BioVie Inc. posted a quarter with no revenue and meaningful operating losses driven by ongoing clinical-stage investment. In QQ4 2024, the company reported a net loss of $4.941 million and an EBITDA of −$4.444 million, with operating income of −$4.79 million. While there is no revenue in the period, cost of revenue was immaterial at $57,344, resulting in a gross loss of the same magnitude. The company ended the quarter with $23.84 million in cash and cash equivalents and a net debt position of −$17.73 million, highlighting a relatively strong liquidity buffer for a clinical-stage biotech, albeit with a sparse near-term catalyst unless trial data or financing activities emerge. Operating cash flow was negative at −$4.01 million for the quarter, reflecting stock-based comp expenses and ongoing trial costs. The balance sheet shows total assets of $25.21 million and total liabilities of $9.70 million, with stockholders’ equity of $15.51 million, underscoring a modestly levered balance sheet by biotech standards. Bottom-line indicators reflect a continued push on R&D (notably NE3107 and BIV201) with no near-term revenue agregation, implying that upside remains dependent on successful trial readouts or partnering/licensing milestones. Investors should monitor trial progress, potential readouts, and any future financing activity that could affect the liquidity runway and equity structure.