[S-3/A] Kaival Brands Innovations Group, Inc Amended Shelf Registration Statement

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.

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

Biopharma Equity Analyst

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.

Capital-Markets Risk Specialist

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.

As filed with the Securities and Exchange Commission on July 11, 2025

Registration No. 333-288091

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

AMENDMENT NO. 1 TO

FORM S-3

REGISTRATION STATEMENT

UNDER

THE SECURITIES ACT OF 1933

KAIVAL BRANDS INNOVATIONS GROUP, INC.

(Exact name of registrant as specified in its charter)

Delaware		5960		83-3492907
(State or Other Jurisdiction of Incorporation or Organization)		(Primary Standard Industrial Classification Code Number)		(I.R.S. Employer Identification No.)

460 Old Dixie Highway

Grant-Valkaria, Florida 32949

(833) 452-4825

(Address, including zip code, and telephone number, including area code,

of registrant’s principal executive offices)

Mark Thoenes

Chief Executive Officer

460 Old Dixie Highway

Grant-Valkaria, Florida 32949

(833) 452-4825

(Name, address, including zip code, and telephone number, including area code, of agent for service)

Copies to:

Ross D. Carmel, Esq.

Jeffrey P. Wofford, Esq.

Sichenzia Ross Ference Carmel LLP

1185 Avenue of the Americas, 31^st Floor

New York, New York 10036

Telephone: (212) 930-9700

Approximate date of commencement of proposed sale to the public: From time to time after this registration statement becomes effective.

If the only securities being registered on this form are being offered pursuant to dividend or interest reinvestment plans, please check the following box. ☐

If any of the securities being registered on this form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, as amended (the “Securities Act”), other than securities offered only in connection with dividend or interest reinvestment plans, check the following box. ☒

If this form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this form is a registration statement pursuant to General Instruction I.D. or a post-effective amendment thereto that shall become effective upon filing with the Commission pursuant to Rule 462(e) under the Securities Act, please check the following box. ☐

If this form is a post-effective amendment to a registration statement filed pursuant to General Instruction I.D. filed to register additional securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act, please check the following box. ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☒
		Emerging growth company	☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

The Registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which specifically states that this registration statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or until the registration statement shall become effective on such date as the Commission, acting pursuant to said Section 8(a), may determine.

EXPLANATION OF THE FILING

This shelf registration statement will provide our company with the flexibility to issue and sell securities if and when deemed appropriate and in the best interest of our stockholders. We may or may not issue and sell any securities under this registration statement. Filing this registration statement merely gives us flexibility to issue registered securities if and when we deem doing so is appropriate and in the best interest of our stockholders, without any unnecessary delays. This registration statement helps us maintain an optimal state of readiness at all times.

This pre-effective Amendment No. 1 to the Registration Statement on Form S-3 (File No. 333-288091) is being filed solely to file the form of trust indenture as Exhibit 4.6. Accordingly, this Amendment No. 1 consists solely of the facing page, this explanatory note, Part II of the Registration Statement, the signature page to the Registration Statement, the exhibit index and the filed Exhibit 4.6. The prospectus contained in Part I of the Registration Statement is unchanged and has been omitted from this filing.

PART II

INFORMATION NOT REQUIRED IN PROSPECTUS

Item 14. Other Expenses of Issuance and Distribution

The following table sets forth the various expenses in connection with the registration of the securities offered hereby. We will bear all of these expenses. All amounts are estimated except for the SEC registration fee:

Item		Amount
SEC registration fee		$	15,310
FINRA filing fee		$	15,500
Legal fees and expenses		$	100,000
Accounting fees and expenses		$	20,000
Printing and related expenses		$	5,000
Miscellaneous		$	10,000
Total		$	165,810

Item 15. Indemnification of Directors and Officers

Section 102 of the General Company Law of the State of Delaware (“DGCL”) permits a Company to eliminate the personal liability of directors of a Company to the Company or its stockholders for monetary damages for a breach of fiduciary duty as a director, except where the director breached his duty of loyalty, failed to act in good faith, engaged in intentional misconduct or knowingly violated a law, authorized the payment of a dividend or approved a stock repurchase in violation of Delaware corporate law or obtained an improper personal benefit. Our charter, as amended provides that no director of the Company shall be personally liable to it or its stockholders for monetary damages for any breach of fiduciary duty as a director, notwithstanding any provision of law imposing such liability, except to the extent that the DGCL prohibits the elimination or limitation of liability of directors for breaches of fiduciary duty.

Section 145 of the DGCL provides that a Company has the power to indemnify a director, officer, employee, or agent of the Company, or a person serving at the request of the Company for another Company, partnership, joint venture, trust or other enterprise in related capacities against expenses (including attorneys’ fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by the person in connection with an action, suit or proceeding to which he was or is a party or is threatened to be made a party to any threatened, ending or completed action, suit or proceeding by reason of such position, if such person acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the Company, and, in any criminal action or proceeding, had no reasonable cause to believe his conduct was unlawful, except that, in the case of actions brought by or in the right of the Company, no indemnification shall be made with respect to any claim, issue or matter as to which such person shall have been adjudged to be liable to the Company unless and only to the extent that the Court of Chancery or other adjudicating court determines that, despite the adjudication of liability but in view of all of the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses which the Court of Chancery or such other court shall deem proper.

Our charter and bylaws provide for the indemnification, to the fullest extent permitted from time to time by the DGCL or any other applicable laws as presently or hereafter in effect, any person who was or is made a party or is threatened to be made a party or is otherwise involved in any action, suit or proceeding, whether civil, criminal, administrative or investigative, by reason of the fact that he or she, or a person for whom he or she is the legal representative, is or was a director or officer of the Company or, while a director or officer of the Company, is or was serving at the request of the Company as a director, officer, employee or agent of another corporation or of a partnership, joint venture, trust, enterprise or nonprofit entity, including service with respect to employee benefit plans, against all liability and loss suffered and reasonably incurred by such person.

Our bylaws provide that if an indemnification claim made by an officer or director of the Company is not paid in full by the Company within thirty (30) days after a written claim has been received by the Company, the claimant may at any time thereafter bring suit against the Company to recover the unpaid amount of the claim and, if successful in whole or in part, the claimant shall also be entitled to be paid the expense of prosecuting such claim. It shall be a defense to any such action (other than an action brought to enforce a claim for expenses incurred in defending any proceeding in advance of its final disposition where any required undertaking has been tendered to the Company) that the claimant has not met the standards of conduct which make it permissible under the DGCL for the Company to indemnify the claimant for the amount claimed, but the burden of proving such defense shall be on the Company. Neither the failure of the Company (including its board of directors (“Board”), legal counsel, or its stockholders) to have made a determination prior to the commencement of such action that indemnification of the claimant is proper in the circumstances because he or she has met the applicable standard of conduct set forth in the DGCL, nor an actual determination by the Company (including its Board, legal counsel, or its stockholders) that the claimant has not met such applicable standard of conduct, shall be a defense to the action or create a presumption that the claimant has not met the applicable standard of conduct.

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The right of our directors and officers to indemnification under our charter and bylaws is not exclusive of any other right which they may have or hereafter acquire under any statute, our charter, our bylaws, any agreement, vote of stockholders or disinterested directors or otherwise.

The Company may also maintain insurance, at its expense, to protect itself and any director, officer, employee or agent of the Company or another corporation, partnership, joint venture, trust or other enterprise against any such expense, liability or loss, whether or not the Company would have the power to indemnify such person against such expense, liability or loss under the DGCL or under the provisions of our bylaws.

In any underwriting agreement we enter into in connection with the sale of common stock being registered hereby, the underwriters will agree to indemnify, under certain conditions, us, our directors, our officers and persons who control us within the meaning of the Securities Act of 1933, as amended, or the Securities Act, against certain liabilities.

These indemnification provisions may be sufficiently broad to permit indemnification of our directors and officers for liabilities (including reimbursement of expenses incurred) arising under the Securities Act.

Item 16. Exhibits

The following Exhibits are filed herewith or incorporated herein by reference:

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EXHIBIT INDEX

No.		Exhibit No.
1.1**		Form of Underwriting Agreement or Purchase Agreement
3.1		Amended and Restated Certificate of Incorporation (incorporated by reference to Exhibit 3.1 to Kaival Brands Innovations Group, Inc.’s Registration Statement on Form 10-12G filed with the Securities and Exchange Commission on March 25, 2019).
3.2		Bylaws, which were filed as Exhibit 3.2 to our Registration Statement on Form 10-12G filed with the Securities and Exchange Commission on February 19, 2019, and are incorporated herein by reference thereto.
3.3		Certificate of Ownership and Merger, as filed with the Secretary of State of the State of Delaware on June 20, 2019, which was filed as Exhibit 3.1 to our Current Report on Form 8-K filed with the Securities and Exchange Commission on July 15, 2019, and is incorporated herein by reference thereto.
3.4		Certificate of Correction, as filed with the Secretary of State of the State of Delaware on July 15, 2019, which was filed as Exhibit 3.2 to our Current Report on Form 8-K filed with the Securities and Exchange Commission on July 15, 2019, and is incorporated herein by reference thereto.
3.5		Certificate of Amendment to the Amended and Restated Certificate of Incorporation of Kaival Brands Innovations Group, Inc., effective July 20, 2021, which was filed as Exhibit 3.1 to our Current Report on Form 8-K filed with the Securities and Exchange Commission on July 20, 2021, and is incorporated herein by reference thereto.
3.6		Certificate of Designation of Preferences, Rights and Limitations of the Series B Convertible Preferred Stock, dated May 30, 2023, which was filed as Exhibit 3.1 to our Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on June 14, 2023, and is incorporated herein by reference thereto.
3.7		Certificate of Amendment to the Amended and Restated Certificate of Incorporation of Kaival Brands Innovations Group, Inc., effective January 22, 2024, which was filed as Exhibit 3.1 to our Current Report on Form 8-K filed with the Securities and Exchange Commission on January 26, 2024, and is incorporated herein by reference thereto.
4.1		Form of Indenture
4.2**		Form of Certificate of Designation
4.3**		Form of Deposit Agreement
4.4**		Form of Depositary Agreement
4.5**		Form of Warrant Agreement
4.6**		Form of Warrant
4.7**		Form of Rights Agreement
4.8**		Form of Unit Agreement
5.1*		Opinion of Sichenzia Ross Ference Carmel LLP relating to the base prospectus
23.1*		Consent of MaloneBailey, LLP
23.2*		Consent of Counsel to Registrant (included in Exhibit 5.1).
24.1*		Powers of Attorney (included on the signature page of Registration Statement)
25.1***		Form T-1 Statement of Eligibility to act as trustee under Indenture
107*		Filing Fees

*	Previously filed.
**	To be filed, if necessary, by post-effective amendment to this registration statement or as an exhibit to a current report of the registrant on Form 8-K and incorporated herein by reference.
***	To be filed separately pursuant to Section 305(b)(2) of the Trust Indenture Act of 1939 under the electronic form type 305B2.

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Item 17. Undertakings

The undersigned registrant hereby undertakes:

(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:

(i) To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;

(ii) To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in this registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20 percent change in the maximum aggregate offering price set forth in the “Calculation of Registration Fee” table in the effective registration statement;

(iii) To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in this registration statement;

Provided, however, that Paragraphs (a)(1)(i), (a)(1)(ii) and (a)(1)(iii) of this section do not apply if the registration statement is on Form S-3 or Form F-3 and the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the registrant pursuant to section 13 or section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the registration statement, or is contained in a form of prospectus filed pursuant to Rule 424(b) that is part of the registration statement.

(2) That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered herein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

(4) That, for the purpose of determining liability under the Securities Act of 1933 to any purchaser:

(i) If the registrant is relying on Rule 430B:

(A) Each prospectus filed by the registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and included in the registration statement; and

(B) Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5) or (b)(7) as part of a registration statement in reliance on Rule 430B relating to an offering made pursuant to Rule 415 (a)(1)(i), (vii) or (x) for the purpose of providing the information required by section 10(a) of the Securities Act of 1933 shall be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

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Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date.

(5) That, for the purpose of determining liability of the registrant under the Securities Act of 1933 to any purchaser in the initial distribution of the securities:

The undersigned registrant undertakes that in an offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:

(i) Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424;

(ii) Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant;

(iii) The portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; and

(iv) Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.

The undersigned registrant hereby further undertakes that, for the purposes of determining any liability under the Securities Act of 1933, each filing of the registrant’s annual report pursuant to section 13(a) or section 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of an employee benefit plan’s annual report pursuant to section 15(d) of the Securities Exchange Act of 1934) that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered herein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act of 1933 and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act of 1933 and will be governed by the final adjudication of such issue.

The undersigned registrant hereby undertakes to file an application for the purpose of determining the eligibility of the trustee to act under subsection (a) of section 310 of the Trust Indenture Act (“Act”) in accordance with the rules and regulations prescribed by the Commission under section 305(b)(2) of the Act.

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SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, the registrant has duly caused this Amendment No. 1 to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized in City of Grant, State of Florida, on July 11 2025.

Kaival Brands Innovations Group, Inc..
By:	/s/Mark Thoenes
	Mark Thoenes
	Interim Chief Executive Officer (Principal Executive Officer)

Pursuant to the requirements of the Securities Act of 1933, as amended, this registration statement has been signed by the following persons in the capacities and on the dates indicated.

Name		Position		Date
/s/ Mark Thoenes		Interim Chief Executive Officer and Director		July 11, 2025
Mark Thoenes		(Principal Executive Officer)
/s/ *Eric Morris		Interim Chief Financial Officer		July 11, 2025
Eric Morris		(Principal Accounting Officer)
/s/ *David Worner		Director		July 11, 2025
David Worner
/s/ *Ketankumar Patel		Director		July 11, 2025
Ketankumar Patel
/s/ *Ashesh Modi		Director		July 11, 2025
Ashesh Modi

*Signed by Mark Thoenes, his attorney-in-fact.

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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.