Issue 005 | U.S. Pilot | US

BIVI

BIOVIE INC.

Screen state: Passing Source state: Verified 10-Q | 2026-05-11 Filing currency: USD

Open Filing Back to Register Report a correction

Internal NCAV Discount 49.7%

GNNI internal NCAV discount calculation. Market context inputs are retained internally and are not displayed.

Current Assets: 16,879,692USD
Total Liabilities: 1,907,029USD
NCAV: 14,972,663USD
Cash: 13,098,976USD
NCAV per share: 1.99USD/share
Evidence: 10 annual | 20 quarterly

Mary filing review

Financial Statement Evidence

Deterministic observations from the frozen Mary Reason Card. They annotate filing evidence and do not determine screen inclusion.

Evaluated: 12
Triggered: 3
Unavailable: 7

Requires inspection High NCAV Burn since the previous filing 14,972,663

Latest: 14,972,6632026-03-31
Comparison: 18,553,1752025-12-31
Change: -19.3%

Basis: NCAV burn since previous filing >= 10%; previous NCAV must be positive

Source periods: SEC 10-Q 2026-03-31 · 0001520138-26-000154; REPORTED_FILING 10-Q 2025-12-31

Requires inspection Negative OCF -14,903,200

Latest: -14,903,2002026-03-31
Comparison: n/a
Change: n/a

Basis: latest reporting-period cash from operations < 0

Source periods: SEC 10-Q 2026-03-31 · 0001520138-26-000154

Supporting observation Current Ratio > 1.5 9.97

Latest: 9.972026-03-31
Comparison: 1.5
Change: n/a

Basis: current assets / current liabilities; strong if > 1.5

Source periods: SEC 10-Q 2026-03-31 · 0001520138-26-000154

7 unavailable checks — inspect missing inputs

High Debt (short-term debt + long-term debt) / ordinary equity >= 50%

Low Debt (short-term debt + long-term debt) / ordinary equity < 20%

Material 1Y Share Increase 1Y share change >= +2% using the same share-count source

NCAV Growing equivalent prior-year NCAV change >= +2%; both NCAV values must be positive

No Material 1Y Share Increase 1Y share change > -2% and <= +1% using the same share-count source

Non-Positive Equity ordinary shareholders equity <= 0

Share Count Reduced 1Y share change <= -2% using the same share-count source

Business Profile

Checklist-driven facts extracted from filing text. Missing fields stay visible in the details.

business_profile_v1

Business profile: 0 of 12 fields established by the current extractor.

Business Profile Field Details

Business Description

Missing Source

Not established by the current extractor from the selected filing context.

Revenue Model

Missing Source

Not established by the current extractor from the selected filing context.

Customers And Channels

Missing Source

Not established by the current extractor from the selected filing context.

Segments And Geography

Missing Source

Not established by the current extractor from the selected filing context.

Tangible Operations Assets

Missing Source

Not established by the current extractor from the selected filing context.

Value Chain

Missing Source

Not established by the current extractor from the selected filing context.

Competition Positioning

Missing Source

Not established by the current extractor from the selected filing context.

Business Lifecycle Cyclicality

Missing Source

Not established by the current extractor from the selected filing context.

Strategy And Capital Allocation

Missing Source

Not established by the current extractor from the selected filing context.

Management Governance Signals

Missing Source

Not established by the current extractor from the selected filing context.

Disclosed Risks

Missing Source

Not established by the current extractor from the selected filing context.

Known Unknowns

Missing Source

Not established by the current extractor from the selected filing context.

Business Profile Sources

Source	Filing	Date	Type	Status	Provenance
S1	0001520138-26-000154	2026-05-11	10-Q	Verified	Data Vault \| sec/cleaned/cik=0001580149/accession=0001520138-26-000154/parser=html-cleaner-v1/full.txt

Historical values can be viewed as reported in each filing or normalized to the latest verified split basis. These are measurement aids, not conclusions about a company.

Policy: normalize_to_latest_verified_split_basis | quality: verified

Display basis Normalized to latest verified split basis As reported in each filing

Metric	2026-03-31 10-Q Open filing	2025-12-31 10-Q Open filing	2025-09-30 10-Q Open filing	2025-06-30 10-K Open filing	2025-03-31 10-Q Open filing	2024-12-31 10-Q Open filing	2024-09-30 10-Q Open filing	2024-06-30 10-K Open filing	2024-03-31 10-Q Open filing	2023-12-31 10-Q Open filing	2023-09-30 10-Q Open filing	2023-06-30 10-K Open filing	2023-03-31 10-Q Open filing	2022-12-31 10-Q Open filing	2022-09-30 10-Q Open filing	2022-06-30 10-K Open filing	2022-03-31 10-Q Open filing	2021-12-31 10-Q Open filing	2021-09-30 10-Q Open filing	2021-06-30 10-K Open filing	2020-06-30 10-K Open filing	2019-06-30 10-K Open filing	2018-06-30 10-K Open filing	2017-06-30 10-K Open filing	2016-06-30 10-K Open filing
Period-end Shares Outstanding	7,541,8397,541,839	7,540,7347,540,734	7,537,4797,537,479	1,914,2241,914,224	370,34818,517,376	369,04018,451,981	159,1337,956,660	123,8016,190,072	1,219,39760,969,846	796,87739,843,834	737,99836,899,880	728,57936,428,949	722,62636,131,311	690,08734,504,332	603,30630,165,319	499,68224,984,083	499,68224,984,083	499,68224,984,083	499,24724,962,373	446,66622,333,324	104,0885,204,392	10,146,103507,305,147	1,970,06498,503,199	1,838,50091,925,000	1,743,20087,160,000
Weighted-average Basic Shares	7,543,9237,543,923	7,920,7957,920,795	5,214,3555,214,355	1,477,3721,477,372	370,14418,507,218	314,34515,717,247	127,9676,398,360	90,3714,518,533	896,02244,801,084	763,41538,170,766	734,85636,742,812	649,67032,483,489	706,51235,325,580	623,37731,168,826	544,24927,212,445	493,25124,662,557	499,68224,984,083	499,24724,962,373	474,39923,719,927	248,06312,403,159	98,5904,929,497	n/an/a	n/an/a	n/an/a	n/an/a
Weighted-average Diluted Shares	7,543,9237,543,923	7,920,7957,920,795	5,214,3555,214,355	1,477,3721,477,372	370,14418,507,218	314,34515,717,247	127,9676,398,360	90,3714,518,533	896,02244,801,084	763,41538,170,766	734,85636,742,812	649,67032,483,489	706,51235,325,580	623,37731,168,826	544,24927,212,445	493,25124,662,557	499,68224,984,083	499,24724,962,373	474,39923,719,927	248,06312,403,159	98,5904,929,497	n/an/a	n/an/a	n/an/a	n/an/a
Basic EPS	-2-2	-2-2	-1-1	-12-12	-1-1	-1-1	-1-1	-7-7	-1-1	-1-1	-0-0	-2-2	-1-1	-1-1	-0-0	-1-1	-1-1	-0-0	-0-0	-15-15	-7-7	-1-1	n/an/a	n/an/a	n/an/a
Diluted EPS	-2-2	-2-2	-1-1	-12-12	-1-1	-1-1	-1-1	-7-7	-1-1	-1-1	-0-0	-2-2	-1-1	-1-1	-0-0	-1-1	-1-1	-0-0	-0-0	-15-15	-7-7	-1-1	n/an/a	n/an/a	n/an/a
Basic-to-Diluted Share Difference	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence
Net Share Count Change	0.0%	0.0%	293.8%	416.9%	0.4%	131.9%	28.5%	-89.8%	53.0%	8.0%	1.3%	0.8%	4.7%	14.4%	20.7%	0.0%	0.0%	0.1%	11.8%	329.1%	-99.0%	415.0%	7.2%	5.5%	Insufficient evidence
Ownership Claim Change	-0.0%	-0.0%	-74.6%	-80.7%	-0.4%	-56.9%	-22.2%	885.0%	-34.6%	-7.4%	-1.3%	-0.8%	-4.5%	-12.6%	-17.2%	0.0%	0.0%	-0.1%	-10.5%	-76.7%	9647.6%	-80.6%	-6.7%	-5.2%	Insufficient evidence

Verified split events: reverse 5.0 on 2025-06-23; reverse 10.0 on 2025-07-07

Known Unknowns

Medium | Share Count

The current U.S. Pilot does not yet evaluate share-count trends or post-filing dilution beyond Mary's screening flags.

Low | Classification

U.S. Pilot rows are surfaced for source inspection and may still need manual business classification review.

Annual Financials

Latest annual periods, newest first. Missing cells render as n/a.

Metric	2025-06-30 10-K USD	2024-06-30 10-K USD	2023-06-30 10-K USD	2022-06-30 10-K USD	2021-06-30 10-K USD	2020-06-30 10-K USD	2019-06-30 10-K USD	2018-06-30 10-K USD	2017-06-30 10-K USD	2016-06-30 10-K USD
Revenue	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Operating Income	-18,066,200	-32,179,585	-45,080,448	-27,252,977	-138,054,139	-2,692,888	-2,496,573	-2,372,166	-1,553,614	-432,028
Net Income	-17,542,120	-32,120,533	-50,255,815	-26,084,468	-130,249,204	-16,676,768	-2,444,287	-2,434,117	-1,330,672	-431,923
Cash From Operations	-19,025,205	-27,945,024	-40,252,881	-18,990,850	-10,453,047	-1,628,228	-2,501,577	-621,341	-623,615	-163,631
Capex	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Free Cash Flow	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Cash And Equivalents	17,544,547	23,843,798	19,460,883	18,641,716	n/a	n/a	n/a	n/a	n/a	n/a
Accounts Receivable	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Inventory	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Total Current Assets	20,698,494	24,048,190	34,041,135	18,779,595	4,605,129	412,980	674,073	45,800	5,140	130,739
Total Assets	21,562,199	25,208,345	35,104,730	20,114,594	6,046,689	2,083,917	2,574,387	2,175,491	2,364,209	2,719,184
Total Current Liabilities	2,274,784	9,352,236	14,494,669	4,169,174	996,374	23,520,053	443,480	1,238,374	630,973	803,245
Total Liabilities	2,550,214	9,702,130	19,764,444	16,443,659	996,374	23,582,553	443,480	2,064,292	1,206,891	803,245
Shareholders Equity	19,011,985	15,506,215	15,340,286	3,670,935	5,050,315	-21,498,636	2,130,907	111,199	1,157,318	1,915,939
Shares Outstanding	1,914,224	6,190,072	36,428,949	24,984,083	22,333,324	5,204,392	507,305,147	5,319,173	91,925,000	87,160,001
Shares Outstanding Diluted	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Weighted Avg Shares Diluted	1,477,372	4,518,533	32,483,489	24,662,557	12,403,159	4,929,497	317,451,272	95,758,079	89,391,302	87,198,875
Weighted Avg Shares Basic	1,477,372	4,518,533	32,483,489	24,662,557	12,403,159	4,929,497	317,451,272	95,758,079	89,391,302	87,198,875
Net Share Count Change (Normalized)	416.9%	-89.8%	0.8%	0.0%	329.1%	-99.0%	415.0%	7.2%	5.5%	Insufficient evidence
Ownership Claim Change (Normalized)	-80.7%	885.0%	-0.8%	0.0%	-76.7%	9647.6%	-80.6%	-6.7%	-5.2%	Insufficient evidence

Quarterly Financials

Latest quarterly periods, newest first. Periods are shown only when Data Vault has them.

Metric	2026-03-31 10-Q USD	2025-12-31 10-Q USD	2025-09-30 10-Q USD	2025-06-30 10-K USD	2025-03-31 10-Q USD	2024-12-31 10-Q USD	2024-09-30 10-Q USD	2024-06-30 10-K USD	2024-03-31 10-Q USD	2023-12-31 10-Q USD	2023-09-30 10-Q USD	2023-06-30 10-K USD	2023-03-31 10-Q USD	2022-12-31 10-Q USD	2022-09-30 10-Q USD	2022-06-30 10-K USD	2022-03-31 10-Q USD	2021-12-31 10-Q USD	2021-09-30 10-Q USD	2021-06-30 10-K USD
Revenue	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Operating Income	-5,385,377	-6,262,305	-5,284,595	-3,663,085	-2,988,204	-7,292,829	-4,122,082	-4,790,301	-7,732,055	-8,781,408	-10,875,821	-10,976,795	-13,774,509	-11,494,806	-8,834,338	-9,291,849	-5,748,834	-6,665,010	-5,547,284	-131,602,508
Net Income	-5,270,299	-6,069,475	-5,087,557	-3,489,141	-2,788,418	-7,112,529	-4,152,032	-4,940,794	-8,067,830	-8,401,445	-10,710,464	-9,111,939	-15,041,163	-15,687,002	-10,415,711	-8,088,754	-7,040,644	-5,414,317	-5,540,753	-131,532,445
Cash From Operations	-7,441,609	-4,437,717	-3,023,874	-5,607,467	-1,253,503	-8,584,779	-3,579,456	-4,006,539	-5,851,586	-5,909,850	-12,177,049	-11,287,560	-11,735,773	-8,009,228	-9,220,320	-5,865,097	-5,884,862	-4,706,265	-2,534,626	-7,008,367
Capex	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Free Cash Flow	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Cash And Equivalents	13,098,976	20,540,585	24,978,302	17,544,547	23,152,014	24,405,517	20,023,405	23,843,798	30,350,337	20,226,698	21,214,670	19,460,883	31,276,197	45,748,591	21,230,918	18,641,716	n/a	n/a	n/a	n/a
Total Current Assets	16,879,692	21,791,434	26,031,990	20,698,494	23,721,541	24,681,352	20,151,085	24,048,190	30,539,919	20,561,661	22,763,957	34,041,135	44,047,435	45,989,873	21,590,041	18,779,595	24,791,780	30,546,543	20,593,948	4,605,129
Total Liabilities	1,907,029	3,238,259	1,899,094	2,550,214	2,842,270	1,771,817	7,170,862	9,702,130	12,846,934	13,998,962	16,212,239	19,764,444	23,464,436	21,123,906	16,897,790	16,443,659	16,233,628	15,808,323	1,743,872	996,374
Shares Outstanding	7,541,839	7,540,734	7,537,479	1,914,224	18,517,376	18,451,981	7,956,660	6,190,072	60,969,846	39,843,834	36,899,880	36,428,949	36,131,311	34,504,332	30,165,319	24,984,083	24,984,083	24,984,083	24,962,373	22,333,324
Shares Outstanding Diluted	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Weighted Avg Shares Diluted	7,543,923	7,920,795	5,214,355	1,477,372	18,507,218	15,717,247	6,398,360	4,518,533	44,801,084	38,170,766	36,742,812	36,330,707	35,325,580	31,168,826	27,212,445	24,994,442	24,984,083	24,962,373	23,719,927	15,875,635
Weighted Avg Shares Basic	7,543,923	7,920,795	5,214,355	1,477,372	18,507,218	15,717,247	6,398,360	4,518,533	44,801,084	38,170,766	36,742,812	36,330,707	35,325,580	31,168,826	27,212,445	24,994,442	24,984,083	24,962,373	23,719,927	15,875,635
Net Share Count Change (Normalized)	0.0%	0.0%	293.8%	416.9%	0.4%	131.9%	28.5%	-89.8%	53.0%	8.0%	1.3%	0.8%	4.7%	14.4%	20.7%	0.0%	0.0%	0.1%	11.8%	329.1%
Ownership Claim Change (Normalized)	-0.0%	-0.0%	-74.6%	-80.7%	-0.4%	-56.9%	-22.2%	885.0%	-34.6%	-7.4%	-1.3%	-0.8%	-4.5%	-12.6%	-17.2%	0.0%	0.0%	-0.1%	-10.5%	-76.7%

Audit Trail

NCAV Audit

Official-source inputs remain linked to filing provenance. Derived values are labeled as such.

Input	Value	Source concept	Filing period	Confidence	Provenance
Current Assets	16,879,692USD	us-gaap:AssetsCurrent	2026-03-31	1.00	Data Vault \| sec/companyfacts/cik=0001580149/companyfacts.json Data Vault \| sec/companyfacts/cik=0001580149/companyfacts.json
Total Liabilities	1,907,029USD	us-gaap:Liabilities	2026-03-31	1.00	Data Vault \| sec/companyfacts/cik=0001580149/companyfacts.json Data Vault \| sec/companyfacts/cik=0001580149/companyfacts.json
Cash	13,098,976USD	us-gaap:CashAndCashEquivalentsAtCarryingValue	2026-03-31	1.00	Data Vault \| sec/companyfacts/cik=0001580149/companyfacts.json Data Vault \| sec/companyfacts/cik=0001580149/companyfacts.json
Shares Outstanding	7,541,839	us-gaap:CommonStockSharesOutstanding	2026-03-31	1.00	Data Vault \| sec/companyfacts/cik=0001580149/companyfacts.json Data Vault \| sec/companyfacts/cik=0001580149/companyfacts.json
NCAV	14,972,663USD	derived	2026-03-31	n/a	company-evidence-v1 \| total_current_assets - total_liabilities
NCAV per share	1.99USD	derived	2026-03-31	n/a	company-evidence-v1 \| NCAV / shares_outstanding
Internal NCAV Discount	49.7%	derived	2026-03-31	n/a	gnni_publication_pack \| internal_discount

NCAV = total_current_assets - total_liabilities | NCAV per share = NCAV / shares_outstanding

Source Provenance

Data Source: Data Vault
Data Vault Root: Local evidence | The Data Vault
CIK: 0001580149
Company ID: n/a
Selected Annual Source: Data Vault | sec/companyfacts/cik=0001580149/companyfacts.json
Selected Quarterly Source: Data Vault | sec/companyfacts/cik=0001580149/companyfacts.json
Statement Extractor: companyfacts-screener-v1
View Extractor: companyfacts-screener-v1
Source Accession Count: 26
Imported At: 2026-08-09T01:57:03+00:00
Rendered At: 2026-08-16T03:30:00+00:00

Run Audit

Mary Run: 062cd84c6cec4533b9bb580392e1f3bf
Mary As Of: 2026-08-07
Accession: 0001520138-26-000154
CIK: 0001580149
Mary Filing Date: 2026-05-11
Filing Currency: USD
Internal Discount: 49.7%
Source State: Verified
Market Context: Not Displayed
Market Policy: internal_only_not_redistributed
Share Trend: Not Evaluated
Dilution: Needs Review

mary_run=062cd84c6cec4533b9bb580392e1f3bf; mary_as_of=2026-08-07; mary_filing_date=2026-05-11; mary_accession=0001520138-26-000154; mary_cik=0001580149; gnni_supporting_filing_date=2026-05-11; internal_discount=0.496796; mary_reason=Mary's deterministic net-net screen flagged this candidate. The internal discount is shown; raw market-data fields are not published in this pilot.

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