing Date: 2025-07-03
Form: S-1
Chunk 36
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 price of our common stock on
Nasdaq on June 26, 2025, would decrease our as adjusted net tangible book value after this offering to approximately $10.02 per share
and would decrease the dilution to new investors purchasing Units in this offering to approximately $(0.72) per share, assuming that the
number of Units offered by us, as set forth on the cover page of this prospectus, remains the same and after deducting estimated underwriting
discounts and commissions and estimated offering expenses.

If the underwriters exercise
their overallotment option in full, the as adjusted net tangible book value as of March 31, 2025, after giving effect to this offering,
would have been approximately $37.0 million, or approximately $10.48 per share. This represents a decrease in net tangible book value
of approximately $0.98 per share to our existing stockholders and dilution in as adjusted net tangible book value of approximately $(0.18)
per share to new investors purchasing Units in this offering.

The number of shares of our Common Stock to be
outstanding after this offering is based on 1,851,738 shares of our Common Stock outstanding as of March 31, 2025, and excludes:

| · | 88,713 shares of our Common Stock issuable upon the exercise of outstanding 
 stock options at a weighted average exercise price of $294.70 per share;    |

<div align='center'>21</div>

| · | 960,056 shares of our Common Stock issuable upon the exercise of outstanding 
 warrants at a weighted average exercise price of $35.00 per share; and       |

| · | 11,054 shares of our Common Stock issuable upon vesting of restricted 
 stock units issued under our equity incentive plan.                   |

To the extent that outstanding exercisable options
or warrants are exercised, you may experience further dilution.

In addition, we may choose to raise additional
capital due to market conditions or strategic considerations, even if we believe we have sufficient funds for our current or future operating
plans. To the extent that we raise additional capital by issuing equity securities or convertible debt, your ownership will be further
diluted.

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Principal Stockholders</div>

Based solely upon information made available to us, the following table
sets forth information as of June 30, 2025 regarding the beneficial ownership of our Common Stock by:

| · | each person known