Biovie Inc Financials

BIVI

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE June

Financial Health Signals

Piotroski F-Score Weak

2/9

Biovie Inc passes 2 of 9 financial strength tests. 1 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass.

Earnings Quality Low Quality

1.08x

For every $1 of reported earnings, Biovie Inc generates $1.08 in operating cash flow (-$19.0M OCF vs -$17.5M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk

-57.9x

Biovie Inc earns $-57.9 in operating income for every $1 of interest expense (-$18.1M vs $312K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

This page shows Biovie Inc (BIVI) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 12 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

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Key Financial Metrics

Revenue

N/A

EBITDA

N/A

Free Cash Flow

N/A

Net Income

-$17.5M

YoY+45.4%

Biovie Inc reported -$17.5M in net income in fiscal year 2025. This represents an increase of 45.4% from the prior year.

EPS (Diluted)

$-12.12

Biovie Inc earned $-12.12 per diluted share (EPS) in fiscal year 2025. This represents an increase of 83.4% from the prior year.

Cash & Debt

$17.5M

YoY-26.4%

5Y CAGR+242.6%

10Y CAGR+51.9%

Biovie Inc held $17.5M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

Biovie Inc had 2M shares outstanding in fiscal year 2025. This represents an increase of 209.2% from the prior year.

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

N/A

R&D Spending

$9.3M

YoY-59.9%

5Y CAGR+51.8%

10Y CAGR+116.0%

Biovie Inc invested $9.3M in research and development in fiscal year 2025. This represents a decrease of 59.9% from the prior year.

Share Buybacks

N/A

Capital Expenditures

N/A

BIVI Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$9.3M-59.9%	$23.1M-30.6%	$33.3M+92.9%	$17.3M+578.2%	$2.5M+121.2%	$1.2M
SG&A Expenses	$8.6M-3.2%	$8.8M-23.4%	$11.6M+18.3%	$9.8M+110.6%	$4.6M+253.2%	$1.3M
Operating Income	-$18.1M+43.9%	-$32.2M+28.6%	-$45.1M-65.4%	-$27.3M+80.3%	-$138.1M-5026.6%	-$2.7M
Interest Expense	$312K-89.2%	$2.9M-32.7%	$4.3M+98.8%	$2.2M+286.6%	$559K-88.3%	$4.8M
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	-$17.5M+45.4%	-$32.1M+36.1%	-$50.3M-92.7%	-$26.1M+80.0%	-$130.2M-681.0%	-$16.7M
EPS (Diluted)	$-12.12	$-73.05	$-15.47-1359.4%	$-1.06+92.8%	$-14.82	$-6.85

Metric	Q2'25	Q3'25	Q2'24	Q3'24	Q3'23	Q2'23	Q3'22	Q2'22
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$4.3M+217.4%	$1.3M-71.4%	$4.7M-17.5%	$5.7M-11.9%	$6.5M	N/A	$7.0M	N/A
SG&A Expenses	$1.9M+22.0%	$1.6M-37.3%	$2.5M+28.2%	$2.0M-12.4%	$2.3M	N/A	$4.4M	N/A
Operating Income	-$6.3M-109.6%	-$3.0M+59.0%	-$7.3M+5.7%	-$7.7M+11.9%	-$8.8M	N/A	-$11.5M	N/A
Interest Expense	$6K+19.4%	$5K-92.5%	$67K-89.4%	$629K-23.4%	$821K	N/A	$1.1M	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	-$6.1M-117.7%	-$2.8M+60.8%	-$7.1M+11.8%	-$8.1M+4.0%	-$8.4M	N/A	-$15.7M	N/A
EPS (Diluted)	$-0.77-413.3%	$-0.15+96.7%	$-4.55	$-2.00+9.1%	$-2.20	N/A	$-0.50	N/A

BIVI Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$21.6M-14.5%	$25.2M-28.2%	$35.1M+74.5%	$20.1M+232.7%	$6.0M+190.2%	$2.1M
Current Assets	$20.7M-13.9%	$24.0M-29.4%	$34.0M+81.3%	$18.8M+307.8%	$4.6M+1015.1%	$413K
Cash & Equivalents	$17.5M-26.4%	$23.8M+22.5%	$19.5M+4.4%	$18.6M+313.2%	$4.5M+12029.7%	$37K
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$346K0.0%	$346K0.0%	$346K0.0%	$346K0.0%	$346K0.0%	$346K
Total Liabilities	$2.6M-73.7%	$9.7M-50.9%	$19.8M+20.2%	$16.4M+1550.4%	$996K-95.8%	$23.6M
Current Liabilities	$2.3M-75.7%	$9.4M-35.5%	$14.5M+247.7%	$4.2M+318.4%	$996K-95.8%	$23.5M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	$63K
Total Equity	$19.0M+22.6%	$15.5M+1.1%	$15.3M+317.9%	$3.7M-27.3%	$5.1M+123.5%	-$21.5M
Retained Earnings	-$352.1M-5.4%	-$334.2M-11.0%	-$301.2M-20.0%	-$251.0M-11.6%	-$224.9M-448.0%	-$41.0M

Metric	Q2'25	Q3'25	Q2'24	Q3'24	Q3'23	Q2'23	Q3'22	Q2'22
Total Assets	$22.5M-8.7%	$24.7M-4.0%	$25.7M-19.1%	$31.8M+47.8%	$21.5M-38.8%	$35.1M-25.6%	$47.2M+134.6%	$20.1M
Current Assets	$21.8M-8.1%	$23.7M-3.9%	$24.7M-19.2%	$30.5M+48.5%	$20.6M-39.6%	$34.0M-26.0%	$46.0M+144.9%	$18.8M
Cash & Equivalents	$20.5M-11.3%	$23.2M-5.1%	$24.4M-19.6%	$30.4M+50.1%	$20.2M+3.9%	$19.5M-57.5%	$45.7M+145.4%	$18.6M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$346K0.0%	$346K0.0%	$346K0.0%	$346K0.0%	$346K0.0%	$346K0.0%	$346K0.0%	$346K
Total Liabilities	$3.2M+13.9%	$2.8M+60.4%	$1.8M-86.2%	$12.8M-8.2%	$14.0M-29.2%	$19.8M-6.4%	$21.1M+28.5%	$16.4M
Current Liabilities	$3.0M+18.0%	$2.5M+74.8%	$1.5M-88.3%	$12.5M-10.7%	$14.0M-3.5%	$14.5M+85.9%	$7.8M+87.0%	$4.2M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$19.3M-11.7%	$21.8M-8.8%	$23.9M+26.4%	$18.9M+152.6%	$7.5M-51.2%	$15.3M-41.2%	$26.1M+610.1%	$3.7M
Retained Earnings	-$363.3M-4.2%	-$348.7M-0.8%	-$345.9M-5.0%	-$329.3M-2.8%	-$320.3M-6.3%	-$301.2M-8.7%	-$277.1M-10.4%	-$251.0M

BIVI Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$19.0M+31.9%	-$27.9M+30.6%	-$40.3M-112.0%	-$19.0M-81.7%	-$10.5M-542.0%	-$1.6M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	$14.5M+201.6%	-$14.3M	N/A	N/A	N/A
Financing Cash Flow	$12.7M-28.5%	$17.8M-67.8%	$55.4M+67.2%	$33.1M+121.9%	$14.9M+1026.2%	$1.3M
Dividends Paid	$369K-58.3%	$886K	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'25	Q3'25	Q2'24	Q3'24	Q3'23	Q2'23	Q3'22	Q2'22
Operating Cash Flow	-$4.4M-254.0%	-$1.3M+85.4%	-$8.6M-46.7%	-$5.9M+1.0%	-$5.9M+47.6%	-$11.3M-40.9%	-$8.0M-36.6%	-$5.9M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	$0	$0	$0+100.0%	-$1.8M	N/A	N/A
Financing Cash Flow	$0	$0-100.0%	$13.0M-18.8%	$16.0M+224.6%	$4.9M+288.0%	$1.3M-96.1%	$32.5M	$0
Dividends Paid	$44K	$0-100.0%	$44K	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

BIVI Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-81.4%+46.1pp	-127.4%+15.7pp	-143.2%-13.5pp	-129.7%+2024.4pp	-2154.1%-1353.8pp	-800.3%
Current Ratio	9.10+6.5	2.57+0.2	2.35-2.2	4.50-0.1	4.62+4.6	0.02
Debt-to-Equity	0.13-0.5	0.63-0.7	1.29-3.2	4.48+4.3	0.20+0.2	-0.00
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'25	Q3'25	Q2'24	Q3'24	Q3'23	Q2'23	Q3'22	Q2'22
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-27.0%-15.7pp	-11.3%+16.4pp	-27.7%-2.3pp	-25.4%+13.7pp	-39.1%	N/A	-33.2%	N/A
Current Ratio	7.25-2.1	9.32-7.6	16.94+14.5	2.45+1.0	1.47-0.9	2.35-3.5	5.90+1.4	4.50
Debt-to-Equity	0.17+0.0	0.13+0.1	0.07-0.6	0.68-1.2	1.87+0.6	1.29+0.5	0.81-3.7	4.48
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

Is Biovie Inc profitable?

No, Biovie Inc (BIVI) reported a net income of -$17.5M in fiscal year 2025.

What is Biovie Inc's earnings per share (EPS)?

Biovie Inc (BIVI) reported diluted earnings per share of $-12.12 for fiscal year 2025. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Biovie Inc's operating cash flow?

Biovie Inc (BIVI) generated -$19.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Biovie Inc's total assets?

Biovie Inc (BIVI) had $21.6M in total assets as of fiscal year 2025, including both current and long-term assets.

How much does Biovie Inc spend on research and development?

Biovie Inc (BIVI) invested $9.3M in research and development during fiscal year 2025.

How many shares does Biovie Inc have outstanding?

Biovie Inc (BIVI) had 2M shares outstanding as of fiscal year 2025.

What is Biovie Inc's current ratio?

Biovie Inc (BIVI) had a current ratio of 9.10 as of fiscal year 2025, which is generally considered healthy.

What is Biovie Inc's debt-to-equity ratio?

Biovie Inc (BIVI) had a debt-to-equity ratio of 0.13 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Biovie Inc's return on assets (ROA)?

Biovie Inc (BIVI) had a return on assets of -81.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Biovie Inc's cash runway?

Based on fiscal year 2025 data, Biovie Inc (BIVI) had $17.5M in cash against an annual operating cash burn of $19.0M. This gives an estimated cash runway of approximately 11 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Biovie Inc's Piotroski F-Score?

Biovie Inc (BIVI) has a Piotroski F-Score of 2 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Biovie Inc's earnings high quality?

Biovie Inc (BIVI) has an earnings quality ratio of 1.08x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Biovie Inc cover its interest payments?

Biovie Inc (BIVI) has an interest coverage ratio of -57.9x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.