[Form 3] Canopy Growth Corporation Initial Statement of Beneficial Ownership

Q: Why is BioVie (BIVI) conducting a public offering now?

To raise ≈ $14 M net for working capital and fund ongoing clinical programs after executing a 1-for-10 reverse split.

Q: What is the exercise price and term of the new warrants (ticker BIVIW)?

Each warrant strikes at $12.875 (125 % of assumed $10.30 offer price) and expires five years after issuance.

Q: Will the pre-funded warrants be tradeable?

No. Pre-funded warrants (exercise price $0.0001) will not be listed on any exchange and are expected to be illiquid.

Filing Impact

(Low)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

BioVie Inc. (Nasdaq: BIVI) has filed Amendment No. 1 to its Form S-1 to complete a firm-commitment public offering that will roughly double the company’s share count and strengthen short-term liquidity.

Size & structure: 1,456,310 Units (one post-split Class A share + one 5-year warrant) or, for investors breaching the 4.99 %/9.99 % ownership caps, an equal number of Pre-funded Units (one pre-funded warrant + one warrant). Gross proceeds at the assumed $10.30 price equal ≈ $15.0 million; net ≈ $13.8 million after 7 % underwriting fees and estimated offering costs (exact expenses not yet disclosed). Underwriters hold a 45-day over-allotment option for 15 % additional securities.
Pricing metrics: Warrants strike at $12.875 (125 % of the assumed offer price) and will be listed on Nasdaq as “BIVIW” (listing application pending). Pre-funded warrants exercise at $0.0001 and will not be listed.
Capitalisation impact: Shares outstanding rise from 1,860,086 (6-30-25) to 3,316,396 before any warrant exercise—or 3,534,843 if the green-shoe is exercised in full—representing ≈ 78 % immediate dilution to existing holders. Potential dilution is greater when considering 960,098 legacy warrants (avg. $35.02 strike), 84,872 options (avg. $286.20 strike) and the new offering warrants (1.46 M) and banker warrants (≈ 0.15 M).
Reverse split executed: A 1-for-10 split became effective 7-7-25 to meet Nasdaq minimum bid requirements; all share figures reflect the split.
Use of proceeds: “Working capital and general corporate purposes” – presumed funding of ongoing clinical trials (bezisterim/NE3107 for Alzheimer’s, Parkinson’s and Long COVID; BIV201 terlipressin for ascites). No debt repayment or acquisition earmarked.
Pipeline status: – Phase 3 AD study unblinded but undermined by cGCP violations at 15 sites, leaving an under-powered data set (81 mITT / 57 per-protocol patients). Company evaluating additional enrolment or a new Phase 3. – Phase 2b Parkinson’s study green-lit by FDA and began April 2025. – DOD-funded Phase 2 Long COVID trial (ADDRESS-LC) commenced May 2025; $13.1 M grant with $2.9 M reimbursed YTD. – BIV201 Phase 3 protocol being finalised after recent FDA guidance. Orphan Drug & Fast-Track designations remain in force.
Litigation disclosure: Consolidated securities-fraud class action (In re BioVie Inc. Securities Litigation, D.Nev. No. 3:24-cv-00035) survived a motion to dismiss on 3-27-25 and is now in discovery; insurer deductible is $2 M.
Risk highlights: continuing losses, need for repeated capital raises, substantial clinical and regulatory uncertainty, concentration of cash in one bank above FDIC limits, potential Nasdaq compliance issues if this offering is not deemed “public,” and broad indemnification/blank-check preferred provisions.

The filing positions BioVie to secure modest near-term funds but materially dilutes shareholders and does not address the more costly, pivotal trials still required for commercialization. Strategic success now hinges on swift resolution of AD data integrity questions, execution of new PD/Long-COVID trials, and eventual Phase 3 initiation for BIV201.

BioVie Inc. (Nasdaq: BIVI) ha presentato l'Emendamento n. 1 al suo modulo S-1 per completare un'offerta pubblica a sottoscrizione garantita che raddoppierà approssimativamente il numero di azioni della società e rafforzerà la liquidità a breve termine.

Dimensione e struttura: 1.456.310 unità (una azione Classe A post-split + un warrant quinquennale) oppure, per gli investitori che superano i limiti di proprietà del 4,99%/9,99%, un numero equivalente di Pre-funded Units (un warrant pre-finanziato + un warrant). I proventi lordi al prezzo stimato di 10,30 $ ammontano a circa 15,0 milioni di dollari; netti circa 13,8 milioni dopo il 7% di commissioni di sottoscrizione e i costi stimati dell’offerta (spese esatte non ancora divulgate). Gli underwriter detengono un’opzione di sovrallocazione del 45 giorni per il 15% di titoli aggiuntivi.
Metriche di prezzo: Il prezzo di esercizio dei warrant è fissato a 12,875 $ (125% del prezzo stimato dell'offerta) e saranno quotati al Nasdaq come “BIVIW” (domanda di quotazione in corso). I warrant pre-finanziati si esercitano a 0,0001 $ e non saranno quotati.
Impatto sulla capitalizzazione: Le azioni in circolazione aumentano da 1.860.086 (30-06-25) a 3.316.396 prima di qualsiasi esercizio di warrant — o 3.534.843 se viene esercitata completamente l’opzione green-shoe — rappresentando circa il 78% di diluizione immediata per gli azionisti esistenti. La diluizione potenziale è maggiore considerando 960.098 warrant legacy (prezzo medio di esercizio 35,02 $), 84.872 opzioni (prezzo medio 286,20 $) e i warrant della nuova offerta (1,46 milioni) e quelli per i banchieri (circa 0,15 milioni).
Split inverso eseguito: Uno split 1-per-10 è entrato in vigore il 7-7-25 per rispettare i requisiti minimi di prezzo del Nasdaq; tutte le cifre delle azioni riflettono lo split.
Utilizzo dei proventi: “Capitale circolante e scopi aziendali generali” – presumibilmente per finanziare gli studi clinici in corso (bezisterim/NE3107 per Alzheimer, Parkinson e Long COVID; BIV201 terlipressina per ascite). Nessun rimborso di debito o acquisizione prevista.
Stato del pipeline: – Studio di fase 3 su Alzheimer svelato ma compromesso da violazioni cGCP in 15 siti, con un dataset sottodimensionato (81 mITT / 57 pazienti per-protocol). La società sta valutando un’ulteriore arruolamento o un nuovo studio di fase 3. – Studio di fase 2b su Parkinson approvato dalla FDA e iniziato ad aprile 2025. – Studio di fase 2 sul Long COVID finanziato dal DOD (ADDRESS-LC) iniziato a maggio 2025; sovvenzione da 13,1 milioni di dollari con 2,9 milioni rimborsati finora. – Protocollo di fase 3 per BIV201 in fase di finalizzazione dopo le recenti indicazioni FDA. Le designazioni Orphan Drug e Fast-Track rimangono valide.
Divulgazione legale: Azione collettiva consolidata per frode sui titoli (In re BioVie Inc. Securities Litigation, D.Nev. No. 3:24-cv-00035) ha superato la mozione per rigetto il 27-3-25 ed è ora in fase di scoperta; la franchigia assicurativa è di 2 milioni di dollari.
Punti di rischio: perdite continue, necessità di ripetuti aumenti di capitale, notevole incertezza clinica e regolatoria, concentrazione di liquidità in una sola banca oltre i limiti FDIC, possibili problemi di conformità Nasdaq se l’offerta non viene considerata “pubblica”, e ampie clausole di indennizzo e azioni privilegiate a scatola bianca.

Il deposito posiziona BioVie per ottenere fondi modesti a breve termine ma diluisce sostanzialmente gli azionisti e non affronta gli studi pivotali più costosi ancora necessari per la commercializzazione. Il successo strategico ora dipende dalla rapida risoluzione delle questioni di integrità dei dati AD, dall’esecuzione dei nuovi studi su PD/Long COVID e dall’avvio finale della fase 3 per BIV201.

BioVie Inc. (Nasdaq: BIVI) ha presentado la Enmienda No. 1 a su Formulario S-1 para completar una oferta pública con compromiso firme que aproximadamente duplicará el número de acciones de la compañía y fortalecerá la liquidez a corto plazo.

Tamaño y estructura: 1.456.310 unidades (una acción Clase A post-split + un warrant a 5 años) o, para inversores que superen los límites de propiedad del 4.99 %/9.99 %, un número igual de Unidades Pre-financiadas (un warrant pre-financiado + un warrant). Los ingresos brutos al precio estimado de $10.30 son ≈ $15.0 millones; netos ≈ $13.8 millones tras el 7 % de comisiones de suscripción y costos estimados de la oferta (gastos exactos aún no divulgados). Los suscriptores tienen una opción de sobreasignación de 45 días para un 15 % adicional de valores.
Métricas de precio: El precio de ejercicio de los warrants es $12.875 (125 % del precio estimado de la oferta) y serán listados en Nasdaq como “BIVIW” (solicitud de listado pendiente). Los warrants pre-financiados se ejercen a $0.0001 y no serán listados.
Impacto en la capitalización: Las acciones en circulación aumentan de 1,860,086 (30-06-25) a 3,316,396 antes de cualquier ejercicio de warrants — o 3,534,843 si se ejerce completamente la opción green-shoe — representando ≈ 78 % de dilución inmediata para los accionistas existentes. La dilución potencial es mayor considerando 960,098 warrants legacy (precio promedio $35.02), 84,872 opciones (precio promedio $286.20) y los nuevos warrants de la oferta (1.46 M) y warrants para banqueros (≈ 0.15 M).
Split inverso ejecutado: Un split 1-por-10 entró en vigor el 7-7-25 para cumplir con los requisitos mínimos de precio de Nasdaq; todas las cifras de acciones reflejan el split.
Uso de los ingresos: “Capital de trabajo y propósitos corporativos generales” – presumiblemente para financiar los ensayos clínicos en curso (bezisterim/NE3107 para Alzheimer, Parkinson y Long COVID; BIV201 terlipresina para ascitis). No se destina a pago de deuda ni adquisiciones.
Estado del pipeline: – Estudio de fase 3 en Alzheimer desenmascarado pero afectado por violaciones cGCP en 15 sitios, dejando un conjunto de datos subdimensionado (81 mITT / 57 pacientes por protocolo). La compañía evalúa enrolamiento adicional o un nuevo estudio de fase 3. – Estudio de fase 2b en Parkinson aprobado por FDA y comenzó en abril 2025. – Ensayo de fase 2 Long COVID financiado por DOD (ADDRESS-LC) iniciado en mayo 2025; subvención de $13.1 M con $2.9 M reembolsados hasta la fecha. – Protocolo de fase 3 para BIV201 en finalización tras recientes guías FDA. Designaciones Orphan Drug y Fast-Track vigentes.
Divulgación legal: Acción colectiva consolidada por fraude de valores (In re BioVie Inc. Securities Litigation, D.Nev. No. 3:24-cv-00035) superó moción de desestimación el 27-3-25 y está en fase de descubrimiento; deducible del seguro es $2 M.
Aspectos de riesgo: pérdidas continuas, necesidad de múltiples aumentos de capital, considerable incertidumbre clínica y regulatoria, concentración de efectivo en un solo banco por encima de límites FDIC, posibles problemas de cumplimiento Nasdaq si esta oferta no se considera “pública”, y amplias cláusulas de indemnización y acciones preferentes de cheque en blanco.

La presentación posiciona a BioVie para asegurar fondos modestos a corto plazo pero diluye significativamente a los accionistas y no aborda los ensayos pivotales más costosos aún requeridos para la comercialización. El éxito estratégico ahora depende de la rápida resolución de las dudas sobre la integridad de datos en AD, la ejecución de nuevos ensayos para PD/Long COVID y el inicio eventual de la fase 3 para BIV201.

BioVie Inc. (나스닥: BIVI)는 회사의 주식 수를 약 두 배로 늘리고 단기 유동성을 강화하기 위한 확정 인수 공모를 완료하기 위해 Form S-1의 수정안 1호를 제출했습니다.

규모 및 구조: 1,456,310 단위(분할 후 클래스 A 주식 1주 + 5년 만기 워런트 1개) 또는 4.99%/9.99% 소유 한도를 초과하는 투자자에게는 동일 수량의 선지급 단위(선지급 워런트 1개 + 워런트 1개)가 제공됩니다. 가정된 가격 $10.30 기준 총 수익은 약 1,500만 달러이며, 7% 인수 수수료 및 예상 공모 비용(정확한 비용 미공개) 공제 후 순수익은 약 1,380만 달러입니다. 인수사는 45일간 15% 추가 증권에 대한 초과 배정 옵션을 보유합니다.
가격 지표: 워런트 행사가격은 $12.875(가정된 공모가의 125%)이며, Nasdaq에 “BIVIW”로 상장될 예정(상장 신청 중). 선지급 워런트는 $0.0001에 행사 가능하며 상장되지 않습니다.
자본 구조 영향: 발행 주식 수는 2025년 6월 30일 기준 1,860,086주에서 워런트 행사 전 3,316,396주로 증가하며, 그린슈 옵션이 전량 행사되면 3,534,843주가 됩니다. 이는 기존 주주에게 약 78%의 즉각적인 희석 효과를 의미합니다. 960,098개의 기존 워런트(평균 행사가 $35.02), 84,872개의 옵션(평균 행사가 $286.20), 신규 공모 워런트(146만 개) 및 인수사 워런트(약 15만 개)를 고려하면 잠재적 희석은 더 큽니다.
역분할 실행: 나스닥 최소 입찰가 요건 충족을 위해 2025년 7월 7일 1대10 역분할이 시행되었으며, 모든 주식 수치는 역분할을 반영합니다.
수익금 사용처: “운영 자금 및 일반 기업 목적” – 진행 중인 임상시험(알츠하이머, 파킨슨, 롱코비드용 bezisterim/NE3107; 복수체복수증용 BIV201 테를리프레신) 자금 조달로 추정됩니다. 부채 상환이나 인수 목적 자금은 포함되지 않았습니다.
파이프라인 현황: – 3상 알츠하이머 연구는 공개되었으나 15개 사이트에서 cGCP 위반으로 데이터 세트가 부족해졌으며(81 mITT / 57 per-protocol 환자), 추가 등록 또는 새로운 3상 시험을 검토 중입니다. – 2b상 파킨슨 연구는 FDA 승인 후 2025년 4월 시작됨. – 국방부 지원 2상 롱코비드 시험(ADDRESS-LC)은 2025년 5월 시작되었으며, 1,310만 달러 보조금 중 290만 달러가 올해까지 환급됨. – 최근 FDA 지침에 따라 BIV201 3상 프로토콜 최종 조정 중입니다. 희귀의약품 및 신속심사 지정은 유지됩니다.
소송 공개: 통합 증권 사기 집단 소송(In re BioVie Inc. Securities Litigation, D.Nev. No. 3:24-cv-00035)은 2025년 3월 27일 기각 신청을 통과했고 현재 증거 개시 단계이며, 보험 공제액은 200만 달러입니다.
위험 요점: 지속적인 손실, 반복적인 자본 조달 필요성, 상당한 임상 및 규제 불확실성, FDIC 한도를 초과하는 단일 은행에 현금 집중, 본 공모가 “공개”로 간주되지 않을 경우 나스닥 규정 준수 문제 가능성, 광범위한 면책 및 백지 수표 우선주 조항.

이번 제출로 BioVie는 단기적으로 적은 자금을 확보할 수 있게 되었으나 주주 희석이 상당하며, 상업화를 위해 여전히 필요한 비용이 큰 주요 임상시험 문제는 해결하지 못했습니다. 전략적 성공은 AD 데이터 무결성 문제의 신속한 해결, 새로운 PD/롱코비드 시험의 실행, 그리고 BIV201의 3상 시험 개시에 달려 있습니다.

BioVie Inc. (Nasdaq : BIVI) a déposé l’Amendement n° 1 à son formulaire S-1 afin de finaliser une offre publique ferme qui double approximativement le nombre d’actions de la société et renforce la liquidité à court terme.

Taille et structure : 1 456 310 unités (une action de classe A post-split + un warrant de 5 ans) ou, pour les investisseurs dépassant les plafonds de propriété de 4,99 %/9,99 %, un nombre égal d’unités préfinancées (un warrant préfinancé + un warrant). Le produit brut au prix supposé de 10,30 $ est d’environ 15,0 millions de dollars ; net d’environ 13,8 millions après 7 % de frais de souscription et coûts estimés de l’offre (dépenses exactes non encore divulguées). Les souscripteurs disposent d’une option de surallocation de 45 jours pour 15 % de titres supplémentaires.
Indicateurs de prix : Les warrants ont un prix d’exercice de 12,875 $ (125 % du prix supposé de l’offre) et seront cotés au Nasdaq sous le symbole « BIVIW » (demande de cotation en cours). Les warrants préfinancés s’exercent à 0,0001 $ et ne seront pas cotés.
Impact sur la capitalisation : Le nombre d’actions en circulation passe de 1 860 086 (30-06-25) à 3 316 396 avant tout exercice de warrant — ou 3 534 843 si l’option green-shoe est entièrement exercée — ce qui représente une dilution immédiate d’environ 78 % pour les détenteurs actuels. La dilution potentielle est plus importante en tenant compte de 960 098 warrants anciens (prix moyen d’exercice 35,02 $), 84 872 options (prix moyen 286,20 $) ainsi que les nouveaux warrants de l’offre (1,46 M) et les warrants des banques (≈ 0,15 M).
Fractionnement inversé effectué : Un fractionnement 1 pour 10 est entré en vigueur le 07-07-25 pour satisfaire aux exigences minimales de prix du Nasdaq ; tous les chiffres d’actions reflètent ce fractionnement.
Utilisation des fonds : « Fonds de roulement et fins corporatives générales » – présumé destiné au financement des essais cliniques en cours (bezisterim/NE3107 pour Alzheimer, Parkinson et Long COVID ; BIV201 terlipressine pour ascite). Aucun remboursement de dette ni acquisition prévue.
Statut du pipeline : – Étude de phase 3 sur la maladie d’Alzheimer dévoilée mais affectée par des violations cGCP dans 15 sites, ce qui a laissé un ensemble de données sous-puissant (81 mITT / 57 patients per-protocol). La société évalue un recrutement supplémentaire ou une nouvelle phase 3. – Étude de phase 2b sur Parkinson approuvée par la FDA et commencée en avril 2025. – Essai de phase 2 Long COVID financé par le DOD (ADDRESS-LC) débuté en mai 2025 ; subvention de 13,1 M$ avec 2,9 M$ remboursés à ce jour. – Protocole de phase 3 pour BIV201 en finalisation après les récentes directives de la FDA. Les désignations Orphan Drug et Fast-Track restent en vigueur.
Divulgation judiciaire : Action collective consolidée pour fraude sur titres (In re BioVie Inc. Securities Litigation, D.Nev. No. 3:24-cv-00035) a survécu à une motion de rejet le 27-03-25 et est maintenant en phase de découverte ; la franchise de l’assureur est de 2 M$.
Points de risque : pertes continues, nécessité de levées de fonds répétées, incertitudes cliniques et réglementaires substantielles, concentration de liquidités dans une seule banque au-delà des limites FDIC, risques potentiels de conformité Nasdaq si cette offre n’est pas considérée comme « publique », et larges clauses d’indemnisation et de actions privilégiées à blanc.

Le dépôt positionne BioVie pour obtenir des fonds modestes à court terme mais dilue considérablement les actionnaires et ne traite pas des essais pivotaux plus coûteux encore nécessaires à la commercialisation. Le succès stratégique dépend désormais d’une résolution rapide des questions d’intégrité des données AD, de l’exécution des nouveaux essais PD/Long COVID et du lancement éventuel de la phase 3 pour BIV201.

BioVie Inc. (Nasdaq: BIVI) hat Änderung Nr. 1 zu seinem Formular S-1 eingereicht, um ein festverpflichtetes öffentliches Angebot abzuschließen, das die Anzahl der Aktien des Unternehmens ungefähr verdoppeln und die kurzfristige Liquidität stärken wird.

Größe & Struktur: 1.456.310 Einheiten (je eine post-Split Klasse-A-Aktie + ein 5-Jahres-Warrant) oder, für Investoren, die die Eigentumslimits von 4,99 %/9,99 % überschreiten, eine gleiche Anzahl vorfinanzierter Einheiten (ein vorfinanzierter Warrant + ein Warrant). Bruttoerlöse beim angenommenen Preis von 10,30 $ betragen ca. 15,0 Mio. $; netto ca. 13,8 Mio. $ nach 7 % Underwriting-Gebühren und geschätzten Angebotskosten (exakte Ausgaben noch nicht bekanntgegeben). Underwriter halten eine 45-tägige Mehrzuteilungsoption für 15 % zusätzliche Wertpapiere.
Preiskennzahlen: Warrants haben einen Ausübungspreis von 12,875 $ (125 % des angenommenen Angebotskurses) und werden an der Nasdaq als „BIVIW“ gelistet (Notierungsantrag läuft). Vorfinanzierte Warrants werden zu 0,0001 $ ausgeübt und nicht gelistet.
Auswirkung auf die Kapitalisierung: Die ausstehenden Aktien steigen von 1.860.086 (30.06.25) auf 3.316.396 vor jeglicher Warrantausübung – oder auf 3.534.843 bei vollständiger Ausübung der Green-Shoe-Option – was einer sofortigen Verwässerung von etwa 78 % für bestehende Aktionäre entspricht. Die potenzielle Verwässerung ist höher, wenn man 960.098 Alt-Warrants (Durchschnittspreis 35,02 $), 84.872 Optionen (Durchschnittspreis 286,20 $) sowie die neuen Angebots-Warrants (1,46 Mio.) und Bankiers-Warrants (ca. 0,15 Mio.) berücksichtigt.
Reverse-Split durchgeführt: Ein 1-zu-10-Split wurde am 07.07.25 wirksam, um die Mindestgebotsanforderungen der Nasdaq zu erfüllen; alle Aktienzahlen spiegeln den Split wider.
Verwendung der Erlöse: „Betriebskapital und allgemeine Unternehmenszwecke“ – vermutlich zur Finanzierung laufender klinischer Studien (bezisterim/NE3107 für Alzheimer, Parkinson und Long COVID; BIV201 Terlipressin für Aszites). Keine Schuldentilgung oder Akquisition vorgesehen.
Status der Pipeline: – Phase-3-AD-Studie wurde unblindiert, ist jedoch durch cGCP-Verstöße an 15 Standorten beeinträchtigt, was zu einem unterdimensionierten Datensatz führt (81 mITT / 57 per-protocol Patienten). Das Unternehmen prüft eine zusätzliche Einschreibung oder eine neue Phase-3-Studie. – Phase-2b-Parkinson-Studie von der FDA genehmigt und im April 2025 gestartet. – DOD-finanzierte Phase-2-Long-COVID-Studie (ADDRESS-LC) begann im Mai 2025; 13,1 Mio. $ Zuschuss mit bisher 2,9 Mio. $ erstattet. – BIV201 Phase-3-Protokoll wird nach jüngster FDA-Anleitung finalisiert. Orphan-Drug- und Fast-Track-Designationen bleiben bestehen.
Rechtsstreitigkeiten: Konsolidierte Sammelklage wegen Wertpapierbetrugs (In re BioVie Inc. Securities Litigation, D.Nev. Nr. 3:24-cv-00035) überstand am 27.03.25 einen Abweisungsantrag und befindet sich nun in der Entdeckungsphase; Selbstbehalt der Versicherung beträgt 2 Mio. $.
Risikohighlights: anhaltende Verluste, Bedarf an wiederholten Kapitalerhöhungen, erhebliche klinische und regulatorische Unsicherheiten, Konzentration von Bargeld bei einer Bank über FDIC-Grenzen hinaus, potenzielle Nasdaq-Compliance-Probleme, falls dieses Angebot nicht als „öffentlich“ gilt, sowie weitreichende Entschädigungs- und Blankoscheck-Vorzugsaktienbestimmungen.

Die Einreichung positioniert BioVie, um kurzfristig bescheidene Mittel zu sichern, verwässert die Aktionäre jedoch erheblich und adressiert nicht die kostspieligeren, entscheidenden Studien, die für die Kommerzialisierung noch erforderlich sind. Der strategische Erfolg hängt nun von der schnellen Klärung der AD-Datenintegritätsfragen, der Durchführung neuer PD/Long-COVID-Studien und dem letztendlichen Start der Phase 3 für BIV201 ab.

Positive

Reverse stock split successfully restored Nasdaq bid-price compliance, avoiding imminent delisting.
$15 million gross capital infusion (≈ $14 M net) extends cash runway and funds ongoing trials.
DoD grant of $13.1 million fully finances the Phase 2 Long-COVID study, reducing out-of-pocket R&D spend.
Fast-Track & Orphan Drug designations for BIV201 could accelerate review and provide marketing exclusivity if approved.

Negative

Immediate dilution of ~78 % to existing shareholders, with additional over-allotment and warrant overhang.
Phase 3 Alzheimer’s trial data integrity issues leave the lead indication underpowered and delay regulatory pathway.
Securities-fraud class action survived dismissal; potential liabilities and $2 M deductible may strain cash.
Offering proceeds are insufficient to fund pivotal trials, implying further dilution-inducing raises will be needed.
Reverse split risk: reduced float may heighten volatility and potential price erosion post-offering.

Insights

TL;DR – Capital raise improves runway but comes with 78 % dilution; pipeline catalysts remain high-risk.

The S-1/A reveals an offer sized to bring in roughly $14 M net, extending cash life by an estimated 2-3 quarters based on FY-24 burn rates. The simultaneous 1-for-10 reverse split restored Nasdaq bid-price compliance but shrank the public float, making dilution mathematically severe. Warrants priced at a 25 % premium may cap near-term upside while adding 1.46 M potential shares. Importantly, management has not yet resolved the data-integrity overhang in its Phase 3 Alzheimer’s program; without an expanded or new trial, FDA approval is implausible. Positive signals include a fully funded $13.1 M DoD Long-COVID study and ongoing PD Phase 2b. Nonetheless, with no commercial product and ongoing securities litigation, risk remains elevated. I view the amendment as neutral overall (rating 0): necessary financing achieved, but no change to fundamental outlook.

TL;DR – Offering meets compliance goals but amplifies overhangs: warrants, litigation, Nasdaq risk.

Post-split share price near $8.50 implies the bookrunner must discount meaningfully to clear the book, raising the possibility the unit price prices below assumed $10.30. If so, exercise prices and warrant strikes reset lower, increasing dilution. The underwriter’s over-allotment and 5 % representative warrants further pressure cap-table optics. While proceeds cover day-to-day ops, they are insufficient for a full Phase 3 (~$50-70 M), guaranteeing additional raises. The securities class action, now in discovery, may sap management bandwidth and cash (first $2 M uninsured). Should the deal fail Nasdaq’s “public offering” test, BIVI must seek alternative shareholder-approval solutions. Net impact: financing is incrementally helpful but does not materially de-risk the longer-term funding gap; I assign a neutral rating 0.

Dimensione e struttura: 1.456.310 unità (una azione Classe A post-split + un warrant quinquennale) oppure, per gli investitori che superano i limiti di proprietà del 4,99%/9,99%, un numero equivalente di Pre-funded Units (un warrant pre-finanziato + un warrant). I proventi lordi al prezzo stimato di 10,30 $ ammontano a circa 15,0 milioni di dollari; netti circa 13,8 milioni dopo il 7% di commissioni di sottoscrizione e i costi stimati dell’offerta (spese esatte non ancora divulgate). Gli underwriter detengono un’opzione di sovrallocazione del 45 giorni per il 15% di titoli aggiuntivi.
Metriche di prezzo: Il prezzo di esercizio dei warrant è fissato a 12,875 $ (125% del prezzo stimato dell'offerta) e saranno quotati al Nasdaq come “BIVIW” (domanda di quotazione in corso). I warrant pre-finanziati si esercitano a 0,0001 $ e non saranno quotati.
Impatto sulla capitalizzazione: Le azioni in circolazione aumentano da 1.860.086 (30-06-25) a 3.316.396 prima di qualsiasi esercizio di warrant — o 3.534.843 se viene esercitata completamente l’opzione green-shoe — rappresentando circa il 78% di diluizione immediata per gli azionisti esistenti. La diluizione potenziale è maggiore considerando 960.098 warrant legacy (prezzo medio di esercizio 35,02 $), 84.872 opzioni (prezzo medio 286,20 $) e i warrant della nuova offerta (1,46 milioni) e quelli per i banchieri (circa 0,15 milioni).
Split inverso eseguito: Uno split 1-per-10 è entrato in vigore il 7-7-25 per rispettare i requisiti minimi di prezzo del Nasdaq; tutte le cifre delle azioni riflettono lo split.
Utilizzo dei proventi: “Capitale circolante e scopi aziendali generali” – presumibilmente per finanziare gli studi clinici in corso (bezisterim/NE3107 per Alzheimer, Parkinson e Long COVID; BIV201 terlipressina per ascite). Nessun rimborso di debito o acquisizione prevista.
Stato del pipeline: – Studio di fase 3 su Alzheimer svelato ma compromesso da violazioni cGCP in 15 siti, con un dataset sottodimensionato (81 mITT / 57 pazienti per-protocol). La società sta valutando un’ulteriore arruolamento o un nuovo studio di fase 3. – Studio di fase 2b su Parkinson approvato dalla FDA e iniziato ad aprile 2025. – Studio di fase 2 sul Long COVID finanziato dal DOD (ADDRESS-LC) iniziato a maggio 2025; sovvenzione da 13,1 milioni di dollari con 2,9 milioni rimborsati finora. – Protocollo di fase 3 per BIV201 in fase di finalizzazione dopo le recenti indicazioni FDA. Le designazioni Orphan Drug e Fast-Track rimangono valide.
Divulgazione legale: Azione collettiva consolidata per frode sui titoli (In re BioVie Inc. Securities Litigation, D.Nev. No. 3:24-cv-00035) ha superato la mozione per rigetto il 27-3-25 ed è ora in fase di scoperta; la franchigia assicurativa è di 2 milioni di dollari.
Punti di rischio: perdite continue, necessità di ripetuti aumenti di capitale, notevole incertezza clinica e regolatoria, concentrazione di liquidità in una sola banca oltre i limiti FDIC, possibili problemi di conformità Nasdaq se l’offerta non viene considerata “pubblica”, e ampie clausole di indennizzo e azioni privilegiate a scatola bianca.

Tamaño y estructura: 1.456.310 unidades (una acción Clase A post-split + un warrant a 5 años) o, para inversores que superen los límites de propiedad del 4.99 %/9.99 %, un número igual de Unidades Pre-financiadas (un warrant pre-financiado + un warrant). Los ingresos brutos al precio estimado de $10.30 son ≈ $15.0 millones; netos ≈ $13.8 millones tras el 7 % de comisiones de suscripción y costos estimados de la oferta (gastos exactos aún no divulgados). Los suscriptores tienen una opción de sobreasignación de 45 días para un 15 % adicional de valores.
Métricas de precio: El precio de ejercicio de los warrants es $12.875 (125 % del precio estimado de la oferta) y serán listados en Nasdaq como “BIVIW” (solicitud de listado pendiente). Los warrants pre-financiados se ejercen a $0.0001 y no serán listados.
Impacto en la capitalización: Las acciones en circulación aumentan de 1,860,086 (30-06-25) a 3,316,396 antes de cualquier ejercicio de warrants — o 3,534,843 si se ejerce completamente la opción green-shoe — representando ≈ 78 % de dilución inmediata para los accionistas existentes. La dilución potencial es mayor considerando 960,098 warrants legacy (precio promedio $35.02), 84,872 opciones (precio promedio $286.20) y los nuevos warrants de la oferta (1.46 M) y warrants para banqueros (≈ 0.15 M).
Split inverso ejecutado: Un split 1-por-10 entró en vigor el 7-7-25 para cumplir con los requisitos mínimos de precio de Nasdaq; todas las cifras de acciones reflejan el split.
Uso de los ingresos: “Capital de trabajo y propósitos corporativos generales” – presumiblemente para financiar los ensayos clínicos en curso (bezisterim/NE3107 para Alzheimer, Parkinson y Long COVID; BIV201 terlipresina para ascitis). No se destina a pago de deuda ni adquisiciones.
Estado del pipeline: – Estudio de fase 3 en Alzheimer desenmascarado pero afectado por violaciones cGCP en 15 sitios, dejando un conjunto de datos subdimensionado (81 mITT / 57 pacientes por protocolo). La compañía evalúa enrolamiento adicional o un nuevo estudio de fase 3. – Estudio de fase 2b en Parkinson aprobado por FDA y comenzó en abril 2025. – Ensayo de fase 2 Long COVID financiado por DOD (ADDRESS-LC) iniciado en mayo 2025; subvención de $13.1 M con $2.9 M reembolsados hasta la fecha. – Protocolo de fase 3 para BIV201 en finalización tras recientes guías FDA. Designaciones Orphan Drug y Fast-Track vigentes.
Divulgación legal: Acción colectiva consolidada por fraude de valores (In re BioVie Inc. Securities Litigation, D.Nev. No. 3:24-cv-00035) superó moción de desestimación el 27-3-25 y está en fase de descubrimiento; deducible del seguro es $2 M.
Aspectos de riesgo: pérdidas continuas, necesidad de múltiples aumentos de capital, considerable incertidumbre clínica y regulatoria, concentración de efectivo en un solo banco por encima de límites FDIC, posibles problemas de cumplimiento Nasdaq si esta oferta no se considera “pública”, y amplias cláusulas de indemnización y acciones preferentes de cheque en blanco.

규모 및 구조: 1,456,310 단위(분할 후 클래스 A 주식 1주 + 5년 만기 워런트 1개) 또는 4.99%/9.99% 소유 한도를 초과하는 투자자에게는 동일 수량의 선지급 단위(선지급 워런트 1개 + 워런트 1개)가 제공됩니다. 가정된 가격 $10.30 기준 총 수익은 약 1,500만 달러이며, 7% 인수 수수료 및 예상 공모 비용(정확한 비용 미공개) 공제 후 순수익은 약 1,380만 달러입니다. 인수사는 45일간 15% 추가 증권에 대한 초과 배정 옵션을 보유합니다.
가격 지표: 워런트 행사가격은 $12.875(가정된 공모가의 125%)이며, Nasdaq에 “BIVIW”로 상장될 예정(상장 신청 중). 선지급 워런트는 $0.0001에 행사 가능하며 상장되지 않습니다.
자본 구조 영향: 발행 주식 수는 2025년 6월 30일 기준 1,860,086주에서 워런트 행사 전 3,316,396주로 증가하며, 그린슈 옵션이 전량 행사되면 3,534,843주가 됩니다. 이는 기존 주주에게 약 78%의 즉각적인 희석 효과를 의미합니다. 960,098개의 기존 워런트(평균 행사가 $35.02), 84,872개의 옵션(평균 행사가 $286.20), 신규 공모 워런트(146만 개) 및 인수사 워런트(약 15만 개)를 고려하면 잠재적 희석은 더 큽니다.
역분할 실행: 나스닥 최소 입찰가 요건 충족을 위해 2025년 7월 7일 1대10 역분할이 시행되었으며, 모든 주식 수치는 역분할을 반영합니다.
수익금 사용처: “운영 자금 및 일반 기업 목적” – 진행 중인 임상시험(알츠하이머, 파킨슨, 롱코비드용 bezisterim/NE3107; 복수체복수증용 BIV201 테를리프레신) 자금 조달로 추정됩니다. 부채 상환이나 인수 목적 자금은 포함되지 않았습니다.
파이프라인 현황: – 3상 알츠하이머 연구는 공개되었으나 15개 사이트에서 cGCP 위반으로 데이터 세트가 부족해졌으며(81 mITT / 57 per-protocol 환자), 추가 등록 또는 새로운 3상 시험을 검토 중입니다. – 2b상 파킨슨 연구는 FDA 승인 후 2025년 4월 시작됨. – 국방부 지원 2상 롱코비드 시험(ADDRESS-LC)은 2025년 5월 시작되었으며, 1,310만 달러 보조금 중 290만 달러가 올해까지 환급됨. – 최근 FDA 지침에 따라 BIV201 3상 프로토콜 최종 조정 중입니다. 희귀의약품 및 신속심사 지정은 유지됩니다.
소송 공개: 통합 증권 사기 집단 소송(In re BioVie Inc. Securities Litigation, D.Nev. No. 3:24-cv-00035)은 2025년 3월 27일 기각 신청을 통과했고 현재 증거 개시 단계이며, 보험 공제액은 200만 달러입니다.
위험 요점: 지속적인 손실, 반복적인 자본 조달 필요성, 상당한 임상 및 규제 불확실성, FDIC 한도를 초과하는 단일 은행에 현금 집중, 본 공모가 “공개”로 간주되지 않을 경우 나스닥 규정 준수 문제 가능성, 광범위한 면책 및 백지 수표 우선주 조항.

Taille et structure : 1 456 310 unités (une action de classe A post-split + un warrant de 5 ans) ou, pour les investisseurs dépassant les plafonds de propriété de 4,99 %/9,99 %, un nombre égal d’unités préfinancées (un warrant préfinancé + un warrant). Le produit brut au prix supposé de 10,30 $ est d’environ 15,0 millions de dollars ; net d’environ 13,8 millions après 7 % de frais de souscription et coûts estimés de l’offre (dépenses exactes non encore divulguées). Les souscripteurs disposent d’une option de surallocation de 45 jours pour 15 % de titres supplémentaires.
Indicateurs de prix : Les warrants ont un prix d’exercice de 12,875 $ (125 % du prix supposé de l’offre) et seront cotés au Nasdaq sous le symbole « BIVIW » (demande de cotation en cours). Les warrants préfinancés s’exercent à 0,0001 $ et ne seront pas cotés.
Impact sur la capitalisation : Le nombre d’actions en circulation passe de 1 860 086 (30-06-25) à 3 316 396 avant tout exercice de warrant — ou 3 534 843 si l’option green-shoe est entièrement exercée — ce qui représente une dilution immédiate d’environ 78 % pour les détenteurs actuels. La dilution potentielle est plus importante en tenant compte de 960 098 warrants anciens (prix moyen d’exercice 35,02 $), 84 872 options (prix moyen 286,20 $) ainsi que les nouveaux warrants de l’offre (1,46 M) et les warrants des banques (≈ 0,15 M).
Fractionnement inversé effectué : Un fractionnement 1 pour 10 est entré en vigueur le 07-07-25 pour satisfaire aux exigences minimales de prix du Nasdaq ; tous les chiffres d’actions reflètent ce fractionnement.
Utilisation des fonds : « Fonds de roulement et fins corporatives générales » – présumé destiné au financement des essais cliniques en cours (bezisterim/NE3107 pour Alzheimer, Parkinson et Long COVID ; BIV201 terlipressine pour ascite). Aucun remboursement de dette ni acquisition prévue.
Statut du pipeline : – Étude de phase 3 sur la maladie d’Alzheimer dévoilée mais affectée par des violations cGCP dans 15 sites, ce qui a laissé un ensemble de données sous-puissant (81 mITT / 57 patients per-protocol). La société évalue un recrutement supplémentaire ou une nouvelle phase 3. – Étude de phase 2b sur Parkinson approuvée par la FDA et commencée en avril 2025. – Essai de phase 2 Long COVID financé par le DOD (ADDRESS-LC) débuté en mai 2025 ; subvention de 13,1 M$ avec 2,9 M$ remboursés à ce jour. – Protocole de phase 3 pour BIV201 en finalisation après les récentes directives de la FDA. Les désignations Orphan Drug et Fast-Track restent en vigueur.
Divulgation judiciaire : Action collective consolidée pour fraude sur titres (In re BioVie Inc. Securities Litigation, D.Nev. No. 3:24-cv-00035) a survécu à une motion de rejet le 27-03-25 et est maintenant en phase de découverte ; la franchise de l’assureur est de 2 M$.
Points de risque : pertes continues, nécessité de levées de fonds répétées, incertitudes cliniques et réglementaires substantielles, concentration de liquidités dans une seule banque au-delà des limites FDIC, risques potentiels de conformité Nasdaq si cette offre n’est pas considérée comme « publique », et larges clauses d’indemnisation et de actions privilégiées à blanc.

Größe & Struktur: 1.456.310 Einheiten (je eine post-Split Klasse-A-Aktie + ein 5-Jahres-Warrant) oder, für Investoren, die die Eigentumslimits von 4,99 %/9,99 % überschreiten, eine gleiche Anzahl vorfinanzierter Einheiten (ein vorfinanzierter Warrant + ein Warrant). Bruttoerlöse beim angenommenen Preis von 10,30 $ betragen ca. 15,0 Mio. $; netto ca. 13,8 Mio. $ nach 7 % Underwriting-Gebühren und geschätzten Angebotskosten (exakte Ausgaben noch nicht bekanntgegeben). Underwriter halten eine 45-tägige Mehrzuteilungsoption für 15 % zusätzliche Wertpapiere.
Preiskennzahlen: Warrants haben einen Ausübungspreis von 12,875 $ (125 % des angenommenen Angebotskurses) und werden an der Nasdaq als „BIVIW“ gelistet (Notierungsantrag läuft). Vorfinanzierte Warrants werden zu 0,0001 $ ausgeübt und nicht gelistet.
Auswirkung auf die Kapitalisierung: Die ausstehenden Aktien steigen von 1.860.086 (30.06.25) auf 3.316.396 vor jeglicher Warrantausübung – oder auf 3.534.843 bei vollständiger Ausübung der Green-Shoe-Option – was einer sofortigen Verwässerung von etwa 78 % für bestehende Aktionäre entspricht. Die potenzielle Verwässerung ist höher, wenn man 960.098 Alt-Warrants (Durchschnittspreis 35,02 $), 84.872 Optionen (Durchschnittspreis 286,20 $) sowie die neuen Angebots-Warrants (1,46 Mio.) und Bankiers-Warrants (ca. 0,15 Mio.) berücksichtigt.
Reverse-Split durchgeführt: Ein 1-zu-10-Split wurde am 07.07.25 wirksam, um die Mindestgebotsanforderungen der Nasdaq zu erfüllen; alle Aktienzahlen spiegeln den Split wider.
Verwendung der Erlöse: „Betriebskapital und allgemeine Unternehmenszwecke“ – vermutlich zur Finanzierung laufender klinischer Studien (bezisterim/NE3107 für Alzheimer, Parkinson und Long COVID; BIV201 Terlipressin für Aszites). Keine Schuldentilgung oder Akquisition vorgesehen.
Status der Pipeline: – Phase-3-AD-Studie wurde unblindiert, ist jedoch durch cGCP-Verstöße an 15 Standorten beeinträchtigt, was zu einem unterdimensionierten Datensatz führt (81 mITT / 57 per-protocol Patienten). Das Unternehmen prüft eine zusätzliche Einschreibung oder eine neue Phase-3-Studie. – Phase-2b-Parkinson-Studie von der FDA genehmigt und im April 2025 gestartet. – DOD-finanzierte Phase-2-Long-COVID-Studie (ADDRESS-LC) begann im Mai 2025; 13,1 Mio. $ Zuschuss mit bisher 2,9 Mio. $ erstattet. – BIV201 Phase-3-Protokoll wird nach jüngster FDA-Anleitung finalisiert. Orphan-Drug- und Fast-Track-Designationen bleiben bestehen.
Rechtsstreitigkeiten: Konsolidierte Sammelklage wegen Wertpapierbetrugs (In re BioVie Inc. Securities Litigation, D.Nev. Nr. 3:24-cv-00035) überstand am 27.03.25 einen Abweisungsantrag und befindet sich nun in der Entdeckungsphase; Selbstbehalt der Versicherung beträgt 2 Mio. $.
Risikohighlights: anhaltende Verluste, Bedarf an wiederholten Kapitalerhöhungen, erhebliche klinische und regulatorische Unsicherheiten, Konzentration von Bargeld bei einer Bank über FDIC-Grenzen hinaus, potenzielle Nasdaq-Compliance-Probleme, falls dieses Angebot nicht als „öffentlich“ gilt, sowie weitreichende Entschädigungs- und Blankoscheck-Vorzugsaktienbestimmungen.

07/11/2025 - 05:20 PM

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0104
Estimated average burden
hours per response:			0.5

1. Name and Address of Reporting Person^*

Stewart Thomas Carlton

(Last)

(First)

(Middle)

C/O CANOPY GROWTH CORPORATION

1 HERSHEY DRIVE

(Street)

SMITHS FALLS

K7A 0A8

(City)

(State)

(Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
07/09/2025

3. Issuer Name and Ticker or Trading Symbol
Canopy Growth Corp [ CGC ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	See Remarks

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Shares	73,971⁽¹⁾	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
1. Title of Derivative Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
Stock Option	⁽²⁾	07/15/2025	Common Shares	8,250	$445.8⁽¹⁰⁾	D
Stock Option	⁽³⁾	03/27/2026	Common Shares	421	$213.4⁽¹⁰⁾	D
Stock Option	⁽⁴⁾	06/09/2027	Common Shares	320	$308.7⁽¹⁰⁾	D
Stock Option	⁽⁵⁾	12/03/2027	Common Shares	4,151	$135.8⁽¹⁰⁾	D
Stock Option	⁽⁶⁾	06/14/2028	Common Shares	2,096	$48.4⁽¹⁰⁾	D
Stock Option	⁽⁷⁾	06/28/2029	Common Shares	13,532	$6.2⁽¹⁰⁾	D
Stock Option	⁽⁸⁾	06/10/2030	Common Shares	8,512	$7.59⁽¹¹⁾	D
Stock Option	⁽⁹⁾	06/03/2031	Common Shares	46,355	$1.47⁽¹¹⁾	D

Explanation of Responses:

1. The shares reported herein include (i) 11,536 restricted stock units ("RSUs") granted on August 22, 2023, which will vest in equal installments on the second and third anniversaries of the grant date; (ii) 6,997 RSUs granted on June 10, 2024, of which 3,499 will vest on June 15, 2026 and 3,498 will vest on June 15, 2027; and (iii) 55,400 RSUs granted on June 3, 2025, of which 18,467 will vest on June 15, 2026, 18,466 will vest on June 15, 2027, and 18,467 will vest on June 15, 2028.

2. The options were granted on July 15, 2019 and are fully vested and exercisable.

3. The options were granted on March 27, 2020 and are fully vested and exercisable.

4. The options were granted on June 9, 2021 and are fully vested and exercisable.

5. The options were granted on December 3, 2021 and are fully vested and exercisable.

6. The options were granted on June 14, 2022 and are fully vested and exercisable.

7. The options were granted on June 28, 2023, of which 6,766 are fully vested and exercisable and 6,766 will vest and become exercisable on the third anniversary of the grant date.

8. The options were granted on June 10, 2024, of which 2,837 are fully vested and exercisable, 2,838 will vest and become exercisable on the second anniversary of the grant date, and 2,837 will vest and become exercisable on the third anniversary of the grant date.

9. The options were granted on June 3, 2025, of which 18,467 will vest and become exercisable on the first anniversary of the grant date, 18,466 will vest and become exercisable on the second anniversary of the grant date, and 18,467 will vest and become exercisable on the third anniversary of the grant date.

10. The exercise price is expressed in Canadian dollars.

11. The exercise price is expressed in U.S. dollars.

Remarks:

Interim Chief Financial Officer. Exhibit 24 - Power of Attorney

	/s/ Shai Marshall, Attorney-in-Fact	07/11/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

Source: View Original Filing on SEC EDGAR

FAQ

Why is BioVie (BIVI) conducting a public offering now?

To raise ≈ $14 M net for working capital and fund ongoing clinical programs after executing a 1-for-10 reverse split.

How much will the BioVie offering dilute existing shareholders?

Post-offering shares rise from 1.86 M to 3.32 M (up 78 %), plus 1.46 M 5-year warrants and possible over-allotment.

What is the exercise price and term of the new warrants (ticker BIVIW)?

Each warrant strikes at $12.875 (125 % of assumed $10.30 offer price) and expires five years after issuance.

Will the pre-funded warrants be tradeable?

No. Pre-funded warrants (exercise price $0.0001) will not be listed on any exchange and are expected to be illiquid.

How does the reverse stock split affect BioVie’s shares?

Every 10 pre-split shares became 1 new share on 7-7-25, boosting price above $5 but reducing the public float.

What are the key pipeline catalysts after this filing?

1) Resolution or redesign of the Alzheimer’s Phase 3 program; 2) Enrollment progress in the Phase 2b Parkinson’s trial; 3) ADDRESS-LC Long-COVID Phase 2 readouts; 4) Finalization of BIV201 Phase 3 protocol for ascites.

Does BioVie face any significant legal risks?

Yes. A consolidated securities class action (In re BioVie Inc.) is in discovery; defense costs up to $2 M are uninsured.

[Form 3] Canopy Growth Corporation Initial Statement of Beneficial Ownership

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FAQ

Why is BioVie (BIVI) conducting a public offering now?

How much will the BioVie offering dilute existing shareholders?

What is the exercise price and term of the new warrants (ticker BIVIW)?

Will the pre-funded warrants be tradeable?

How does the reverse stock split affect BioVie’s shares?

What are the key pipeline catalysts after this filing?

Does BioVie face any significant legal risks?

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[Form 3] Canopy Growth Corporation Initial Statement of Beneficial Ownership

Insights

Biopharma Equity Analyst neutral

Capital-Markets Risk Specialist neutral

FAQ

Why is BioVie (BIVI) conducting a public offering now?

How much will the BioVie offering dilute existing shareholders?

What is the exercise price and term of the new warrants (ticker BIVIW)?

Will the pre-funded warrants be tradeable?

How does the reverse stock split affect BioVie’s shares?

What are the key pipeline catalysts after this filing?

Does BioVie face any significant legal risks?

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