BioVie Inc (BIVI) Q1 2025 Earnings Report

BioVie Inc. (BIVI) reported a cash-burn heavy QQ1 2025, with no revenue recognized in the quarter and a net loss of $4.15 million. On a cash basis, operating cash flow was negative by $3.58 million, contributing to a net decrease in cash of about $3.82 million during the quarter, leaving approximately $20.0 million in cash and cash equivalents at period end. The company continues to fund late-stage development (NE3107 in Phase III for Alzheimer’s disease and BIV201 in earlier-stage trials) through external financing activities and existing liquidity. While the balance sheet remains liquid with a modest debt load and a solid current ratio, BioVie remains a pre-revenue, clinical-stage biotechnology company whose near-term value realization hinges on successful clinical outcomes, strategic financing, and potential partnerships.

Key profitability metrics show YoY improvements in the sense of improving absolute losses vs prior periods, but the company remains unprofitable as R&D and SG&A investments continue to fund its pipeline. Q1 2025 reported EBITDA of $(3.84) million and net income of $(4.15) million with diluted EPS of $(0.70). Revenue was not disclosed in the quarter. The balance sheet reflects ~ $21.2 million in total assets and ~$7.17 million in total liabilities, yielding a net stockholders’ equity position of ~$14.07 million. The company carries relatively low debt (total debt ~$3.72 million) and a robust cash cushion, signaling potential runway into late 2025 depending on financing conditions.

Overall investment thesis remains highly contingent on clinical milestones and the ability to secure capital to sustain ongoing development. In the near term, catalysts include NE3107 Phase III outcomes and any strategic partnerships or financing arrangements that could extend the company’s liquidity runway.