BioVie Inc. (BIVI): BCG Matrix [Dec-2025 Updated]

You're looking at a pure clinical-stage biotech, BioVie Inc. (BIVI), so applying the standard Boston Consulting Group Matrix-which usually looks at sales-means we have to focus on pipeline potential versus capital burn. Honestly, with $0.00 in product revenue for fiscal year 2025 and a net loss consuming about $17.5 million of cash, the picture is stark: there are no Cash Cows, and the entire company sits as a portfolio of high-risk, high-reward Question Marks, all while trading at a market cap around $10.18 million as of November 25, 2025. Let's break down exactly where the promising Bezisterim (NE3107) trials land relative to the stalled programs to see what this means for your investment thesis.

Background of BioVie Inc. (BIVI)

You're looking at BioVie Inc. (BIVI), a clinical-stage biopharmaceutical company, and honestly, it's a classic story of high-risk, high-reward biotech right now. BioVie Inc. focuses its development efforts on creating novel drug therapies aimed at tackling chronic, debilitating conditions, specifically advanced liver disease and a range of neurological and neuro-degenerative disorders. The company's strategy centers on addressing serious unmet medical needs in areas like refractory ascites and conditions like Alzheimer's disease and Parkinson's disease.

Let's look at the numbers as of late 2025. BioVie Inc. reported its first quarter results for fiscal year 2026 on November 10, 2025, covering the period ending September 30, 2025. For that quarter, the company posted a net loss of USD 5.09 million, which was wider than the USD 4.15 million loss reported in the same quarter last year. The reported loss per share was USD 0.98, missing analyst expectations of USD 0.79 by 24.05%. To be fair, the revenue for that latest reported quarter was $0.00, which is typical for a company deep in clinical development.

The core of BioVie Inc.'s value proposition lies in its pipeline, which is where the future action is. In hepatology (liver disease), the lead candidate is BIV201, which is continuous infusion terlipressin. This drug has FDA Fast Track status and the company is discussing the design for its Phase 3 clinical testing for reducing further decompensation in patients with liver cirrhosis and ascites. On the neurology side, the lead molecule is NE3107. This candidate is currently being investigated in human clinical studies for both Alzheimer's disease and Parkinson's disease. Specifically, NE3107 is in a Phase III clinical trial for mild to moderate Alzheimer's and a Phase 2 trial for Parkinson's, plus it's part of the Long COVID program.

Financially, BioVie Inc. was shoring up its cash position recently. Back in August 2025, the company closed a public offering, bringing in gross proceeds of approximately $12 million by selling units at $2.00 each. As of early November 2025, the market capitalization for BioVie Inc. stood around $11.2M, with the stock trading near $1.48. Analysts aren't forecasting much revenue for the near term, with the 2025 revenue pegged at $0 and 2026 revenue forecasts also sitting at $0 on average.

BioVie Inc. (BIVI) - BCG Matrix: Stars

You're looking at BioVie Inc. (BIVI) and trying to map its portfolio onto the Boston Consulting Group (BCG) Matrix. For the Stars quadrant-products with high market share in a high-growth market-the analysis is straightforward for a clinical-stage company.

No commercialized products mean BioVie Inc. has zero market share in any high-growth segment as of the fiscal year 2025. This immediately disqualifies any asset from being classified as a Star, which requires market leadership.

The company has no approved drugs generating significant revenue to be classified as a Star. For the fiscal year ending June 30, 2025, BioVie Inc. reported $0.00 in product revenue. This is the reality for a company entirely focused on development.

All core assets are in clinical trials, meaning they are still firmly in the investment phase, not the market-dominance phase. This investment is reflected in the financial statements, showing significant cash burn to fund trials rather than realizing sales.

Here's a look at the financial context supporting this investment-heavy stage:

• Net loss for fiscal year 2025 was approximately $17.5 million.
• Research and development expenses for FY2025 were $9.3 million.
• Total assets stood at $21.56 million as of June 30, 2025.
• The company raised approximately $18.9 million through equity offerings and warrant exercises during FY2025.

The pipeline assets, such as bezisterim (NE3107) and BIV201, are the focus of this investment. They are not yet generating the cash flow required to be a Star, let alone a Cash Cow. To be fair, the company is funding these trials, but they are still pre-revenue bets on future market penetration.

The clinical status of the key assets underscores their pre-commercial nature:

The company's current financial position, with cash and cash equivalents at $17.5 million as of June 30, 2025, is being deployed to move these assets through development. This cash position is the runway for potential future Stars, but currently, there are none.

The path to a Star requires successful clinical outcomes and subsequent regulatory approval, which would then allow for market entry and the capture of high growth. Until then, BioVie Inc. operates entirely in the Question Marks quadrant, funding its pipeline.

• All assets are in the investment phase.
• No product sales were recorded in FY2025.
• Cash burn is managed through equity raises and grants.
• The company reported a net loss of $17.5 million for FY2025.

BioVie Inc. (BIVI) - BCG Matrix: Cash Cows

You're looking at the Cash Cow quadrant of the Boston Consulting Group (BCG) Matrix for BioVie Inc. (BIVI) as of the close of fiscal year 2025. Honestly, the numbers here tell a very clear story about where the company stands in terms of mature, cash-generating assets.

Cash Cows are market leaders in slow-growth markets; they generate more cash than they consume, funding the rest of the portfolio. For BioVie Inc., this category is empty based on the latest figures.

• BioVie Inc. reported $0.00 in product revenue for the fiscal year ending June 30, 2025, eliminating any Cash Cow status.
• The company operates at a net loss of approximately $17.54 million for FY2025, meaning it consumes cash rather than generating it.
• There is no mature, market-leading asset in a low-growth market providing stable, excess cash flow.

To be fair, BioVie Inc. is a clinical-stage biopharmaceutical company, so the expectation for immediate, stable product revenue is low. The focus remains on pipeline progression, which is inherently cash-consuming, not cash-generating.

Here's a quick look at the key financial metrics for the fiscal year ended June 30, 2025, which confirms the cash-consuming nature of the business:

The operating loss of $18,066 thousand for the period ending 6/30/2025 clearly shows that operational activities required external funding to continue. While the company maintained $17.5 million in cash and cash equivalents as of June 30, 2025, this capital was primarily sourced through financing activities, such as the approximately $18.9 million raised through equity offerings during the year, rather than from product sales.

The definition of a Cash Cow requires high market share in a mature market, which doesn't align with a company whose pipeline candidates, like BIV201 for hepatic encephalopathy or bezisterim for Parkinson's disease, are still in clinical evaluation. You won't find a product here that is 'milking' gains passively; instead, capital is actively deployed into research and development, which saw a significant decrease from $32.12 million in FY2024 to a lower, but still substantial, level in FY2025 to fund ongoing trials.

BioVie Inc. (BIVI) - BCG Matrix: Dogs

You're looking at the units within BioVie Inc. (BIVI) that require careful management, the ones that consume resources without offering clear, immediate returns. These are the Dogs, characterized by low market share and low growth prospects, which is a tough spot for any clinical-stage entity.

The company's overall market capitalization of roughly $10.18M as of November 25, 2025, reflects this low-share position in the public biotech market, especially when compared to its recent high of $31.50 in the 52-week range. To be fair, market cap figures vary slightly, with one report showing $13.19 million as of October 31, 2025, and another showing $2.693M on November 26, 2025. This volatility shows the market's uncertainty about the path forward for its pipeline assets.

The BIV201 (liver cirrhosis/ascites) program is definitely a Dog candidate because its advancement is stalled, pending partnership funding for its Phase 3 trial. This signals a low internal capital priority for this asset, despite the company having previously called it their 'most de-risked program'. Remember, BioVie Inc. terminated the Phase 2b trial for refractory ascites after enrolling only one-half of the intended patients. The planned Phase 3 trial is now set up to focus on cirrhotic patients with ascites who have experienced an acute kidney injury (AKI).

The historical outcome for NE3107 in Alzheimer's Disease serves as a classic example of a past Dog outcome that required a costly restart. The initial Phase 3 trial failed to reach statistical significance because of 'significant deviation from protocol and Good Clinical Practice violations at 15 sites'. The original study enrolled 439 patients across 39 trial sites. Following the exclusion of data from those 15 sites, only 57 patients remained in the per-protocol population for the efficacy analysis. GlobalData had previously estimated NE3107 could see sales of $35m by 2025 before this issue arose. BioVie Inc. intends to repeat the Phase 3 trial using a new once-daily (QD) formulation, which is expected to be ready in early-to-mid 2025.

Here's a quick look at the data points associated with these low-share, low-growth areas:

When you assess these units as Dogs, you see the classic characteristics:

• Low market share in their respective therapeutic areas.
• Markets that are either mature or where internal development has stalled.
• Programs that frequently break even or consume cash without a clear path to profitability.
• High-cost turn-around plans, like repeating a Phase 3 trial, are necessary.

The core issue here is that expensive turn-around plans usually do not help much, so you must be disciplined about resource allocation. The BIV201 situation, where a Phase 3-ready asset is parked waiting for a partner, is a clear signal that BioVie Inc. is minimizing its internal cash burn on that unit. That's prudent, but it confirms the Dog status for now.

For NE3107, the failure to achieve statistical significance on co-primary endpoints due to site issues means the investment tied up in that initial Phase 3 effort is essentially lost capital, requiring a new investment cycle with the QD formulation. It's a unit where the business has money tied up, bringing back almost nothing in return until the restart trial concludes.

Finance: draft 13-week cash view by Friday.

BioVie Inc. (BIVI) - BCG Matrix: Question Marks

QUESTION MARKS represent BioVie Inc. (BIVI) pipeline assets operating in high-growth therapeutic markets but currently possessing low market share, which is typical for clinical-stage drug candidates awaiting approval. These units consume significant cash while generating no revenue, as evidenced by the $0.00 revenue reported for the second quarter of fiscal 2025.

Bezisterim (NE3107) for Alzheimer\'s Disease (AD) targets a multi-billion-dollar, high-growth market, with an estimated six million Americans suffering from the condition. The company presented data from its Phase 3 NM101 study in July 2025, showing treated patients demonstrated an average deceleration in biological age compared to placebo across several validated epigenetic clocks; for instance, an average deceleration of -3.16 years for SBCAge (p = 0.036) and -4.24 years for Hannum clock (p = 0.015) after 30 weeks of treatment. BioVie Inc. is planning a repeat Phase 3 trial to further establish this potential.

For Bezisterim (NE3107) for Parkinson\'s Disease (PD), the focus is on the ongoing Phase 2 SUNRISE-PD trial in a high-unmet-need market. This trial evaluates the drug\'s safety and efficacy on motor and non-motor symptoms in patients who have not yet received carbidopa/levodopa. Topline data from this study are expected in late 2025 or early 2026.

The application for Bezisterim (NE3107) for Long COVID targets a new, high-growth disease area where diagnosed patients currently have no approved treatment options. The Phase 2 ADDRESS-LC study (NCT06847191) is evaluating the drug to reduce neurocognitive symptoms like brain fog and fatigue. This trial is fully funded by a U.S. Department of Defense (DOD) grant totaling $13.1 million. Approximately 20 million adults in the US are affected by Long COVID. Topline data for ADDRESS-LC is anticipated in the first half of 2026.

You can see the key development milestones and market context for these Question Marks below:

The entire pipeline for BioVie Inc. represents a high-risk, low-share portfolio that is consuming the company\'s resources to fund future growth. While the scenario suggests a consumption of the $17.5 million cash balance as of June 30, 2025, the latest reported Operating Cash Flow (OCF) for the trailing twelve months (TTM) was -$18.47M. The most recent reported Cash & Cash Equivalents balance, as of September 30, 2025, stood at $24.98 million. This cash burn necessitates rapid progress in these clinical programs to convert them into Stars, or they risk becoming Dogs.

• Bezisterim modulates inflammation by targeting ERK and NFκB activation.
• The company has zero debt as of the December 2024 balance sheet.
• The stock price has decreased by -94.69% in the last 52 weeks.