<SEC-DOCUMENT>0001535264-25-000049.txt : 20250814
<SEC-HEADER>0001535264-25-000049.hdr.sgml : 20250814
<ACCEPTANCE-DATETIME>20250814145855
ACCESSION NUMBER:		0001535264-25-000049
CONFORMED SUBMISSION TYPE:	SCHEDULE 13G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250814
DATE AS OF CHANGE:		20250814

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
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-88813
		FILM NUMBER:		251217825

	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:			AWM Investment Company, Inc.
		CENTRAL INDEX KEY:			0001535264
		ORGANIZATION NAME:           	
		EIN:				113086452
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G

	BUSINESS ADDRESS:	
		STREET 1:		527 MADISON AVENUE
		STREET 2:		SUITE 2600
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		212-319-6670

	MAIL ADDRESS:	
		STREET 1:		527 MADISON AVENUE
		STREET 2:		SUITE 2600
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13G
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
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<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13g" xmlns:com="http://www.sec.gov/edgar/common">
  <headerData>
    <submissionType>SCHEDULE 13G</submissionType>
    <filerInfo>
      <filer>
        <filerCredentials>
          <cik>0001535264</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>



    </filerInfo>
  </headerData>
  <formData>
    <coverPageHeader>
      <securitiesClassTitle>Common Stock</securitiesClassTitle>
      <eventDateRequiresFilingThisStatement>06/30/2025</eventDateRequiresFilingThisStatement>
      <issuerInfo>
        <issuerCik>0001385818</issuerCik>
        <issuerName>AYTU BIOPHARMA, INC</issuerName>
        <issuerCusip>00218A105</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(b)</designateRulePursuantThisScheduleFiled>
      </designateRulesPursuantThisScheduleFiled>
    </coverPageHeader>
    <coverPageHeaderReportingPersonDetails>

      <reportingPersonName>AWM Investment Company, Inc.</reportingPersonName>
      <citizenshipOrOrganization>DE</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>619874.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>619874.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>619874.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <classPercent>6.9</classPercent>
      <typeOfReportingPerson>IV</typeOfReportingPerson>
      <comments>AWM Investment Company, Inc., a Delaware corporation (AWM), is the investment adviser to Special Situations Private Equity Fund, L.P. (SSPE). (SSPE will hereafter be referred to as the Funds).  As the investment adviser to the Funds, AWM holds sole voting and investment power over 619,874 shares of Common Stock of the Issuer (the Shares) held by SSPE</comments>
    </coverPageHeaderReportingPersonDetails>
    <items>
      <item1>
        <issuerName>AYTU BIOPHARMA, INC</issuerName>
        <issuerPrincipalExecutiveOfficeAddress>7900 E. UNION AVENUE, SUITE 920, DENVER, COLORADO, 80237</issuerPrincipalExecutiveOfficeAddress>
      </item1>
      <item2>
        <filingPersonName>The person filing this report is AWM Investment Company, Inc., a Delaware corporation (AWM), which is the investment adviser to Special Situations Private Equity Fund, L.P., a Delaware limited partnership (SSPE), (SSPE, will hereafter be referred to as the Funds).  The principal business of each Fund is to invest in equity and equity-related securities and other securities of any kind or nature.

David M. Greenhouse (Greenhouse) and Adam C. Stettner (Stettner) are members of MG Advisers, L.L.C., a New York limited liability company (MG), the general partner of SSPE. Greenhouse and Stettner are also controlling principals of AWM
</filingPersonName>
        <principalBusinessOfficeOrResidenceAddress>The principal business address for AWM is c/o Special Situations Funds, 527 Madison Avenue, Suite 2600, New York, NY  10022.</principalBusinessOfficeOrResidenceAddress>
        <citizenship>AWM is a Delaware Corporation.</citizenship>
      </item2>
      <item3>
        <notApplicableFlag>Y</notApplicableFlag>
      </item3>
      <item4>
        <amountBeneficiallyOwned>619,874</amountBeneficiallyOwned>
        <classPercent>6.9</classPercent>
        <numberOfSharesPersonHas>
          <solePowerOrDirectToVote>AWM is the investment adviser to the Fund.  As the investment adviser to the Fund, AWM holds sole voting power over 619,874 shares of Common Stock of the Issuer (the Shares) held by SSPE.  Greenhouse and Stettner are members of MG, the general partner of SSPE. Greenhouse and Stettner are also controlling principals of AWM.  </solePowerOrDirectToVote>
          <sharedPowerOrDirectToVote>0</sharedPowerOrDirectToVote>
          <solePowerOrDirectToDispose>AWM is the investment adviser to the Fund.  As the investment adviser to the Fund, AWM holds sole investment power over 619,874 shares of Common Stock of the Issuer (the Shares) held by SSPE.  Greenhouse and Stettner are members of MG, the general partner of SSPE. Greenhouse and Stettner are also controlling principals of AWM.  </solePowerOrDirectToDispose>
          <sharedPowerOrDirectToDispose>0</sharedPowerOrDirectToDispose>
        </numberOfSharesPersonHas>
      </item4>
      <item5>
        <notApplicableFlag>Y</notApplicableFlag>
        <classOwnership5PercentOrLess>N</classOwnership5PercentOrLess>
      </item5>
      <item6>
        <notApplicableFlag>Y</notApplicableFlag>
      </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 acquired and are held in the ordinary course of business and 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 &amp;#167; 240.14a-11.

</certifications>
      </item10>
    </items>
    <signatureInformation>
      <reportingPersonName>AWM Investment Company, Inc.</reportingPersonName>
      <signatureDetails>
        <signature>Adam Stettner</signature>
        <title>Executive Vice President</title>
        <date>08/14/2025</date>
      </signatureDetails>
    </signatureInformation>
  </formData>
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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
