BIOVIE INC.

BIVIdata completeness 63%14 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'capex'; no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'depreciationAmortization'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'realEstateImpairment'; no data for concept 'incomeTaxExpense'; no data for concept 'pretaxIncome'

The thesis, from the filings

BIOVIE INC. earns about -311% on equity, and has bought back 71% of its shares over 5 years. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own

Figure	FY 2022	FY 2023	FY 2024	FY 2025	FY 2026
Revenue	—	—	—	—	—
Net income	−$26.1M¹	−$50.3M²	−$32.1M³	−$17.5M⁴	−$22.1M⁴
Operating cash flow	−$19M⁵	−$40.3M⁶	−$27.9M⁷	−$19M⁸	−$19M⁸
Capital expenditure	—	—	—	—	—
Free cash flow (derived)	—	—	—	—	—
Total debt	—	—	—	—	—
Cash & equivalents	$18.6M⁹	$19.5M¹⁰	$23.8M¹¹	$17.5M¹²	$8.98M¹²
Diluted shares	24.7M	3.2M	451,853	1.5M	7.2M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal

If you owned

Net assets behind them

$14.17

your share of equity

Profit it earned you last year

−$30.46

Free cash flow it threw off

—

Debt you’d be carrying

—

10 shares is a claim on $14.17 of net worth that earned you −$30.46 last year.

iii. Is this a good business?

Moat signal · return on equity

-311% avg · 5y

FY22 -711%FY23 -328%FY24 -207%FY25 -92%FY26 -215%

It earned an average -311% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →

Management signal · capital allocation

−71% shares · 5y

Share count is down 71% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.5.0

DCF · Growth Exit 10Y

not applicable

only 0 years of FCF (need ≥3) — model not applicable

DCF · Growth Exit 5Y

not applicable

only 0 years of FCF (need ≥3) — model not applicable

Earnings Power Value

not applicable

normalized (5y-median) earnings non-positive — EPV undefined

Graham Number

not applicable

diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts

10-K · period ending 2022-06-30 · accession 0001520138-23-000325 (NetIncomeLoss)
10-K · period ending 2023-06-30 · accession 0001520138-24-000324 (NetIncomeLoss)
10-K · period ending 2024-06-30 · accession 0001520138-25-000268 (NetIncomeLoss)
10-K · period ending 2025-06-30 · accession 0001520138-26-000332 (NetIncomeLoss)
10-K · period ending 2022-06-30 · accession 0001520138-23-000325 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2023-06-30 · accession 0001520138-24-000324 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2024-06-30 · accession 0001520138-25-000268 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2025-06-30 · accession 0001520138-26-000332 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2022-06-30 · accession 0001520138-23-000325 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2023-06-30 · accession 0001520138-24-000324 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2024-06-30 · accession 0001520138-25-000268 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2025-06-30 · accession 0001520138-26-000332 (CashAndCashEquivalentsAtCarryingValue)