What changed in this filing

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Item 1. Financial Statements

2026-05-11 compared with 2026-02-06 · 237 added, 238 removed, 504 unchanged (49% of the section changed)

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Common stock, $ 0.0001 par value;

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;

800,000,000 shares authorized at March 31, 2026 and June 30, 2025;

7,544,675 shares issued of which 7,541,839 shares outstanding at March 31, 2026;

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

Six Months Ended

December 31, 2025

December 31, 2024

December 31, 2025

December 31, 2024

Nine Months Ended

March 31, 2026

March 31, 2025

March 31, 2026

March 31, 2025

OPERATING EXPENSES:

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Condensed Statements of Changes in Stockholders’

Treasury Stock

Comprehensive

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( 345,866,687 )

Stock-based compensation - stock options

Stock-based compensation - restricted stock units and restricted shares

Issuance of common stock from vesting of - restricted stock units

( 2,788,418 )

Balance, March 31, 2025

$ 370,472,888

$ ( 348,655,105 )

Balance, June 30, 2025

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( 363,344,822 )

Stock - based compensation - stock options

Stock-based compensation - restricted stock units and restricted shares

Issuance of common stock from vesting of restricted stock units

( 5,270,299 )

Balance, March 31, 2026

$ 384,221,988

$ ( 368,615,121 )

See accompanying notes to unaudited condensed financial

Condensed Statements of Cash Flows

Six Months Ended

December 31, 2025

December 31, 2024

Nine Months Ended

March 31, 2026

March 31, 2025

CASH FLOWS FROM OPERATING ACTIVITIES:

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Net change in cash and cash equivalents

( 4,445,571 )

Cash and cash equivalents, beginning of period

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Cash paid for interest

SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES:

SUPPLEMENTAL DISCLOSURE OF NONCASH FINANCING ACTIVITIES:

Deemed dividend for ratchet adjustment to warrants

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Notes to Condensed Financial Statements

For the Three and Six Months Ended December

For the Three and Nine Months Ended March 31,

2026 and 2025

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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 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

drug candidate bezisterim is an orally bioavailable, Blood Brain Barrier (“BBB”)-permeable, insulin-sensitizer that is also

anti-inflammatory.

In addition, it is not immunosuppressive and has a low risk of drug-drug interaction.

Bezisterim inhibits activation

of inflammatory action extracellular single regulated kinase (“ERK”) and nuclear factor kappa-light-chain-enhancer of activated

B cells (“NFκB”) (including interactions with tumor necrosis factor (“TNF”) signaling and other relevant

inflammatory pathways) that lead to neuroinflammation and insulin resistance.

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

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 approximately 20 million adults in the US suffering from Long COVID, with millions more affected worldwide.

With respect to the mechanism of action, we believe

Bezisterim inhibits activation of inflammatory action extracellular single regulated kinase (“ERK”) and nuclear factor kappa-light-chain-enhancer

of activated B cells (“NFκB”) (including interactions with tumor necrosis factor (“TNF”) signaling and other

relevant inflammatory pathways) that lead to neuroinflammation and insulin resistance.

By binding to ERK and selectively modulating NFκB

activation and TNF-α production without interfering with their homeostatic functions, we believe that bezisterim may offer clinical

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

Parkinson’s Disease

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 Company is conducting a Phase 2b clinical

trial of bezisterim as a potential first-line therapy for patients with newly diagnosed PD.

The trial is designed to evaluate the safety

and efficacy of bezisterim on motor and non-motor symptoms in patients with PD who have not been treated with carbidopa/levodopa.

Phase 2b study is a multicenter, randomized, double-blind, placebo-controlled trial with a hybrid decentralized design, and is expected

to span approximately 20 weeks from initial screening through safety follow-up for each participant.

The trial commenced in April 2025

and completed enrollment of 60 patients in December 2025.

The Company currently expects to report topline results from the trial in mid-year

2026, although the timing of results is subject to change and there can be no assurance that the trial will yield favorable results or

support further development.

The Phase 2 study of bezisterim for the treatment

of PD (NCT05083260) that completed in December 2022, was a double-blind, placebo-controlled, safety, tolerability, and pharmacokinetics

of PD (NCT05083260) that we completed in December 2022, was a double-blind, placebo-controlled, safety, tolerability, and pharmacokinetics

study in PD participants treated with carbidopa/levodopa and bezisterim.

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neurological symptoms that are associated with long COVID and the FDA authorized our Investigational New Drug (“IND”) application

for bezisterim allowing the Company to study a novel, anti-inflammatory approach or the treatment of the debilitating neurocognitive symptoms

associated with long COVID.

for bezisterim allowing the Company to study a novel, anti-inflammatory approach for the treatment of the debilitating neurocognitive

symptoms associated with long COVID.

The Phase 2 ADDRESS-LC study is a randomized (1:1),

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and self-reported fatigue may meet qualification criteria.

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.

As of March 31, 2026, the total cost incurred

was approximately $ 9.4 million and as of May 4, 2026 the total cost reimbursed was $ 9.4 million.

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.

corresponding research and development expenses in the accompanying condensed statements of operations totaled approximately $ 3.1 million

and $ 2.5 million for the three months ended March 31, 2026 and 2025, respectively.

Grant reimbursements recognized for the corresponding

research and development expenses in the accompanying condensed statements of operations totaled approximately $ 4.1 million and $ 2.9 million

for the nine months ended March 31, 2026 and 2025, respectively.

Alzheimer’s Disease

On November 29, 2023, the Company announced the

analysis of its unblinded, topline efficacy data from its Phase 3 clinical trial (NCT04669028) of bezisterim in the treatment of mild

to moderate AD.

The study had co-primary endpoints looking at cognition using the Alzheimer’s Disease Assessment Scale-Cognitive

Scale (ADAS-Cog 12) and function using the Clinical Dementia Rating-Sum of Boxes (CDR-SB).

Patients were randomly assigned, 1:1 versus

placebo, to receive sequentially 5 mg of bezisterim orally twice a day for 14 days, then 10 mg orally twice a day for 14 days, followed

by 26 weeks of 20 mg orally twice daily.

Upon trial completion, as the Company began the

process of unblinding the trial data, the Company found significant deviation from protocol and current good clinical practices (“cGCPs”)

violations at 15 study sites (virtually all of which were from one geographic area).

This highly unusual level of suspected improprieties

led the Company to exclude all patients from these sites and to refer the sites to the FDA Office of Scientific Investigations (“OSI”)

for potential further action.

After the patient exclusions, 81 patients remained in the Modified Intent to Treat population, 57 of whom

were in the Per-Protocol population which included those who completed the trial and were verified to take study drug from pharmacokinetic

The trial was originally designed to be 80% powered

with 125 patients in each of the treatment and placebo arms.

The unplanned exclusion of so many patients left the trial underpowered for

the primary endpoints.

In the Per-Protocol population, which included those patients who completed the trial and who were further verified

to have taken the study drug (based on pharmacokinetic data), an observed descriptive change from baseline appeared to suggest a slowing

of cognitive loss;

these same patients experienced an advantage in age deceleration vs.

placebo as measured by DNA epigenetic change.

Age deceleration is used by longevity researchers to measure the difference between the patient’s biological age, in this case as

measured by the Horvath DNA methylation Skin Blood Clock, relative to the patient’s actual chronological age.

This test was a non-primary/secondary

endpoint, other-outcome measure, done via blood test collected at week 30 (end of study).

Additional DNA methylation data continues to

be collected and analyzed.

In AD, BioVie has conducted both Phase 2 and Phase 3 trials.

data from these trials suggest improvements in cognition and biomarkers, supporting further trials to evaluate its potential as a therapy

for the six million Americans living with AD.

Liver Cirrhosis Program

In liver disease, our investigational drug candidate

BIV201 (continuous infusion terlipressin), which was granted both FDA Fast Track designation status and FDA Orphan Drug Status, is being

evaluated as a treatment option for patients suffering from ascites and other life-threatening complications of advanced liver cirrhosis

caused by non-alcoholic steatohepatitis (NASH), hepatitis, and alcoholism.

The initial target for BIV201 therapy was refractory ascites.

These patients suffer from frequent life-threatening complications, generate more than $5 billion in annual treatment costs, and have

an estimated 50% mortality rate within 6 to 12 months.

BIV201 (continuous infusion terlipressin) was granted both FDA Fast Track status and FDA Orphan Drug designation for ascites (due to all

etiologies except cancer), which is the most common complication related to liver cirrhosis and represents a significant unmet medical

BIV201 is being evaluated as a treatment option for patients suffering from life-threatening complications of liver cirrhosis and

ascites due to hepatitis, nonalcoholic steatohepatitis, and alcoholism.

treatment costs for liver cirrhosis, including ascites and

other complications, are estimated at more than $5 billion annually and have an estimated 50% mortality rate within 6 to 12 months.

After receiving guidance from the FDA regarding

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and ascites who have recently recovered from acute kidney injury (“AKI”).

This patient population is not limited to those

having refractory ascites.

Ascites is a common complication of advanced liver cirrhosis involving the accumulation of large volumes of

fluid in the abdomen, often exceeding five liters, due to liver and kidney dysfunction.

BIV201 is administered in a continuous infusion

of terlipressin as a patent-pending liquid formulation with patents issued in the U.S., China, Japan, Chile and India to date.

Terlipressin,

the drug is used in over 40 countries to treat related complications of liver cirrhosis (Type 1 hepatorenal syndrome and bleeding esophageal

varices) that was approved in the U.S.

in 2022 (to improve kidney function in adults with hepatorenal syndrome with rapid reduction in

kidney function) but is not approved in Japan.

Ascites is a common complication of advanced liver

cirrhosis involving the accumulation of large volumes of fluid in the abdomen, often exceeding five liters, due to liver and kidney dysfunction.

BIV201 is administered in a continuous infusion of terlipressin as a patent-pending liquid formulation with patents issued in the U.S.,

China, Japan, Chile and India to date.

Terlipressin is used in over 40 countries to treat complications of liver cirrhosis, including

Type 1 hepatorenal syndrome and bleeding esophageal varices, and was approved in the U.S.

in 2022 to improve kidney function in adults

with hepatorenal syndrome experiencing a rapid reduction in kidney function;

it is not currently approved in Japan.

The BIV201 development program was initiated by

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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:

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;

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;

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 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 March 31, 2026, the Company had working capital of approximately $ 15.2 million, cash and cash equivalents of

approximately $ 13.1 million, stockholders’ equity of approximately $ 15.6 million, and an accumulated deficit of approximately $ 368.6

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 future viability of the Company is largely

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Service Industry

As of December 31, 2025, the Company had cash

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

The Company regularly monitors the financial stability

of these financial institutions and believes that it is not exposed to any significant credit risk in cash and cash equivalents.

if liquidity and financial stability concerns arise with respect to banks and financial institutions, either nationally or in specific

regions, the Company’s ability to access cash or enter into new financing arrangements may be threatened, which could have a material

adverse effect on its business, financial condition and results of operations.

As of March 31, 2026, the Company had cash deposited

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

The Company regularly monitors the financial stability of these

financial institutions and believes that it is not exposed to any significant credit risk in cash and cash equivalents.

However, if liquidity

and financial stability concerns arise with respect to banks and financial institutions, either nationally or in specific regions, the

Company’s ability to access cash or enter into new financing arrangements may be threatened, which could have a material adverse

effect on its business, financial condition and results of operations.

Fair value measurement of assets and liabilities

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

For the three and nine months ending March 31, 2026 and 2025, 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

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).

for the three and nine months ended March 31, 2026 of 7,543,923 and 7,019,677 , 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 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:

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

December 31, 2025

December 31, 2024

March 31, 2026

March 31, 2025

Number of Shares

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Schedule of intangible assets

December 31, 2025

March 31, 2026

June 30, 2025

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Amortization expense was $ 57,344 in each of the

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

three-month periods ended March 31, 2026 and 2025.

Amortization expense was $ 172,033 in each of the nine-month periods ended March 31,

2026 and 2025.

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 $ 6,308 .

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Financial assets

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

As of March 31, 2026, investments in U.S.

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

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Fair Value Measurements at

December 31, 2025

March 31, 2026

Treasury Bills due in 3 months or less at purchase

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As a result of the Company’s subsequent

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

capital raises, the warrants’ down round features (the “ratchet 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,

the deemed dividend of $ 325,041 was recognized based on rachet adjustments from the September 25, 2024 capital raises, that reduced the

the deemed dividend of $ 325,041 was recognized based on ratchet adjustments from the September 25, 2024 capital raises, that reduced the

exercise prices from $ 100.00 to $ 15.30 per share.

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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 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 % .

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

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,

the deemed dividend of $ 43,544 recognized from the rachet adjustment resulting from the August 2025 capital raise, that reduced the exercise

price from $ 13.70 to $ 2.50 per share.

The fair value of the PIPE Warrant Shares was estimated using the Black Scholes Method with the

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 % .

the deemed dividend of $ 43,544 was recognized from the ratchet adjustment resulting from the August 2025 capital raise, which reduced

the exercise price from $ 13.70 to $ 2.50 per share.

The fair value of the PIPE Warrant Shares was estimated using the Black Scholes Method

with the 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 % .

Issuance of common stock for cash

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

The underwriter’s Warrants are exercisable during a

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

The underwriter’s Warrants are exercisable during a five-year

period commencing 180 days from August 11, 2025.

Stock Options

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

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

stock options for the nine months ended March 31, 2026:

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

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Outstanding at June 30, 2025

Options Granted

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.

Outstanding at March 31, 2026

Exercisable at March 31, 2026

The Company recorded stock-based

compensation expense relating to the vesting of stock options of approximately $ 1.6

million and $ 338,000

for the three months ended March 31, 2026 and 2025, respectively.

The Company recorded stock-based compensation expense relating to

the vesting of stock options of approximately $ 2.0 million

and $ 843,000

for the nine months ended March 31, 2026 and 2025, respectively.

The fair value of each option on the date of grant

is estimated using the Black-Scholes option pricing model.

The pricing model reflects the following weighted-average assumptions for the

nine months ended March 31, 2026 and 2025:

Schedule of assumptions used

March 31, 2026

March 31, 2025

Expected life of options (in years)

Expected volatility

Risk free interest rate

Dividend Yield

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

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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.

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

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

Restricted stock units:

On September 2, 2025 (the “Grant Date”),

the Company awarded a total of 1,500 RSUs to a consultant at the grant date fair value of $ 1.58 .

The RSUs vest in five equal installments

at the Grant Date and over the next four calendar quarters beginning December 31, 2025.

the Company awarded a total of 1,500 Restricted Stock Units (“RSUs”) to a consultant at the grant date fair value of $ 1.58

The RSUs vest in five equal installments beginning on the Grant Date and over the following four calendar quarters beginning

December 31, 2025.

The following table summarizes vesting of restricted

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Unvested at June 30, 2025

Unvested at December 31, 2025

Unvested at March 31, 2026

The total stock-based compensation expense from

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

restricted stock units for the three months ended March 31, 2026 and 2025 was approximately $ 51,000 and $ 321,000 , respectively.

total stock-based compensation expense from restricted stock units for the nine months ended March 31, 2026 and 2025 was approximately

$ 538,000 and $ 888,000 , 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 six

months ended December 31, 2025:

The following table summarizes the warrants activity during the nine

months ended March 31, 2026:

Summary of warrants activity

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Outstanding and exercisable at June 30, 2025

Outstanding and exercisable at December 31, 2025

Outstanding and exercisable at March 31, 2026

The table below shows the expiration of the warrants

outstanding as of December 31, 2025:

outstanding as of March 31, 2026:

Schedule of expiration of the warrants outstanding

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price of $ 0.0001 and no expiration.

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

None of the prefunded warrants were exercised during the nine months ended March 31, 2026.

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 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.

5090 Shoreham Place Suite 206, San Diego, CA 92122 was amended on February 12, 2024 for a larger space.

The current monthly base rate

for the office space is $ 10,024 , with annual increases of four percent.

The term of the lease is 60 months.

Total operating lease expense for the three months

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

ended March 31, 2026 and 2025 of approximately $ 35,000 and $ 32,000 , respectively, and for the nine months ended March 31, 2026 and 2025

of approximately $ 99,000 and $ 95,000 , 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

The right-of-use asset, net and current and long-term

portion of the operating lease liabilities included in the accompanying condensed balance sheets are as follows:

Schedule of deferred tax assets

December 31, 2025

March 31, 2026

June 30, 2025

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Total operating lease liability

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

At March 31, 2026, the future estimated minimum lease payments under

non-cancelable operating leases are as follows:

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

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

were $ 90,917 and $ 87,843 for the nine months ended March 31, 2026 and 2025, respectively.

The weighted average remaining lease term and

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

discount rate as of March 31, 2026 and June 30, 2025 were as follows:

Schedule of weighted average remaining lease term and discount rate

December 31, 2025

March 31, 2026

June 30, 2025

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Shareholder class action complaint and shareholder derivative complaints

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

On January 19, 2024, a purported securities class

action complaint, captioned Eric Olmstead v.

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.

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.

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

Securities Litigation ,

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:

On February 13, 2026,

Plaintiffs filed a motion for class certification and a motion for leave to file a second amended complaint.

Defendants opposed the motion

for leave to amend, and that motion is now fully briefed and pending before the court.

Defendants’ opposition to the motion for

class certification is due June 15, 2026.

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 (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.

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

1 unchanged sentence

Employee Benefit Plan

On August 1, 2021, the Company began sponsoring

an employee benefit plan subject to Section 401(K) of the Internal Revenue Service Code (the “401K Plan”) pursuant to which,

all employees meeting eligibility requirements are able to participate.

The Company sponsors an employee benefit plan

subject to Section 401(K) of the Internal Revenue Service Code (the “401K Plan”) pursuant to which, all employees meeting

eligibility requirements are able to participate.

Subject to certain limitations in the Internal

2 unchanged sentences

The Company made contributions into the plan of approximately

$ 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.

$ 49,700 and $ 46,800 , for the three months ended March 31, 2026 and 2025, respectively.

The Company made contributions into the plan of

approximately $ 124,900 and $ 108,800 , for the nine months ended March 31, 2026 and 2025, respectively.

Segment Reporting

9 unchanged sentences

The following table presents selected financial

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:

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

months ended March 31, 2026 and 2025:

Schedule of segment reporting information

Six months ended

December 31, 2025

December 31, 2024

Nine months ended

March 31, 2026

March 31, 2025

Clinical studies

7 unchanged sentences

$ ( 14,053,000 )

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