(Incorporated in Delaware)

We are a Phase 2 clinical-stage company developing innovative drug therapies to treat liver cirrhosis, a debilitating and life-threatening liver disease, through our investigational drug candidate BIV201 (continuous infusion terlipressin). We are being carved out of BioVie through this initial public offering. After the IPO, BioVie will still control the company through its ownership of a majority stake.

U.S. treatment costs for liver cirrhosis, including ascites and other complications, are estimated at more than $5 billion annually.

There are an estimated 4.5 million people diagnosed with chronic liver disease and cirrhosis in the United States and 52,259 deaths annually, ranking 9^th in causes of death.

Decompensated liver cirrhosis currently has no approved therapeutic options other than liver transplantation.

BIV201, our leading drug candidate, has been granted both Food and Drug Administration (“FDA”) Fast Track designation status and FDA Orphan Drug Status, which designations provide certain advantages in the review process, but do not guarantee a faster development process, regulatory review or approval as compared to the conventional FDA review and approval process. BIV201 is being evaluated as a treatment option for patients suffering from ascites and other life-threatening complications of advanced liver cirrhosis caused by metabolic dysfunction-associated steatohepatitis (“MASLD”), hepatitis, and alcoholism.

BIV201 is designed to be administered as a patented liquid formulation of terlipressin with patents issued, to date, in the U.S., Australia, China, Japan, Chile, and India, and with seven pending patent applications in the U.S. and other jurisdictions. Also, we own U.S. Patent No. 11,364,277, and European Patent No. EP3347032, which are directed to a method of treating ascites with BIV201, and we are pursuing additional patent coverage in the U.S., Japan, Europe, and China.

Note: Net loss is for the 12 months that ended Dec. 31, 2025. Option Therapeutics has not generated any revenue to date. 

(Note: Option Therapeutics, Inc. cut the size of its small IPO to 1.8 million shares – down from 2.3 million shares originally – and kept the price range at $10.00 to $12.00 – to raise $20 million, according to an S-1/A filing dated March 16, 2026. Background: Option Therapeutics filed its S-1 on Jan. 26, 2026, and disclosed that it intended to offer 2.3 million shares – at a price range of $10.00 to $12.00 – to raise $25.3 million.)