BioVie is a clinical-stage biopharmaceutical company with no approved products and no product revenue. BioVie is developing two drug candidates. The first, bezisterim (NE3107), is an oral small molecule targeting neuroinflammation and insulin resistance — mechanisms believed to underlie Parkinson's disease, Alzheimer's disease, and long COVID neurological symptoms. BioVie argues this mechanism could modify disease progression rather than just treat symptoms, which no currently approved therapy for PD or AD does. Bezisterim is in a Phase 2b trial for PD launched in April 2025, a Phase 2 trial for long COVID funded by a $13.1M DOD grant, and had a compromised Phase 3 AD trial with no clear path forward announced. The second candidate, BIV201, is a continuous infusion formulation of terlipressin for ascites and related complications of advanced liver cirrhosis. BIV201's differentiation is a room-temperature-stable prefilled syringe, and BioVie has completed a Phase 2 study but has not yet started Phase 3. BioVie funds operations through equity raises and the DOD grant, and employs just 13 full-time staff. The company's likely exit path is a partnership, licensing deal, or acquisition by a larger pharmaceutical company upon clinical and regulatory success.