<SEC-DOCUMENT>0001104659-25-057852.txt : 20250609
<SEC-HEADER>0001104659-25-057852.hdr.sgml : 20250609
<ACCEPTANCE-DATETIME>20250609163142
ACCESSION NUMBER:		0001104659-25-057852
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20250606
FILED AS OF DATE:		20250609
DATE AS OF CHANGE:		20250609

REPORTING-OWNER:	

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

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38247
		FILM NUMBER:		251034571

	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
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38247
		FILM NUMBER:		251034570

	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
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38247
		FILM NUMBER:		251034569

	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]
		ORGANIZATION NAME:           	03 Life Sciences
		EIN:				470883144
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0630

	BUSINESS ADDRESS:	
		STREET 1:		7900 E. UNION AVENUE
		STREET 2:		SUITE 920
		CITY:			DENVER
		STATE:			CO
		ZIP:			80237
		BUSINESS PHONE:		(720) 437-6580

	MAIL ADDRESS:	
		STREET 1:		7900 E. UNION AVENUE
		STREET 2:		SUITE 920
		CITY:			DENVER
		STATE:			CO
		ZIP:			80237

	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>4
<SEQUENCE>1
<FILENAME>tm2517486-1_4seq1.xml
<DESCRIPTION>OWNERSHIP DOCUMENT
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0508</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2025-06-06</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <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>

    <aff10b5One>0</aff10b5One>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Prefunded Warrants</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>0.0001</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2025-06-06</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>P</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionTimeliness></transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>4000000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>1.4999</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F1"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F1"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>4000000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>4815217</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See footnote</value>
                    <footnoteId id="F2"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Subject to certain limits on beneficial ownership, the Prefunded Warrants may be exercised to purchase Issuer Common Stock at an exercise price of $0.0001 per share. The Prefunded Warrants do not expire until exercised in full.</footnote>
        <footnote id="F2">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 Aytu BioPharma, Inc (&quot;Issuer&quot;) securities disclosed in this Form 4, 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 Issuer securities 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>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Taki Vasilakis, Chief Compliance Officer, Nantahala Capital Management, LLC</signatureName>
        <signatureDate>2025-06-09</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Wilmot B. Harkey</signatureName>
        <signatureDate>2025-06-09</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Daniel Mack</signatureName>
        <signatureDate>2025-06-09</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
