BioVie (NASDAQ: BIVI) CEO Cuong Do discloses 5.03% share stake

Rhea-AI Filing Summary

BioVie Inc.'s President and CEO, Cuong Do, has filed a Schedule 13D reporting beneficial ownership of 399,018 shares of the company’s Class A common stock, representing 5.03% of the class. The filing aggregates shares, warrants and stock options held directly and through Do & Rickles Investments, LLC.

The percentage is based on 7,541,539 shares outstanding as of March 23, 2026, plus 388,119 shares issuable upon exercise of warrants and options exercisable within 60 days. The securities were acquired with personal funds and as equity compensation and are described as a long-term investment, though the reporting persons may buy or sell in the future.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

BIOVIE INC.

(Name of Issuer)

Class A Common Stock, par value $0.0001 per share

(Title of Class of Securities)

(CUSIP Number)

Cuong Do
680 W Nye Lane, Suite 201
Carson City, NV, 89703
(775) 888-3162

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

01/05/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

schemaVersion:

SCHEDULE 13D

CUSIP No.

1

Name of reporting person

DO CUONG V

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

PF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 399,018.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 399,018.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

399,018.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

5.03 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

CUSIP No.

1

Name of reporting person

Do & Rickles Investments, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 398,111.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 398,111.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

398,111.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

5.02 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Class A Common Stock, par value $0.0001 per share
(b)	Name of Issuer: BIOVIE INC.
(c)	Address of Issuer's Principal Executive Offices: 680 W Nye Lane, Suite 201, Carson City, NEVADA , 89703.
Item 2.	Identity and Background
(a)	This Schedule 13D is filed by the following persons (collectively, the "Reporting Persons"), pursuant to their agreement to the joint filing of this Schedule 13D attached hereto as Exhibit 99.2: (i) Cuong Do; and (ii) Do & Rickles Investments, LLC.
(b)	The address for each of the Reporting Persons is c/o BioVie Inc., 680 W Nye Lane Suite 201, Carson City, NV 89703.
(c)	Mr. Do's principal occupation is President and Chief Executive Officer of the Issuer. Do & Rickles Investments, LLC is a limited liability company incorporated in Delaware, which is 100% owned by Mr. Do, and his wife. The principal business of Do & Rickles Investments, LLC is holding the investments of Mr. Do and his wife.
(d)	During the last five years, neither Reporting Person has been convicted in a criminal proceeding.
(e)	During the last five years, neither Reporting Person has been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.
(f)	Mr. Do is a citizen of the United States.
Item 3.	Source and Amount of Funds or Other Consideration
	The Reporting Persons acquired the Class A Common Stock beneficially owned by Mr. Do for cash using personal funds or as compensation for serving as the President and Chief Executive Officer of the Issuer. On March 4, 2024, Do & Rickles Investments, LLC purchased 50 warrants at a combined purchase price of $150.00 for each share of Class A Common Stock and accompanying warrant, after giving effect to the Reverse Stock Splits that the Issuer effected on August 6, 2024 and July 7, 2025, in connection with the Issuer's public offering that closed on March 6, 2024. On August 7, 2025, Do & Rickles Investments, LLC purchased 5,000 warrants at a combined purchase price of $2.00 for each share of Class A Common Stock and accompanying warrant in connection with the Issuer's public offering that closed on August 11, 2025.
Item 4.	Purpose of Transaction
	The Reporting Persons acquired all their securities for investment purposes only and the securities are being held as a long-term investment. The Reporting Persons intend to continuously review their investment in the Issuer and may in the future determine to acquire additional securities of the Issuer or dispose of the securities of the Issuer owned by them or take any other available course of action, including surrendering or selling shares back to the Issuer for tax withholding obligations. Notwithstanding anything contained herein, the Reporting Persons specifically reserve the right to change their intention with respect to any or all of such matters. Mr. Do is the President and Chief Executive Officer of the Issuer and acquired his securities in that capacity. As a result, Mr. Do may have influence over the corporate activities of the Issuer, including activities that may relate to items described in subparagraphs (a) through (j) of Item 4 of Schedule 13D. Other than as described above, the Reporting Persons do not have any present plans or proposals as of the date hereof that relate to or would result in any of the transactions described in subparagraphs (a) through (j) of Item 4 of Schedule 13D. However, as part of ongoing evaluation of their investment and investment alternatives, each Reporting Person may consider such matters and, subject to applicable law, may formulate a plan or proposal with respect to such matters, and, from time to time, may hold discussions with or make formal proposals to management or the Board of Directors of the Issuer, other shareholders of the Issuer or other third parties regarding such matters.
Item 5.	Interest in Securities of the Issuer
(a)	The Reporting Persons beneficially own an aggregate of 399,018 shares of Class A Common Stock as follows: (i) 907 shares of Class A Common Stock held directly by Cuong Do, (ii) 9,992 shares of Class A Common Stock held directly by Do & Rickles Investments, LLC, (iii) warrants held directly by Do & Rickles Investments, LLC to purchase 5,050 shares of Class A Common Stock, and (iv stock options held directly by Cuong Do to purchase 383,069 shares of Class A Common Stock. Mr. Do maintains beneficial ownership, including dispositive and voting control, over Do & Rickles Investments, LLC, as its sole member. The percentage ownership is calculated based upon 7,541,539 shares of Class A Common Stock outstanding as of March 23, 2026, as provided by the Issuer, plus an additional 388,119 shares of Class A Common Stock issuable upon the exercise of warrants and stock options that are exercisable within 60 days of the date hereof.
(b)	Mr. Do has the sole power to vote or to direct the vote, sole power to dispose or to direct the disposition of all shares beneficially owned by him and Do & Rickles Investments, LLC, of which Mr. Do is the sole member.
(c)	The Reporting Persons did not engage in any transactions in shares of the Issuer's Common Stock during the past 60 days.
(d)	Not applicable.
(e)	Not applicable.
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	With Mr. Do serving as the President and Chief Executive Officer of the Issuer, from time to time, the Reporting Persons have received, and may in the future receive, restricted stock units, option grants or other awards of equity-based compensation pursuant to the Issuer's compensation arrangements. Pursuant to Rule 13d-1(k) promulgated under the Exchange Act, the Reporting Persons have entered into an agreement attached hereto as Exhibit 99.2, with respect to the joint filing of this Schedule 13D and any amendment or amendments hereto.
Item 7.	Material to be Filed as Exhibits.
	Exh 99.1 BioVie Inc. 2019 Omnibus Equity Incentive Plan (Amended and Restated through November 10, 2025) Exh 99.2 Joint Filing Agreement

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

DO CUONG V

Signature:	/s/ Cuong Do
Name/Title:	Cuong Do, Individually
Date:	03/25/2026

Do & Rickles Investments, LLC

Signature:	/s/ Cuong
Name/Title:	Cuong Do, Member
Date:	03/25/2026

FAQ

What ownership stake in BioVie Inc. (BIVI) does Cuong Do report on this Schedule 13D?

Cuong Do reports beneficial ownership of 399,018 shares of BioVie Class A common stock, equal to 5.03% of the class. This total includes shares, warrants and stock options held directly and through Do & Rickles Investments, LLC.

How is the 5.03% ownership percentage for BioVie Inc. (BIVI) calculated in the filing?

The 5.03% stake is calculated using 7,541,539 BioVie Class A shares outstanding as of March 23, 2026, plus 388,119 additional shares issuable upon exercise of warrants and stock options that are exercisable within 60 days from the filing date.

What securities make up Cuong Do’s reported 399,018 BioVie Inc. (BIVI) shares?

The 399,018 beneficially owned shares include 907 shares held directly by Cuong Do, 9,992 shares held by Do & Rickles Investments, LLC, warrants for 5,050 shares, and stock options for 383,069 shares of BioVie Class A common stock.

What is Do & Rickles Investments, LLC’s role in BioVie Inc. (BIVI) ownership?

Do & Rickles Investments, LLC, a Delaware entity owned by Cuong Do and his wife, beneficially owns 398,111 BioVie shares, or 5.02% of the class. It primarily holds the couple’s investments, with Cuong Do maintaining voting and dispositive control as sole member.

Why did Cuong Do and Do & Rickles Investments, LLC acquire BioVie Inc. (BIVI) securities?

The filing states the securities were acquired for investment purposes and are held as a long-term investment. They were obtained using personal funds and as compensation for Cuong Do’s role as President and Chief Executive Officer of BioVie.

What future actions regarding BioVie Inc. (BIVI) shares do the reporting persons contemplate?

The reporting persons indicate they will continuously review their BioVie investment and may acquire additional securities, dispose of holdings, or pursue other actions, including surrendering or selling shares back to BioVie to satisfy tax withholding obligations, depending on future circumstances.

Did Cuong Do or Do & Rickles Investments, LLC trade BioVie Inc. (BIVI) stock in the last 60 days?

The filing states that the reporting persons did not engage in any transactions in BioVie Class A common stock during the 60 days preceding the date of the statement, indicating no recent market trades over that period.