On January 26, 2026, Option Therapeutics (OPTN.US), a clinical-stage biotech company focused on liver diseases, filed an application with the U.S. Securities and Exchange Commission (SEC) for an initial public offering (IPO) aiming to raise up to $25 million. According to the terms disclosed in the prospectus, Option Therapeutics plans to issue 2.3 million shares of common stock at a price range of $10 to $12 per share. The company did not disclose its total issued share capital. The company was established as an independent entity following the spin-off of the liver disease business from clinical-stage biotech firm BioVie. Headquartered in Carson City, Nevada, the company is focused on developing candidate therapeutics for the treatment of serious, life-threatening liver diseases. Its core product, BIV201, is being evaluated for the treatment of complications associated with advanced liver cirrhosis and is currently patent-pending in the United States, China, Japan, Chile, and India. Option Therapeutics has not yet generated any revenue. Since BIV201 has previously received Fast Track Designation from the U.S. FDA, the proceeds from this IPO will be prioritized to support the critical Phase 3 clinical trial for this candidate drug. Notably, the background for this spin-off stems from BioVie's recent strategic shift in focus towards neurodegenerative diseases, particularly research and development for Alzheimer's and Parkinson's diseases. To maximize shareholder value and secure more flexible financing avenues for its liver disease pipeline, BioVie decided to divest the liver disease segment into Option Therapeutics. Regarding equity structure and governance, following the IPO's completion, Option Therapeutics' parent company, BioVie, will retain majority voting rights and controlling interest, making it qualify as a "controlled company" under listing rules. This structure ensures that while operating independently with its R&D resources, the company can still maintain strategic alignment with its parent. Option Therapeutics was founded in 2025 and plans to list on the NYSE American exchange under the ticker symbol OPTN. ThinkEquity is acting as the sole bookrunner for the transaction.