Option Therapeutics is a clinical-stage biopharmaceutical company with no approved products or revenue, focused entirely on developing BIV201, a continuous IV infusion formulation of terlipressin. BIV201 targets patients with decompensated liver cirrhosis suffering from ascites (abnormal fluid accumulation in the abdomen) and acute kidney injury. Terlipressin is a vasoconstrictor used in over 40 countries for decades to treat cirrhosis complications, but no drug is currently FDA-approved specifically for ascites. Option Therapeutics' core argument is that delivering terlipressin via continuous infusion — rather than repeated bolus injections — produces more stable drug levels in the blood, avoiding the concentration peaks associated with bolus delivery that are believed to cause adverse cardiovascular effects. The only FDA-approved terlipressin product, Mallinckrodt's Terlivaz, carries a black box warning for serious or fatal respiratory failure. Option Therapeutics was incorporated in 2025 as a subsidiary of BioVie, which retains roughly 64% ownership post-IPO and provides all management under a services agreement, as Option Therapeutics has no independent employees. The company's near-term strategy is entirely focused on completing a Phase 3 trial of BIV201 and obtaining FDA approval, funded by IPO proceeds and ongoing support from BioVie. If approved, Option Therapeutics would sell BIV201 to hospitals, with potential outpatient use via portable infusion pump, and would owe royalties of 5% of net sales to LAT Pharma and PharmaIn Corporation, plus a separate capped royalty to the University of Padova.