BIOVIE INC.
For the period ended Dec 31, 2025. Filed Feb 6, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Dec 31, 2025 · Filed Feb 6, 2026
BIVI$1.33+9.9%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-09-30; filed 2025-11-10.
0001520138-25-000343
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-12-31; filed 2026-02-06.
0001520138-26-000052
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 45 previous paragraphs and 55 current paragraphs.
34 unchanged; 9 reworded; 11 added; 2 removed; 0 previous and 1 current paragraphs rearranged.
Tables are not compared: 1 previous and 2 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (11)
Current report
C. Alzheimer’s Disease
Current report
Total operating expenses for the three months ended December 31, 2025 were approximately $6.3 million as compared to $7.3 million for the three months ended December 31, 2024. The net decrease of approximately $1.0 million for the three months ended December 31, 2025, was comprised of a net decrease in R&D expenses of approximately $435,000 and a net decrease in general and administrative expenses of approximately $595,000.
Current report
R&D expenses were approximately $4.3 million and $4.7 million for the three months ended December 31, 2025 and 2024, respectively. The net decrease of approximately $435,000 was primarily attributed to the Long COVID (“LC”) studies’ decline in net expenses due to the large start-up contractual payments made to the Contract Research Organizations (“CRO”) and no reimbursements received during the three months ended December 31, 2024; offset by increased cost from the Sunrise PD Phase 2 study, from the increased activities in the Sunrise PD Phase 2 study became fully enrolled. The table below indicates the cost incurred by study program.
Current report
Comparison of the six months ended December 31, 2025 to the six months ended December 31, 2024
Current report
Net loss
Current report
The net loss for the six months ended December 31, 2025 was approximately $11.2 million comparable to the net loss of approximately $11.3 million for the six months ended December 31, 2024. The net decrease of approximately $108,000 for the six months ended December 31, 2025 was comprised of the net increase in operating expenses of approximately $132,000 offset by the increase in other income, net of approximately $240,000.
Current report
Research andDevelopmentExpenses
Current report
As the table indicates below, the increase in clinical studies of approximately $818,000 were comprised of the increased Sunrise PD Phase 2 study cost of approximately $2.3 million and the decline in Long Covid Phase 2 study cost of net of reimbursements totaling approximately $1.5 million that consisted of the large contractual start-up fee paid the CRO and the lag in receiving the reimbursements during the six months ended December 31, 2024.
Current report
General and Administrative Expenses
Current report
General and administrative expenses were approximately $4.2 million and $4.6 million for the six months ended December 31, 2025 and 2024, respectively. The net decrease of approximately $379,000 was primarily attributed to decreases in stock-based compensation for the executive team and directors of approximately $238,000 and $151,000, respectively and consultancy fees of approximately $565,000; offset by a net increase in legal fee expenses of approximately $546,000 that primarily represented legal fees related to the class action litigation.
Current report
Other Income and Expense
Removed paragraphs (2)
Previous report
C. Alzheimer’s Disease (NCT05083260)
Previous report
The increase in clinical studies of approximately $1.2 million represented planning, development and launch of the two new clinical studies, Sunrise PD Phase 2 and Long Covid Program. The table below summarizes the expense amounts for the three months ended September 30, 2025 and 2024 by study:
Reworded paragraphs (9)
Previous wording
In April 2024, the Company was awarded a clinical trial grant of $13.1 million from the U.S. Department of Defense (“DOD”), awarded through the Peer Reviewed Medical Research Program of the Congressionally Directed Medical Research Programs. In August 2024, the FD&A and the U.S. Army Medical Research and Development Command, Office of Human Research Oversight (“OHRO”) approved the Company’s plan, including the FDA approving the associated Investigation New Drug Application (“IND”), to evaluate bezisterim for the treatment of neurological symptoms that are associated with long COVID. The trial commenced in May 2025.
Current wording
In April 2024, the Company was awarded a clinical trial grant of $13.1 million from the U.S. Department of Defense (“DOD”), awarded through the Peer Reviewed Medical Research Program of the Congressionally Directed Medical Research Programs. In August 2024, the FDA and the U.S. Army Medical Research and Development Command, Office of Human Research Oversight (“OHRO”) approved the Company’s plan, including the FDA approving the associated Investigation New Drug Application (“IND”), to evaluate bezisterim for the treatment of neurological symptoms that are associated with long COVID. The trial commenced in May 2025.
Previous wording
The net loss for the three months ended September 30, 2025 was approximately $5.1 million and as compared to the net loss of $4.2 million for the three months ended September 30, 2024. The net increase of $900,000 for the three months ended September 30, 2025 was comprised of the net increase in research and development expenses of $946,000, net increase in general and administrative expenses of approximately $216,000 offset by a decrease in other (income) expense, net of approximately $227,000.
Current wording
The net loss for the three months ended December 31, 2025 was approximately $6.1 million as compared to the net loss of approximately $7.1 million for the three months ended December 31, 2024. The net decrease of $1.0 million for the three months ended December 31, 2025 was comprised of a net decrease in research and development ("R&D") expenses of approximately $435,000, and a net decrease in general and administrative expenses of approximately $595,000.
Previous wording
General and administrative expenses were approximately $2.3 million and $2.1 million for the three months ended September 30, 2025 and 2024, respectively. The net increase of approximately $216,000 was primarily attributed to increases in legal fee expenses of approximately $215,000, investor and public relation fees of approximately $124,000, filing fees of approximately $35,000 and insurance premiums of approximately $14,000; offset by decreases in stock-based compensation for the executive team and directors of approximately $83,000 and $93,000, respectively.
Current wording
General and administrative expenses were approximately $1.9 million and $2.5 million for the three months ended December 31, 2025 and 2024, respectively. The net decrease of approximately $595,000 was primarily attributed to decreases in stock-based compensation for the executive team and directors of approximately $154,000 and $58,000, respectively, consultancy fees of approximately $593,000, investor and public relation fees of approximately $30,000, filing fees of approximately $41,000, offset by increased legal fees related to the class action litigation of approximately $331,000, and insurance premiums of approximately $20,000.
Previous wording
Other income, net was approximately $197,000 compared to other expenses, net of $30,000, for the three months ended September 30, 2025 and 2024, respectively. The net increase in other income of approximately $227,000 was comprised of a reduction in interest expense of approximately $254,000 due to the payoff of the notes payable on December 1, 2024, offset by a reduction in interest income of approximately $25,000.
Current wording
Other income, net was approximately $193,000 compared to other income, net of approximately $180,000, for the three months ended December 31, 2025 and 2024, respectively. The net increase in other income of approximately $13,000 was primarily comprised of a reduction in interest expense of approximately $61,000 due to the payoff of the notes payable on December 1, 2024, offset by a reduction in interest income of approximately $54,000.
Previous wording
Total operating expenses for the three months ended September 30, 2025 were approximately $5.3 million as compared to $4.1 million for the three months ended September 30, 2024. The net increase of approximately $1.2 million for the three months ended September 30, 2025, was comprised of net increased research and development expenses of approximately $946,000 primarily attributed to the development and launch of both the Long COVID program in April 2025 and Sunrise PD Phase 2 studies in May 2025 and the net increase in general and administrative expenses of approximately $216,000.
Current wording
Total operating expenses for the six months ended December 31, 2025 were approximately $11.5 million as compared to $11.4 million for the six months ended December 31, 2024. The net R&D increase of approximately $132,000 for the six months ended December 31, 2025, was comprised of net increased research and development expenses of approximately $511,000 primarily attributed to the development and launch of both the Long COVID program in April 2025 and Sunrise PD Phase 2 studies in May 2025 offset by the decline in general and administrative expenses of approximately $379,000.
Previous wording
Research and development (“R&D”) expenses were approximately $2.9 million for the three months ended September 30, 2025, an increase of approximately $946,000 from $2.0 million for three months ended September 30, 2024. The net increase in R&D expenses of approximately $946,000 is comprised of increased direct study costs of approximately $1.2 million for the Parkinson Disease (PD) and Long COVID (“LC”) studies and clinical team stock compensation of approximately $270,000, travel and conferences of approximately $49,000, offset by CMC of approximately $407,000, clinical team payroll of approximately $87,000 and other clinical consultants of approximately $57,000.
Current wording
R&D expenses were approximately $7.2 million for the six months ended December 31, 2025, an increase of approximately $511,000 from $6.7 million for six months ended December 31, 2024. The net increase in R&D expenses of approximately $511,000 is comprised of increased direct study costs of approximately $818,000, clinical team compensation of approximately $88,000, travel and conferences of approximately $153,000, offset by approximately $541,000 of Chemistry, Manufacturing and Controls (“CMC”) expenses that have been temporarily curtailed.
Previous wording
As of September 30, 2025, the Company had working capital of approximately $24.4 million, cash and cash equivalents totaling approximately $25.0 million, stockholders’ equity of approximately $24.9 million, and an accumulated deficit of approximately $357.3 million.
Current wording
As of December 31, 2025, the Company had working capital of approximately $18.8 million, cash and cash equivalents totaling approximately $20.5 million, stockholders’ equity of approximately $19.3 million, and an accumulated deficit of approximately $363.3 million.
Previous wording
The Company used net cash in operations totaling approximately $3.0 million and net cash provided by financing activities was comprised of net proceeds from capital raise activities of $10.5 million.
Current wording
The Company used net cash in operations totaling approximately $7.5 million and net cash provided by financing activities was comprised of net proceeds from capital raise activities of $10.5 million.
Previous wording
On August 11, 2025, the Company closed an underwritten public offering (the “Offering”) of (i) 5,620,000 units (the “Units”), with each Unit consisting of one share of common stock and one warrant (the “Warrants”) and (ii) 380,000 pre-funded units (the “Pre-Funded Units”), with each Pre-Funded Unit consisting of one pre-funded warrant and one Warrant. The underwriter also exercised its over-allotment option in part and purchased an additional 667,300 Warrants. The Offering resulted in net proceeds of approximately $10.5 million, after deducting underwriting discounts and commissions and other estimated offering expenses. Each Unit was sold to the public at a price of $2.00 per Unit and each Pre-Funded Unit was sold to the public at a price of $1.999 per Pre-Funded Unit (which represents the public offering price of each Unit less the $0.0001 per share nominal exercise price for each Pre-Funded Warrant). On August 8, 2025, the Warrants commenced trading on The Nasdaq Capital Market under the symbol “BIVIW.” Each Warrant is immediately exercisable, entitles the holder to purchase one share of common stock at an exercise price of $2.50 per share and expires five years from the date of issuance. Each Pre-Funded Warrant is immediately exercisable, entitles the holder to purchase one share of common stock and may be exercised at any time until exercised in full.
Current wording
On August 11, 2025, the Company closed an underwritten public offering (the “Offering”) of (i) 5,620,000 units (the “Units”), with each Unit consisting of one share of common stock and one warrant (the “Warrants”) and (ii) 380,000 pre-funded units (the “Pre-Funded Units”), with each Pre-Funded Unit consisting of one pre-funded warrant and one Warrant. The underwriter also exercised its over-allotment option in part and purchased an additional 667,300 Warrants. The Offering resulted in net proceeds of approximately $10.5 million, after deducting underwriting discounts and commissions and other estimated offering expenses. Each Unit was sold to the public at a price of $2.00 per Unit and each Pre-Funded Unit was sold to the public at a price of $1.999 per Pre-Funded Unit (which represents the public offering price of each Unit less the $0.0001 per share nominal exercise price for each Pre-Funded Warrant). On August 8, 2025, the Warrants commenced trading on The Nasdaq Capital Market under the symbol “BIVIW.” Each Warrant is immediately exercisable, entitles the holder to purchase one share of common stock at an exercise price of $2.50 per share and expires five years from the date of issuance. Each Pre-Funded Warrant is immediately exercisable, entitles the holder to purchase one share of common stock and may be exercised at any time until exercised in full. Additionally, 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 underwriter's Warrants are exercisable during a five-year period commencing 180 days from August 11, 2025.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
Other income, net was approximately $390,000 compared to other income, net of $150,000, for the six months ended December 31, 2025 and 2024, respectively. The net increase in other income of approximately $240,000 was comprised of a reduction in interest expense of approximately $315,000 due to the payoff of the notes payable on December 1, 2024, offset by a reduction in interest income of approximately $79,000.