Option Therapeutics Inc.

Option Therapeutics Inc. is a clinical-stage biopharmaceutical company developing BIV201, a continuous infusion terlipressin formulation for treating ascites and complications of advanced liver cirrhosis caused by MASLD, hepatitis, and alcoholism. BIV201 has FDA Fast Track and Orphan Drug designations and is advancing toward a Phase 3 trial targeting patients with cirrhosis, ascites, and recent AKI, using a composite endpoint of disease progression and complications. The company was incorporated on May 1, 2025 as a wholly-owned subsidiary of BioVie Inc. and is spinning off via this IPO, issuing 1,818,182 shares (36.4% of post-offering shares) at a midpoint price of $11.00, raising approximately $17.0 million in net proceeds after underwriting discounts and expenses. BioVie will retain 64% ownership (3,181,818 shares). Proceeds will fund working capital, management services fees to BioVie, and primarily the Phase 3 trial of BIV201. Historical carve-out financials show net losses of $1.2M (FY2025) and $1.9M (FY2024), with no revenue as a pre-clinical entity. The investment thesis centers on addressing unmet needs in decompensated liver cirrhosis (190,000 annual U.S. hospitalizations, $2.3B TAM), leveraging BIV201's room-temperature stable liquid formulation, patents, and prior Phase 2 data showing ascites reduction, positioning for potential accelerated approval in an orphan indication with no approved therapies beyond transplant.

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