BioVie Inc (BIVI) Q2 2025 Earnings Report

Revenue: No revenue recognized in QQ2 2025 (reported as revenue = null); implies near-term reliance on pipeline milestones or licensing to drive cash inflows.

Gross Profit: -$57,344 for QQ2 2025; Gross Margin effectively 0% given zero revenue; indicates costs exceed any little revenue perhaps due to manufacturing allocations or timing.

Operating Expenses: R&D $4.705M; SG&A $2.531M; Total operating expenses $7.235M (cost of revenue $57,344 included in the total $7.293M EBITDA impact).

EBITDA: -$7.293M; EBITDA margin not meaningful with negligible revenue but reflects ongoing burn and cost structure.

Operating Income: -$7.293M; QoQ deterioration vs Q1 2025 driven by persistent R&D intensity and SG&A activity without top-line contribution; YoY improvement in the negative absolute level suggests some cost alignment vs prior year.

Net Income: -$7.156–7.157M; YoY improvement of ~14.81% reflects reduced absolute net loss versus the prior year period; QoQ change shows a sharp decline (~-72.37%) indicating quarterly cadence tied to pipeline timing and operating expenses.

EPS (Diluted): -$0.46 for QQ2 2025; YoY change +79.1%; QoQ +34.3% (reflects lower loss per share despite higher absolute net loss in the quarter due to share count dynamics).

Cash Flow and Liquidity:
- Net cash used in operating activities: -$8.584M; Free cash flow: -$8.584M.
- Net cash provided by financing activities: $12.967M; Net change in cash: +$4.382M; Cash at end of period: $24.405M.
- Debt: Total debt $382k (short-term $67k, long-term $315k). Net debt is negative, reflecting a robust cash cushion.
- Balance sheet highlights: Total assets $25.695M; Total liabilities $1.772M; Total stockholders’ equity $23.923M; Retained earnings accumulated deficit $-345.867M.

Liquidity and leverage indicate a conservative balance sheet with ample cash to fund ongoing R&D, but profitability remains elusive as long as revenue stays near zero. Valuation multiples shown in the peer comparisons imply a biotech with significant cash runway yet no revenue base to support earnings-based valuations.

Note: The earnings transcript was not provided in the input data. As a result, there are no management commentary highlights available to quote or summarize from an earnings call for QQ2 2025. The analysis below is anchored to the disclosed financials and pipeline disclosures. Please provide the QQ2 2025 earnings call transcript to incorporate verbatim management insights and quotes.

BioVie remains a high-risk, high-reward biotechnology name. The QQ2 2025 results show a persistent net loss with zero revenue, underscoring the company’s early-stage nature and reliance on external funding. However, the substantial cash cushion and negligible near-term debt provide a practical runway to advance NE3107 and other programs as potential catalysts. The key determinant of investment viability is the trajectory of NE3107: positive Phase III readouts and favorable regulatory signals could unlock partnerships and milestone payments, potentially transforming the revenue model. Absent near-term commercial milestones, the stock is highly sensitive to capital-raising dynamics and clinical trial outcomes. Investors should position with a long horizon, focusing on pipeline milestones, potential licensing deals, and any developments that could convert pipeline potential into revenue streams. A cautious stance is warranted until tangible licensing agreements or meaningful clinical readouts materialize.