<SEC-DOCUMENT>0001104659-23-073741.txt : 20230622
<SEC-HEADER>0001104659-23-073741.hdr.sgml : 20230622
<ACCEPTANCE-DATETIME>20230622160539
ACCESSION NUMBER:		0001104659-23-073741
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20230613
FILED AS OF DATE:		20230622
DATE AS OF CHANGE:		20230622

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Nantahala Capital Management, LLC
		CENTRAL INDEX KEY:			0001472322
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38247
		FILM NUMBER:		231033364

	BUSINESS ADDRESS:	
		STREET 1:		130 MAIN ST.
		STREET 2:		2ND FLOOR
		CITY:			NEW CANAAN
		STATE:			CT
		ZIP:			06840
		BUSINESS PHONE:		203-404-1172

	MAIL ADDRESS:	
		STREET 1:		130 MAIN ST.
		STREET 2:		2ND FLOOR
		CITY:			NEW CANAAN
		STATE:			CT
		ZIP:			06840

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Harkey Wilmot B.
		CENTRAL INDEX KEY:			0001775952

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38247
		FILM NUMBER:		231033363

	MAIL ADDRESS:	
		STREET 1:		C/O NANTAHALA CAPITAL MANAGEMENT, LLC
		STREET 2:		130 MAIN ST.   2ND FLOOR
		CITY:			NEW CANAAN
		STATE:			CT
		ZIP:			06840

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Mack Daniel
		CENTRAL INDEX KEY:			0001775831

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38247
		FILM NUMBER:		231033362

	MAIL ADDRESS:	
		STREET 1:		C/O NANTAHALA CAPITAL MANAGEMENT, LLC
		STREET 2:		130 MAIN ST.   2ND FLOOR
		CITY:			NEW CANAAN
		STATE:			CT
		ZIP:			06840

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AYTU BIOPHARMA, INC
		CENTRAL INDEX KEY:			0001385818
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				470883144
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0630

	BUSINESS ADDRESS:	
		STREET 1:		373 INVERNESS PARKWAY
		STREET 2:		SUITE 206
		CITY:			ENGLEWOOD
		STATE:			CO
		ZIP:			80112
		BUSINESS PHONE:		(720) 437-6580

	MAIL ADDRESS:	
		STREET 1:		373 INVERNESS PARKWAY
		STREET 2:		SUITE 206
		CITY:			ENGLEWOOD
		STATE:			CO
		ZIP:			80112

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AYTU BIOSCIENCE, INC
		DATE OF NAME CHANGE:	20150609

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AYTU BIOSCIENCE, INC.
		DATE OF NAME CHANGE:	20150609

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Rosewind CORP
		DATE OF NAME CHANGE:	20070110
</SEC-HEADER>
<DOCUMENT>
<TYPE>3
<SEQUENCE>1
<FILENAME>tm2319309-1_3.xml
<DESCRIPTION>OWNERSHIP DOCUMENT
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0206</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2023-06-13</periodOfReport>

    <noSecuritiesOwned>0</noSecuritiesOwned>

    <issuer>
        <issuerCik>0001385818</issuerCik>
        <issuerName>AYTU BIOPHARMA, INC</issuerName>
        <issuerTradingSymbol>AYTU</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001472322</rptOwnerCik>
            <rptOwnerName>Nantahala Capital Management, LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>130 MAIN ST. 2ND FLOOR</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>NEW CANAAN</rptOwnerCity>
            <rptOwnerState>CT</rptOwnerState>
            <rptOwnerZipCode>06840</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001775952</rptOwnerCik>
            <rptOwnerName>Harkey Wilmot B.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O NANTAHALA CAPITAL MANAGEMENT, LLC</rptOwnerStreet1>
            <rptOwnerStreet2>130 MAIN ST. 2ND FLOOR</rptOwnerStreet2>
            <rptOwnerCity>NEW CANAAN</rptOwnerCity>
            <rptOwnerState>CT</rptOwnerState>
            <rptOwnerZipCode>06840</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001775831</rptOwnerCik>
            <rptOwnerName>Mack Daniel</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O NANTAHALA CAPITAL MANAGEMENT, LLC</rptOwnerStreet1>
            <rptOwnerStreet2>130 MAIN ST. 2ND FLOOR</rptOwnerStreet2>
            <rptOwnerCity>NEW CANAAN</rptOwnerCity>
            <rptOwnerState>CT</rptOwnerState>
            <rptOwnerZipCode>06840</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>1086812</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnote</value>
                    <footnoteId id="F1"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeHolding>
            <securityTitle>
                <value>Tranche A Warrant</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F2"/>
            </conversionOrExercisePrice>
            <exerciseDate>
                <footnoteId id="F2"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F2"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>815217</value>
                    <footnoteId id="F2"/>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnote</value>
                    <footnoteId id="F1"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Tranche B Warrant</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F3"/>
            </conversionOrExercisePrice>
            <exerciseDate>
                <footnoteId id="F3"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F3"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>815217</value>
                    <footnoteId id="F3"/>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnote</value>
                    <footnoteId id="F1"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeHolding>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Nantahala Capital Management, LLC (&quot;NCM&quot;), an investment adviser to certain private funds and managed accounts (the &quot;NCM Investors&quot;) that hold the shares of Aytu BioPharma, Inc (the &quot;Issuer&quot;) common stock (&quot;Common Stock&quot;), Tranche A Warrants and Tranche B Warrants disclosed in this Form 3, may be deemed a beneficial owner of such securities. Each of Mr. Wilmot B Harkey and Mr. Daniel Mack may be deemed a beneficial owner of Common Stock, Tranche A Warrants and Tranche B Warrants beneficially owned by NCM. Each of NCM, Mr. Harkey and Mr. Mack disclaims beneficial ownership of the Issuer's securities disclosed herein except to the extent of their respective pecuniary interests therein.</footnote>
        <footnote id="F2">The Tranche A Warrants may be exercised for either shares of Common Stock or pre-funded warrants to purchase Common Stock at a future exercise price of $0.0001 per share (&quot;Exchange Warrant&quot;). Subject to certain limits on beneficial ownership, the Tranche A Warrants are exercisable at a price of $1.59 per share (or $1.5899 per Exchange Warrant). The Tranche A Warrants will expire upon the earlier of (i) five years after the date of issuance, and (ii) 30 days following the closing price of the Issuer's Common Stock equaling 200% of the exercise price for at least 40 consecutive trading days.</footnote>
        <footnote id="F3">The Tranche B Warrants may be exercised for either shares of Common Stock or Exchange Warrants to purchase Common Stock at a future exercise price of $0.0001 per share. Subject to certain limits on beneficial ownership, the Tranche B Warrants are exercisable at a price of $1.59 per share (or $1.5899 per Exchange Warrant). The Tranche B Warrants will expire upon the earlier of (x) five years after the date of issuance, and (y) 30 days following the Issuer's achievement of consolidated trailing twelve-month adjusted EBITDA of $12 million.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Taki Vasilakis, Chief Compliance Officer</signatureName>
        <signatureDate>2023-06-22</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Wilmot B. Harkey</signatureName>
        <signatureDate>2023-06-22</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Daniel Mack</signatureName>
        <signatureDate>2023-06-22</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
