What changed in this filing

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Item 1. Financial Statements

2026-02-06 compared with 2025-11-10 · 241 added, 178 removed, 501 unchanged (46% of the section changed)

1 unchanged sentence

Condensed Balance Sheets

September 30,

CURRENT ASSETS:

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Common stock, $ 0.0001 par value;

800,000,000 shares authorized at September 30, 2025 and June 30, 2025;

7,540,316 shares issued of which 7,537,479 shares outstanding at September 30, 2025;

800,000,000 shares authorized at December 31, 2025 and June 30, 2025;

7,543,571 shares issued of which 7,540,734 shares outstanding at December 31, 2025;

and 1,917,061 shares issued of which 1,914,224 shares are outstanding at June 30, 2025

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Three Months Ended

September 30, 2025

September 30, 2024

Six Months Ended

December 31, 2025

December 31, 2024

December 31, 2025

December 31, 2024

OPERATING EXPENSES:

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( 7,292,829 )

( 11,546,899 )

( 11,414,910 )

OTHER (INCOME) EXPENSE:

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Interest income

TOTAL OTHER (INCOME) EXPENSE, NET

TOTAL OTHER INCOME, NET

$ ( 6,069,475 )

$ ( 7,112,529 )

$ ( 11,157,032 )

$ ( 11,264,561 )

Deemed dividend related to ratchet adjustment to warrants

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$ ( 7,156,953 )

NET LOSS PER COMMON SHARE

WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING

NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS

$ ( 11,200,576 )

$ ( 11,634,026 )

NET LOSS PER COMMON SHARE

WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING

See accompanying notes to unaudited condensed financial

Condensed Statements of Changes in Stockholders’

Treasury Stock

Comprehensive

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( 338,709,734 )

Stock-based compensation - stock options

Stock-based compensation - restricted stock units

Issuance of common stock from vesting of - restricted stock units

Exercise of warrants

Cashless exercise of warrants

Proceeds from issuance of common stock, net of costs of $2,492,880

Deemed dividend for ratchet adjustment to warrants

( 7,112,529 )

Balance, December 31, 2024

$ 369,789,109

$ ( 345,866,687 )

Balance, June 30, 2025

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( 357,275,347 )

Stock - based compensation - stock options

Stock-based compensation - restricted stock units and restricted shares

Issuance of common stock from vesting of restricted stock units

( 6,069,475 )

Balance, December 31, 2025

$ 382,609,131

$ ( 363,344,822 )

See accompanying notes to unaudited condensed financial

Condensed Statements of Cash Flows

Three Months Ended

September 30, 2025

September 30, 2024

Six Months Ended

December 31, 2025

December 31, 2024

CASH FLOWS FROM OPERATING ACTIVITIES:

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Accounts payable and accrued expenses

( 2,204,411 )

Operating lease liabilities

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( 12,164,235 )

CASH FLOWS FROM INVESTING ACTIVITIES:

Net cash provided by investing activities

CASH FLOWS FROM FINANCING ACTIVITIES:

Net proceeds from issuance of common stock

Proceeds from exercise of warrants

Payment of loan premium

( 5,000,000 )

Net cash provided by (used in) financing activities

Net cash provided by financing activities

Net change in cash and cash equivalents

( 3,820,393 )

Cash and cash equivalents, beginning of period

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Notes to Condensed Financial Statements

For the Three Months Ended September 30, 2025

For the Three and Six Months Ended December

31, 2025 and 2024

Background Information

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and bezisterim could, if approved by the U.S.

Food and Drug Administration (“FDA”), represent an entirely new medical approach

to treating these devastating conditions affecting an estimated 6 million Americans suffering from AD, 1 million Americans suffering from

PD and Long COVID affects approximately 20 million adults in the US, and millions more worldwide.

Food and Drug Administration (“FDA”), represent an entirely new medical approach to treating these devastating conditions affecting an estimated 6 million Americans suffering from Alzheimer's Disease, 1 million Americans suffering from Parkinson's Disease, and approximately 20 million adults in the US suffering from Long COVID, with millions more affected worldwide.

In neurodegenerative disease, the Company’s

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inflammatory pathways) that lead to neuroinflammation and insulin resistance.

By binding to ERK and selectively modulating NFκB

activation and TNF-α production and not interfere with their homeostatic functions, BioVie believes that bezisterim may offer clinical

By binding to ERK and selectively modulating NFκB activation and TNF-α production without interfering with their homeostatic

functions, BioVie believes that bezisterim may offer clinical

improvements in several disease indications, including PD, AD and long COVID.

Parkinson’s Disease

The Company designed a new Phase 2b study of bezisterim

as a potential first line therapy to treat patients with new onset PD.

This trial will be evaluating the safety and efficacy of bezisterim

on motor and non-motor symptoms in patients with PD who haven’t been treated with carbidopa/levodopa.

The PD Phase 2b study, multicenter,

randomized, double-blind, placebo-controlled trial with a hybrid decentralized design will last 20 weeks from the initial screening phase

to the safety follow up.

In July 2024, the Company submitted the new protocol and received a response from the FDA permitting the Company

to proceed with the study.

The trial commenced in April 2025.

The Company designed a Phase 2b study of

bezisterim as a potential first line therapy to treat patients with new onset PD.

This trial evaluates the safety and efficacy of

bezisterim on motor and non-motor symptoms in patients with PD who haven't been treated with carbidopa/levodopa.

The PD Phase 2b

study, multicenter, randomized, double-blind, placebo-controlled trial with a hybrid decentralized design will last 20 weeks from

the initial screening phase to the safety follow up.

The trial commenced in April 2025 and completed enrollment of 60 patients in

December 2025.

Topline results from the trial are expected in the first half of 2026.

The Phase 2 study of bezisterim for the treatment

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and self-reported fatigue may meet qualification criteria.

As of September 30, 2025, the total cost incurred

was approximately $ 5.9

million and was reimbursed as of November 10, 2025.

Grant reimbursements recognized for the corresponding research and development expenses in the accompanying condensed statements

of operations totaled $ 336,000

and $ 325,000

for the three months ended September 30, 2025 and 2024, respectively.

As of December 31, 2025, the total cost

incurred was approximately $ 6.7

million and $ 6.4

million was reimbursed as of January 20, 2026.

Grant reimbursements recognized for the corresponding research and development

expenses in the accompanying condensed statements of operations totaled approximately $ 706,000

and zero 0 for the three months ended December 31, 2025 and 2024, respectively.

Grant reimbursements recognized for the

corresponding research and development expenses in the accompanying condensed statements of operations totaled approximately $ 1.0

million and $ 325,000 for the six months ended December 31, 2025 and 2024, respectively.

Alzheimer’s Disease

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of BIV201 (continuous infusion terlipressin) to be shared among LAT Pharma Members, PharmaIn Corporation, and The Barrett Edge, Inc.

to the separation agreement to be entered into between the Company and BioVie, the Company will assume the royalty agreement and will

be obligated to pay 5.0% on net sales of BIV201 (continuous infusion terlipressin) to be shared among LAT Pharma Members, PharmaIn Corporation,

and The Barrett Edge, Inc.

Liquidity and Going Concern

The Company’s operations are subject to

a number of factors that can affect its operating results and financial conditions.

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:

results of clinical testing and trial activities of the Company’s products, the Company’s ability to obtain regulatory approval

to market its products;

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 September 30, 2025, the Company had working capital of approximately $ 24.4 million, cash and cash equivalents

of approximately $ 25.0 million, stockholders’ equity of approximately $ 24.9 million, and an accumulated deficit of approximately

$ 357.3 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 price of, and demand for, Company products;

the Company’s ability to negotiate favorable licensing or other manufacturing and marketing agreements for its products;

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 December 31, 2025, the Company had working capital of approximately $ 18.8 million, cash and cash equivalents of approximately $ 20.5

million, stockholders’ equity of approximately $ 19.3 million, and an accumulated deficit of approximately $ 363.3 million.

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

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

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Service Industry

As of September 30, 2025, the Company had cash

As of December 31, 2025, the Company had cash

deposited in a certain financial institution in excess of federally insured levels.

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cash, accounts payable, and the carrying value of the operating lease liabilities.

The carrying amounts of cash and

accounts payable approximate their fair value, due to the short-term nature of these items.

The carrying amounts of notes payable and

operating lease liabilities approximate their fair values since they bear interest at rates which approximate market rates for similar

debt instruments.

The carrying amounts of cash and accounts payable approximate

their fair value, due to the short-term nature of these items.

The carrying amounts of operating lease liabilities approximate their fair

values since they bear interest at rates which approximate market rates for similar debt instruments.

Net Loss per Common Share

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potential dilution that could occur from common shares issuable through stock options, warrants, restricted stock units, and convertible

For the three months ending September 30, 2025 and 2024, such amounts were excluded from the diluted loss since their effect

was considered anti-dilutive due to the net loss for the periods presented.

For the three and six months ending December 31, 2025 and 2024, such amounts were excluded from the diluted loss since their

effect was considered anti-dilutive due to the net loss for the periods presented.

The weighted average number of common shares outstanding

at September 30, 2025 of 5,214,355 includes the weighted average effect of the pre-funded warrants issued in connection with the August

2025 Offering, the exercise of which requires nominal consideration for the delivery of the shares of common stock (see Note 7).

for the three and six months ended December 31, 2025 of 7,920,795 and 6,574,967 , respectively, includes the weighted average effect of

the pre-funded warrants issued in connection with the August 2025 Offering, the exercise of which requires nominal consideration for the

delivery of the shares of common stock (see Note 6).

The table below shows the potential shares of

common stock, presented based on amounts outstanding at each year end, which were excluded from the computation of diluted net loss per

common stock, presented based on amounts outstanding at each period end, which were excluded from the computation of diluted net loss per

share attributable to common stockholders because including them would have had an anti-dilutive effect:

Schedule of dilutive securities were excluded from the computation of diluted loss per share

September 30, 2025

September 30, 2024

December 31, 2025

December 31, 2024

Number of Shares

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Restricted Stock Units

Notes payable conversion option

Grant program

The Company records expenses related to the DOD

Long Covid Program as such expenses are incurred.

The reimbursement of such expenses is recognized upon receipt of the reimbursement,

or when it is probable the reimbursement will be received, as a credit against the respective expense account.

Long Covid Program as incurred.

The reimbursements of such expenses are recognized as a credit against the respective expense account

upon receipt, or when it is probable the reimbursement will be received.

Segment Reporting

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Schedule of intangible assets

September 30, 2025

December 31, 2025

June 30, 2025

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Amortization expense was $ 57,344 in each of the

three-month periods ended September 30, 2025 and 2024.

The Company amortizes intellectual property over the expected original useful lives

of 10 years and the remaining amortization expense for the year ending June 30, 2026 is $ 120,997 .

three-month periods ended December 31, 2025 and 2024.

Amortization expense was $ 114,688 in each of the six-month periods ended December

31, 2025 and 2024.The Company amortizes intellectual property over the expected original useful lives of 10 years and the remaining amortization

expense for the year ending June 30, 2026 is $ 63,653 .

Fair Value Measurements

Financial assets

As of September 30, 2025, investments in U.S.

Treasury Bills were valued through use of quoted prices and are classified as Level 1.

The following table presents information about

our assets that are measured at fair value on a recurring basis using the above input categories.

As of December 31, 2025, investments in U.S.

Bills were valued through use of quoted prices and are classified as Level 1.

The following table presents information about our assets

that are measured at fair value on a recurring basis using the above input categories.

Measured at fair value on a recurring basis

Fair Value Measurements at

September 30, 2025

December 31, 2025

Treasury Bills due in 3 months or less at purchase

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Warrant Shares”), at an original exercise price of $182.00, with a term of exercise of five years.

As results of the Company’s subsequent capital

raises, the warrants’ down round features (the “rachet adjustment”) resulted in deemed dividends of $ 43,544 and $ 325,041

recognized in the accompanying condensed statements of changes in stockholders’ equity for the periods ended September 30, 2025

and 2024, respectively.

As a result of the Company’s subsequent

capital raises, the warrants’ down round features (the “rachet adjustment”) resulted in deemed dividends recognized

in the accompanying condensed statements of changes in stockholders’ equity for the three months ended September 30, 2025 and 2024

and the three months ended December 31, 2024.

For the three months ended September 30, 2024,

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risk free rate of 3.5 % and volatility of 93.0 % , resulting in a $ 325,041 deemed dividend.

The October 22, 2024 capital raise further reduced

the exercise prices from $ 15.30 per share to $ 13.70 per share which drove an additional ratchet adjustment in the second quarter of fiscal

The October 22, 2024 capital raise further

reduced the exercise prices from $ 15.30 per share to $ 13.70 per share which drove an additional ratchet adjustment in the second

quarter of fiscal year 2025.

For the three months ended December 31, 2024, the Company calculated the difference in fair value of

the PIPE Warrant Shares between the stated exercise price and the reduced exercise price and recorded $ 44,424 as a deemed dividend

in the accompanying condensed statement of changes in stockholders’ equity.

The fair value of the PIPE Warrant Shares were

estimated using the Black Scholes Method with the following inputs, the stock price of $ 33.60 , exercise price of $ 15.30 and $ 13.70 ,

remaining term of 2.8 years, risk free rate of 3.99 % and volatility of 94.0 % .

For the three months ended September 30, 2025,

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following inputs, the stock price of $ 1.79 , exercise price of $ 13.70 and reduced exercise price of $ 2.50 , remaining term of 2.0 years,

risk free rate of 3.8 % and volatility of 94.0 % resulting in a $ 43,544 deemed dividend.

risk free rate of 3.8 % and volatility of 94.0 % .

Issuance of common stock for cash

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Additionally,

upon closing, the Company issued the representative warrants to purchase 300,000 shares of Common Stock exercisable at a per share price

upon closing, the Company issued the underwriter warrants to purchase 300,000 shares of Common Stock exercisable at a per share price

of $2.50, which was equal to 125% of the public offering price per share.

The representative’s Warrants are exercisable during a

The underwriter’s Warrants are exercisable during a

five-year period commencing 180 days from August 11, 2025.

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The following table summarizes the activity relating to the Company’s

stock options for the three months ended September 30, 2025:

stock options for the six months ended December 31, 2025:

Schedule of summarizes the activity relating to the Company’s stock options

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Outstanding at June 30, 2025

Outstanding at September 30, 2025

Exercisable at September 30, 2025

The Company recorded stock-based compensation

expense relating to the vesting of stock options of approximately $ 268,000 and $ 119,000 for the three months ended September 30, 2025

and 2024, respectively.

Options Expired

Outstanding at December 31, 2025

Exercisable at December 31, 2025

The Company recorded stock-based compensation expense relating to the vesting of stock

options of approximately $ 197,000 and $ 385,000 for the three months ended December 31, 2025 and 2024, respectively.

The Company recorded

stock-based compensation expense relating to the vesting of stock options of approximately $ 466,000 and $ 504,000 for the six months ended

December 31, 2025 and 2024, respectively.

On January 5, 2026 (the “Grant Date”),

directors’ annual compensation was approved and the directors were granted stock options to purchase a total of 355,000 shares of

common stock, at an exercise price of $ 1.31 per share, the closing stock price on the grant date.

The stock options vest from the beginning

of service on November 11, 2025 in four equal installments on February 11, 2026, May 11, 2026, August 11, 2026 and the earlier of November

11, 2026 or the 2026 annual shareholders' meeting.

On January 5, 2026, (the “Grant Date”),

the Company awarded bonus and retention incentive stock options to certain directors and employees to purchase a total of 812,700 and

1,538,850 , respectively;

shares of common stock, at an exercise price of $1.31 per share, the closing stock price on the Grant Date.

directors’ stock options vested 75 % on the Grant Date with the remaining balance vesting in equal installments on the first, second

and third Grant Date anniversary.

The employees’ stock options vested 55 % on grant date with the remaining balance will vest in

equal installments on the first, second and third Grant Date anniversary.

Restricted stock units:

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The following table summarizes vesting of restricted

Schedule of unvested of restricted stock units

Schedule of vesting of restricted common stock

Number of Shares

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Unvested at June 30, 2025

Unvested at September 30, 2025

Unvested at December 31, 2025

The total stock-based compensation expense from

restricted stock units for the three months ended September 30, 2025 and 2024 was approximately $ 271,000 and $ 301,000 , respectively.

restricted stock units for the three months ended December 31, 2025 and 2024 was approximately $ 216,000 and $ 266,000 , respectively.

total stock-based compensation expense from restricted stock units for the six months ended December 31, 2025 and 2024 was approximately

$ 487,000 and $ 567,000 , respectively.

There were 803 RSUs that vested on November 23,

2025 and the related shares of common stock will be issued and delivered by March 15, 2026.

Stock Warrants

The following table summarizes the warrants activity during the three

months ended September 30, 2025:

The following table summarizes the warrants activity during the six

months ended December 31, 2025:

Summary of warrants activity

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Outstanding and exercisable at June 30, 2025

Outstanding and exercisable at September 30, 2025

Outstanding and exercisable at December 31, 2025

The table below shows the expiration of the warrants

outstanding as of June 30, 2025:

Schedule of warrants outstanding

outstanding as of December 31, 2025:

Schedule of expiration of the warrants outstanding

Number of Warrants

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Total outstanding warrants

The warrants table excluded 380,000 prefunded warrants with an exercise

The warrants table excludes 380,000 prefunded warrants with an exercise

price of $ 0.0001 and no expiration.

None of the prefunded warrants were exercised during the three months ended September 30, 2025.

None of the prefunded warrants were exercised during the six months ended December 31, 2025.

Office Leases

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The Company’s San Diego office lease at

5090 Shoreham Place Suite 206, San Diego, CA 92122 resulted from an amendment to the lease which commenced on March 1, 2022, which allowed

the Company to vacate Suite 212 and move to the larger Suite 206 which commenced on February 12 2024.

The current monthly base rate for

the new office space is $ 10,024 , with an annual increase of four percent.

The term for the new office lease is 60 months and commenced

on February 12, 2024.

5090 Shoreham Place Suite 206, San Diego, CA 92122 resulted from an amendment that commenced on February 12, 2024 for a larger space.

current monthly base rate for the office space is $ 10,024 , with an annual increase of four percent.

The term of the lease is 60 months.

Total operating lease expense for the three months

ended September 30, 2025 and 2024 of approximately $ 32,000 and $ 32,000 , respectively, were included in the accompanying condensed statements

of operations as a component of general and administrative expenses.

ended December 31, 2025 and 2024 of approximately $ 32,000 and $ 32,000 , respectively, and for the six months ended December 31, 2025 and

2024 of approximately $ 64,000 and $ 63,000 , respectively, were included in the accompanying condensed statements of operations as a component

of general and administrative expenses.

The right-of-use asset, net and current and non-current

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Schedule of deferred tax assets

September 30, 2025

December 31, 2025

June 30, 2025

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Total operating lease liability

At September 30, 2025, the future estimated minimum lease payments

under non-cancelable operating leases are as follows:

At December 31, 2025, the future estimated minimum lease payments under

non-cancelable operating leases are as follows:

Schedule of future estimated minimum lease payments under non-cancelable operating leases

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Total cash paid for amounts included in the measurement of lease liabilities

were $ 30,072 and $ 29,055 for the three months ended September 30, 2025 and 2024, respectively.

were $ 60,144 and $ 58,110 for the six months ended December 31, 2025 and 2024, respectively.

The weighted average remaining lease term and

discount rate as of September 30, 2025 and June 30, 2025 were as follows:

discount rate as of December 31, 2025 and June 30, 2025 were as follows:

Schedule of weighted average remaining lease term and discount rate

September 30, 2025

December 31, 2025

June 30, 2025

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Pursuant to the Technology Transfer Agreement

entered into on July 25, 2016, by and between the Company and the University of Padova (Italy), the Company is obligated to pay a low

single digit royalty on net sales of all terlipressin products covered by US patent no.

9,655,645 and any future foreign issuances, capped

at a maximum of $200,000 per year.

entered into on July 25, 2016, by and between the Company and the University of Padova (Italy), the Company was obligated to pay a 5%

on net sales (capped at a maximum of $200,000 per year) of all terlipressin products covered by US Patent No.

11364277, expiring in 2036

and the European Patent No.

EP3347032, expiring in 2036 and pending patent applications in the U.S., Europe, China and Japan, related

to the administration of terlipressin as a continuous infusion for the treatment of ascites.

Pursuant to the Intellectual Property Rights Agreement

entered into on April 18, 2019, by and between the Company and DOCUCHEM SLU, the Company is obligated to pay DOCUCHEM SLU $25,000 on the

issuance of the U.S.

patent for terlipressin and $50,000 each calendar year in which the gross sales in the U.S.

of a product covered

by a claim of an issued U.S.

patent as directed to terlipressin exceeds $10,000,000.

Shareholder class action complaint and shareholder derivative complaints

On January 19, 2024, a purported securities class

action complaint, captioned Eric Olmstead v.

On January 19, 2024,a purported securities class action complaint, captioned Eric

3:24-cv-00035, was filed in the U.S.

District Court for

the District of Nevada, naming the Company and certain of its officers as defendants.

On February 22, 2024, a second, related putative

securities class action was filed in the same court asserting similar claims against the same defendants, captioned Way v.

District Court for the District of Nevada, naming the Company

and certain of its officers as defendants.

On February 22, 2024, a second, related putative securities class action was filed in the same

court asserting similar claims against the same defendants, captioned Way v.

2:24-cv-00361.

On April 15, 2024, the court consolidated these two actions under the caption In re BioVie Inc.

Litigation , No.

3:24-cv-00035, appointed the lead plaintiff, and approved selection of the lead counsel.

On June 21, 2024, the lead

plaintiff filed an amended complaint, alleging that the defendants made material misrepresentations and/or omissions of material fact

relating to the Company’s business, operations, compliance, and prospects, including information related to the NM101 Phase 3 study

and trial of bezisterim (NE3107) in mild to moderate probable AD, in violation of Sections

10(b) and 20(a) of the Exchange Act, and Rule 10b-5 promulgated thereunder.

The class action is on behalf of purchasers

of the Company’s securities during the period from December 7, 2022 through November 28, 2023, and seeks unspecified monetary damages

on behalf of the putative class and an award of costs and expenses, including attorney’s fees.

The defendants filed a motion to

dismiss the amended complaint on August 21, 2024, and that motion was fully briefed as of December 5, 2024.

On March 27, 2025, the court

denied the defendants’ motion to dismiss, and the parties are now engaged in fact discovery .

Three shareholder derivative lawsuits piggy-backing

on the securities class action were filed in the United States District Court for the District of Nevada, allegedly on behalf of the Company,

by three putative stockholders:

2024, the court consolidated these two actions under the caption In re BioVie Inc.

Securities Litigation , No.

3:24-cv-00035 (the

“Securities Class Action”), appointed the lead plaintiff, and approved selection of the lead counsel.

On June 21, 2024, the

lead plaintiff filed an amended complaint, alleging that the defendants made material misrepresentations and/or omissions of material

fact relating to the Company’s business, operations, compliance, and prospects, including information related to the NM101 Phase

3 study and trial of bezisterim (NE3107) in mild to moderate probable AD, in violation of Sections 10(b) and 20(a) of the Exchange Act,

and Rule 10b-5 promulgated thereunder.

The class action is on behalf of purchasers of the Company’s securities during the period

from December 7, 2022 through November 28, 2023, and seeks unspecified monetary damages on behalf of the putative class and an award of

costs and expenses, including attorney’s fees.

The defendants filed a motion to dismiss the amended complaint on August 21, 2024,

and on March 27, 2025, the court denied that motion.

The parties are now engaged in fact discovery.

Three shareholder derivative lawsuits piggy-backing on the Securities

Class Action were filed in the United States District Court for the District of Nevada, allegedly on behalf of the Company, by three putative

stockholders:

Andrew Hulm on December 30, 2024;

William Settel on April 28, 2025 and Cline Wilkerson on September 11,

2025, (collectively the “Related Derivative Lawsuits”).

Each Related Derivative Lawsuit names the same current and former

officers and directors as defendants and alleges essentially the same claims:

that the defendants breached their fiduciary duties by causing

or failing to prevent the securities violations alleged in the securities class action, and related claims for unjust enrichment, waste

of corporate assets, gross mismanagement, and abuse of control.

On September 29, 2025, at the request of the parties, the court consolidated

all three Related Derivative Lawsuits under the caption In re BioVie Inc .

William Settel on April 28, 2025 and Cline Wilkerson on September 11, 2025, (collectively

the “Related Derivative Lawsuits”).

Each Related Derivative Lawsuit names the same current and former officers and directors

as defendants and alleges essentially the same claims:

that the defendants breached their fiduciary duties by causing or failing to prevent

the securities violations alleged in the Securities Class Action, and related claims for unjust enrichment, waste of corporate assets,

gross mismanagement, and abuse of control.

On September 29, 2025, at the request of the parties, the court consolidated all three Related

Derivative Lawsuits under the caption In re BioVie Inc .

Derivative Litigation , Case No.

3:24-cv-0602-CSD.

3:24-cv-0602-CSD (the “Consolidated

Derivative Action”).

On January 27, 2026, at the request of the parties, the court stayed the Consolidated Derivative Action pending

resolution of a summary judgment motion by defendants in the Securities Class Action.

The Company believes that the claims are without

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The Company made contributions into the plan of approximately

$ 55,800 and $ 34,500 , for the three months ended September 30, 2025 and 2024, respectively.

$ 19,300 and $ 27,500 , for the three months ended December 31, 2025 and 2024, respectively.

The Company made contributions into the plan

of approximately $ 75,200 and 62,000 , for the six months ended December 31, 2025 and 2024, respectively.

Segment Reporting

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The following table presents selected financial

information with respect to the Company’s single operating segment and its significant segment expenses for the three months ended

September 30, 2025 and 2024:

information with respect to the Company’s single operating segment and its significant segment approximated expenses for the six

months ended December 31, 2025 and 2024:

Schedule of segment reporting information

Three months ended

September 30, 2025

September 30, 2024

Six months ended

December 31, 2025

December 31, 2024

Clinical studies

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Other research and development expenses

Selling, general and administrative expenses

General and administrative expenses

Amortization of intangible assets

Other (income) expense, net

Other income, net

$ ( 11,157,000 )

$ ( 11,265,000 )

Subsequent Events

Option Therapeutics Inc.

(“Option”) was incorporated under the law of the state of Delaware on May 1, 2025 and was established by the Company for

the potential spin-off of the Company’s Liver Disease Program.

On January 23, 2026, Option filed a registration statement on

Form S-1 for the potential initial public offering (“IPO”) of shares of Option's common stock, par value $ 0.001 per share ("Option Common Stock").

Option will commence operations upon the effective date of

As of December 31, 2025, Option is authorized to issue 100 shares of Option Common Stock, and 100 shares were issued and outstanding, all owned by the Company.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements