BIVI

BioVie is a development-stage neuro/liver drug company that, in its own words, "has no products approved for commercial sale, has never generated any revenues, and may never achieve revenues or profitability, which could cause us to cease operations." The revenue line is blank across FY2021–FY2025 and the accumulated deficit sits at -$352M. This is a binary, catalyst-driven equity, not a fundamentals-driven one — you are underwriting Phase 2 readouts for bezisterim (NE3107) in Parkinson's and long COVID and BIV201 in liver disease, none of which are in the numbers.

The balance sheet is the disqualifier. Cash & equivalents are $17.5M (down 26.4% YoY) against operating cash burn of -$19.0M per year — i.e., less than twelve months of runway. Management states plainly it "will need to raise substantial additional capital in the future," and with only 7.53M shares outstanding after evident reverse-split action (diluted EPS of -$12.12), any raise at a $1.95 handle is heavily dilutive to existing holders. The narrowing net loss (-$17.5M, +45.4% YoY) looks encouraging until you see it was bought by cutting R&D 59.9% to $9.27M — the company is starving the very pipeline that constitutes its entire value, which is a survival tactic, not progress.