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BioVie Inc. (BIVI-7.36%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing a net loss of approximately $7.1 million compared to a net loss of $8.4 million for the same period in the previous year. The decrease in net loss is attributed to reduced research and development expenses.
Research and development expenses were approximately $4.7 million, down from $6.5 million in the previous year. This decline was primarily due to the completion of clinical trials in the prior fiscal year.
Selling, general, and administrative expenses increased to approximately $2.5 million from $2.3 million, with the increase attributed to higher consultancy fees and audit expenses.
Other income, net was approximately $180,000, down from $380,000 in the previous year, due to changes in the fair value of derivative liabilities and reduced interest expense.
BioVie continues to develop its drug candidate bezisterim (NE3107) for neurodegenerative diseases, including Alzheimer's and Parkinson's. The company is also progressing with its liver disease program, focusing on BIV201 for ascites treatment.
The company reported cash and cash equivalents of approximately $24.4 million as of December 31, 2024, with stockholders' equity of approximately $23.9 million.
BioVie anticipates the need for additional financing to continue its operations and development programs. The company acknowledges the uncertainty in securing sufficient funding on acceptable terms.
The filing also details recent equity transactions, including registered direct offerings and warrant exercises, which provided net proceeds to support ongoing operations.
BioVie is involved in ongoing legal proceedings, including a shareholder class action and a derivative lawsuit, which the company intends to defend vigorously.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the BioVie Inc. quarterly 10-Q report dated February 11, 2025. To report an error, please email earnings@qz.com.