<SEC-DOCUMENT>0000935836-25-000496.txt : 20250813
<SEC-HEADER>0000935836-25-000496.hdr.sgml : 20250813
<ACCEPTANCE-DATETIME>20250813161632
ACCESSION NUMBER:		0000935836-25-000496
CONFORMED SUBMISSION TYPE:	SCHEDULE 13G/A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20250813
DATE AS OF CHANGE:		20250813

SUBJECT COMPANY:	

	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

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-88813
		FILM NUMBER:		251211876

	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

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Stonepine Capital Management, LLC
		CENTRAL INDEX KEY:			0001440771
		ORGANIZATION NAME:           	
		EIN:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G/A

	BUSINESS ADDRESS:	
		STREET 1:		2900 NW CLEARWATER DRIVE
		STREET 2:		SUITE 100-11
		CITY:			BEND
		STATE:			OR
		ZIP:			97703
		BUSINESS PHONE:		541-647-5673

	MAIL ADDRESS:	
		STREET 1:		2900 NW CLEARWATER DRIVE
		STREET 2:		SUITE 100-11
		CITY:			BEND
		STATE:			OR
		ZIP:			97703
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13G/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
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  <headerData>
    <submissionType>SCHEDULE 13G/A</submissionType>
    <previousAccessionNumber>0000935836-24-000670</previousAccessionNumber>
    <filerInfo>
      <filer>
        <filerCredentials>
          <!-- Field: Pseudo-Tag; ID: Name; Data: Stonepine Capital Management, LLC -->
          <cik>0001440771</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>



    </filerInfo>
  </headerData>
  <formData>
    <coverPageHeader>
      <amendmentNo>3</amendmentNo>
      <securitiesClassTitle>Common Stock</securitiesClassTitle>
      <eventDateRequiresFilingThisStatement>06/30/2025</eventDateRequiresFilingThisStatement>
      <issuerInfo>
        <issuerCik>0001385818</issuerCik>
        <issuerName>AYTU BIOPHARMA, INC</issuerName>
        <issuerCusip>054754858</issuerCusip>
        <issuerPrincipalExecutiveOfficeAddress>
          <com:street1>7900 E. UNION AVENUE</com:street1>
          <com:street2>SUITE 920</com:street2>
          <com:city>DENVER</com:city>
          <com:stateOrCountry>CO</com:stateOrCountry>
          <com:zipCode>80237</com:zipCode>
        </issuerPrincipalExecutiveOfficeAddress>
      </issuerInfo>
      <designateRulesPursuantThisScheduleFiled>
        <designateRulePursuantThisScheduleFiled>Rule 13d-1(c)</designateRulePursuantThisScheduleFiled>
      </designateRulesPursuantThisScheduleFiled>
    </coverPageHeader>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>Stonepine Capital Management, LLC</reportingPersonName>
      <memberGroup>b</memberGroup>
      <citizenshipOrOrganization>DE</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>906063.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>906063.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>906063.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>9.9</classPercent>
      <typeOfReportingPerson>IA</typeOfReportingPerson>
      <typeOfReportingPerson>OO</typeOfReportingPerson>
      <comments>The securities beneficially owned by the reporting persons consist of (1) 812,676 shares of Common Stock, (2) Prefunded Warrants to acquire 2,446,883 shares of the Stock, (3) Tranche A Warrants to acquire 815,217 shares of the Stock and (4) Tranche B Warrants to acquire 815,217 shares of the Stock.  The Prefunded Warrants, the Tranche A Warrants and the Tranche B Warrants are each subject to a 9.99% beneficial ownership limitation.  The percentage reported herein is calculated based on 8,976,314 shares of Common Stock outstanding on June 9, 2025, as reported in the Form 8-K filed by the Issuer on June 9, 2025.</comments>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>Stonepine Capital, L.P.</reportingPersonName>
      <memberGroup>b</memberGroup>
      <citizenshipOrOrganization>DE</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>906063.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>906063.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>906063.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>9.9</classPercent>
      <typeOfReportingPerson>PN</typeOfReportingPerson>
      <comments>The securities beneficially owned by the reporting persons consist of (1) 812,676 shares of Common Stock, (2) Prefunded Warrants to acquire 2,446,883 shares of the Stock, (3) Tranche A Warrants to acquire 815,217 shares of the Stock and (4) Tranche B Warrants to acquire 815,217 shares of the Stock.  The Prefunded Warrants, the Tranche A Warrants and the Tranche B Warrants are each subject to a 9.99% beneficial ownership limitation.  The percentage reported herein is calculated based on 8,976,314 shares of Common Stock outstanding on June 9, 2025, as reported in the Form 8-K filed by the Issuer on June 9, 2025.</comments>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>

      <reportingPersonName>Stonepine GP, LLC</reportingPersonName>
      <memberGroup>b</memberGroup>
      <citizenshipOrOrganization>DE</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>906063.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>906063.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>906063.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>9.9</classPercent>
      <typeOfReportingPerson>OO</typeOfReportingPerson>
      <comments>The securities beneficially owned by the reporting persons consist of (1) 812,676 shares of Common Stock, (2) Prefunded Warrants to acquire 2,446,883 shares of the Stock, (3) Tranche A Warrants to acquire 815,217 shares of the Stock and (4) Tranche B Warrants to acquire 815,217 shares of the Stock.  The Prefunded Warrants, the Tranche A Warrants and the Tranche B Warrants are each subject to a 9.99% beneficial ownership limitation.  The percentage reported herein is calculated based on 8,976,314 shares of Common Stock outstanding on June 9, 2025, as reported in the Form 8-K filed by the Issuer on June 9, 2025.</comments>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>Jon M. Plexico</reportingPersonName>
      <memberGroup>b</memberGroup>
      <citizenshipOrOrganization>X1</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>906063.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>906063.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>906063.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>9.9</classPercent>
      <typeOfReportingPerson>HC</typeOfReportingPerson>
      <typeOfReportingPerson>IN</typeOfReportingPerson>
      <comments>The securities beneficially owned by the reporting persons consist of (1) 812,676 shares of Common Stock, (2) Prefunded Warrants to acquire 2,446,883 shares of the Stock, (3) Tranche A Warrants to acquire 815,217 shares of the Stock and (4) Tranche B Warrants to acquire 815,217 shares of the Stock.  The Prefunded Warrants, the Tranche A Warrants and the Tranche B Warrants are each subject to a 9.99% beneficial ownership limitation.  The percentage reported herein is calculated based on 8,976,314 shares of Common Stock outstanding on June 9, 2025, as reported in the Form 8-K filed by the Issuer on June 9, 2025.</comments>
    </coverPageHeaderReportingPersonDetails>
    <items>
      <item1>
        <issuerName>AYTU BIOPHARMA, INC</issuerName>
        <issuerPrincipalExecutiveOfficeAddress>7900 East Union Avenue, Suite 920, Denver, CO 80237</issuerPrincipalExecutiveOfficeAddress>
      </item1>
      <item2>
        <filingPersonName>Stonepine Capital Management, LLC, a Delaware limited liability company ("Stonepine")

Stonepine Capital, L.P., a Delaware limited partnership (the "Partnership")

Stonepine GP, LLC, a Delaware limited liability company (the "General Partner")

Jon M. Plexico

Stonepine and the General Partner are the investment adviser and general partner, respectively, of the Partnership.  Mr. Plexico is the control person of Stonepine and the General Partner.  The reporting persons are filing this Schedule 13G jointly, but not as members of a group, and each disclaims membership in a group.  Each reporting person also disclaims beneficial ownership of Common Stock except to the extent of that person's pecuniary interest therein.  In addition, the filing of this Schedule 13G on behalf of the Partnership should not be construed as an admission that it is, and it disclaims that it is, a beneficial owner, as defined in Rule 13d-3 under the Act, of any Common Stock covered by this Schedule 13G.</filingPersonName>
        <principalBusinessOfficeOrResidenceAddress>2900 NW Clearwater Drive, Suite 100-11, Bend OR  97703</principalBusinessOfficeOrResidenceAddress>
        <citizenship>See Item 4 of the cover sheet for each reporting person.</citizenship>
      </item2>
      <item4>
        <amountBeneficiallyOwned>Stonepine:  906,063

Partnership:  906,063

General Partner:  906,063

Jon M. Plexico:  906,063</amountBeneficiallyOwned>
        <classPercent>Stonepine:  9.9%

Partnership:  9.9%

General Partner:  9.9%

Jon M. Plexico:  9.9%</classPercent>
        <numberOfSharesPersonHas>
          <solePowerOrDirectToVote>Stonepine:  0

Partnership:  0

General Partner:  0

Jon M. Plexico:  0</solePowerOrDirectToVote>
          <sharedPowerOrDirectToVote>Stonepine:  906,063

Partnership:  906,063

General Partner:  906,063

Jon M. Plexico:  906,063</sharedPowerOrDirectToVote>
          <solePowerOrDirectToDispose>Stonepine:  0

Partnership:  0

General Partner:  0

Jon M. Plexico:  0</solePowerOrDirectToDispose>
          <sharedPowerOrDirectToDispose>Stonepine:  906,063

Partnership:  906,063

General Partner:  906,063

Jon M. Plexico:  906,063</sharedPowerOrDirectToDispose>
        </numberOfSharesPersonHas>
      </item4>
      <item5>
        <notApplicableFlag>Y</notApplicableFlag>
      </item5>
      <item6>
        <notApplicableFlag>N</notApplicableFlag>
        <ownershipMoreThan5PercentOnBehalfOfAnotherPerson>The Partnership holds Common Stock for the benefit of its investors and has the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, Common Stock.</ownershipMoreThan5PercentOnBehalfOfAnotherPerson>
      </item6>
      <item7>
        <notApplicableFlag>Y</notApplicableFlag>
      </item7>
      <item8>
        <notApplicableFlag>Y</notApplicableFlag>
      </item8>
      <item9>
        <notApplicableFlag>Y</notApplicableFlag>
      </item9>
      <item10>
        <notApplicableFlag>N</notApplicableFlag>
        <certifications>By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.</certifications>
      </item10>
    </items>
    <exhibitInfo>EXHIBIT 99 - AGREEMENT REGARDING JOINT FILING OF STATEMENT ON SCHEDULE 13D OR 13G</exhibitInfo>
    <signatureInformation>
      <reportingPersonName>Stonepine Capital Management, LLC</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Jon M. Plexico</signature>
        <title>Managing Member</title>
        <date>08/13/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Stonepine Capital, L.P.</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Jon M. Plexico</signature>
        <title>Managing Member of the General Partner, Stonepine GP, LLC</title>
        <date>08/13/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Stonepine GP, LLC</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Jon M. Plexico</signature>
        <title>Managing Member</title>
        <date>08/13/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Jon M. Plexico</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Jon M. Plexico</signature>
        <title>Reporting person</title>
        <date>08/13/2025</date>
      </signatureDetails>
    </signatureInformation>
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<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>ex991.htm
<DESCRIPTION>AGREEMENT RE JOINT FILING
<TEXT>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">EXHIBIT 99.1</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">AGREEMENT REGARDING JOINT FILING</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">OF STATEMENT ON SCHEDULE 13D OR 13G</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The undersigned agree to file jointly with the Securities
and Exchange Commission (the &ldquo;SEC&rdquo;) any and all statements on Schedule 13D or Schedule 13G or Forms 3, 4 or 5(and any amendments
or supplements thereto) required under section 13(d) and 16(a) of the Securities Exchange Act of 1934, as amended, in connection with
purchases by the undersigned of the securities of any issuer. For that purpose, the undersigned hereby constitute and appoint EcoR1 Capital,
LLC, a Delaware limited liability company, as their true and lawful agent and attorney-in-fact, with full power and authority for and
on behalf of the undersigned to prepare or cause to be prepared, sign, file with the SEC and furnish to any other person all certificates,
instruments, agreements and documents necessary to comply with section 13(d) and section 16(a) of the Securities Exchange Act of 1934,
as amended, in connection with said purchases, and to do and perform every act necessary and proper to be done incident to the exercise
of the foregoing power, as fully as the undersigned might or could do if personally present.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Dated:  August 14, 2025</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 47%; padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 53%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>ECOR1 CAPITAL, LLC</B><BR>
    <BR>
    <BR>
    By:&#9;<U>/s/ <I>Oleg Nodelman</I>&#9;&#9;&#9;</U><BR>
    &#9;Oleg Nodelman<BR>
    &#9;Manager</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>ECOR1 CAPITAL FUND QUALIFIED, L.P.<BR>
    <BR>
    </B>By:&#9;EcoR1 Capital, LLC,<BR>
    &#9;General Partner<BR>
    <BR>
    By:&#9;<U>/s/ <I>Oleg Nodelman&#9;&#9;&#9;</I></U><BR>
    &#9;Oleg Nodelman<BR>
    &#9;Manager</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><U>/s/ <I>Oleg Nodelman</I>&#9;&#9;&#9;&#9;</U></P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Oleg Nodelman</P></TD></TR>
  </TABLE>

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