<SEC-DOCUMENT>0001193805-25-001566.txt : 20251112
<SEC-HEADER>0001193805-25-001566.hdr.sgml : 20251112
<ACCEPTANCE-DATETIME>20251112173520
ACCESSION NUMBER:		0001193805-25-001566
CONFORMED SUBMISSION TYPE:	SCHEDULE 13G/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20251112
DATE AS OF CHANGE:		20251112

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:		251474502

	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:			Philotimo Fund, LP
		CENTRAL INDEX KEY:			0001688522
		ORGANIZATION NAME:           	
		EIN:				000000000
		STATE OF INCORPORATION:			FL
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G/A

	BUSINESS ADDRESS:	
		STREET 1:		6810 LYONS TECHNOLOGY CIRCLE
		STREET 2:		SUITE 160
		CITY:			COCONUT CREEK
		STATE:			FL
		ZIP:			33076
		BUSINESS PHONE:		631-863-3100

	MAIL ADDRESS:	
		STREET 1:		6810 LYONS TECHNOLOGY CIRCLE
		STREET 2:		SUITE 160
		CITY:			COCONUT CREEK
		STATE:			FL
		ZIP:			33076
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13G/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?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/A</submissionType>
    <previousAccessionNumber>0000921895-25-001849</previousAccessionNumber>
    <filerInfo>
      <filer>
        <filerCredentials>
          <!-- Field: Pseudo-Tag; ID: Name; Data: Philotimo Fund, LP -->
          <cik>0001688522</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>



    </filerInfo>
  </headerData>
  <formData>
    <coverPageHeader>
      <amendmentNo>1</amendmentNo>
      <securitiesClassTitle>Common Stock, par value $0.0001 per share</securitiesClassTitle>
      <eventDateRequiresFilingThisStatement>09/30/2025</eventDateRequiresFilingThisStatement>
      <issuerInfo>
        <issuerCik>0001385818</issuerCik>
        <issuerName>AYTU BIOPHARMA, INC</issuerName>
        <issuerCusip>054754858</issuerCusip>
        <issuerPrincipalExecutiveOfficeAddress>
          <com:street1>7900 East Union Avenue, Suite 920</com:street1>
          <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>Philotimo Fund, LP</reportingPersonName>
      <memberGroup>a</memberGroup>
      <citizenshipOrOrganization>DE</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>0.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>0</classPercent>
      <typeOfReportingPerson>PN</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>Philotimo Focused Growth &amp; Income Fund</reportingPersonName>
      <memberGroup>a</memberGroup>
      <citizenshipOrOrganization>DE</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>0.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>0</classPercent>
      <typeOfReportingPerson>OO</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>Kanen Wealth Management LLC</reportingPersonName>
      <memberGroup>a</memberGroup>
      <citizenshipOrOrganization>FL</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>0.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>0</classPercent>
      <typeOfReportingPerson>IA</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>Kanen David</reportingPersonName>
      <memberGroup>a</memberGroup>
      <citizenshipOrOrganization>X1</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>0.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>0</classPercent>
      <typeOfReportingPerson>IN</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
    <items>
      <item1>
        <issuerName>AYTU BIOPHARMA, INC</issuerName>
        <issuerPrincipalExecutiveOfficeAddress>7900 East Union Avenue, Suite 920, Denver, CO 80237</issuerPrincipalExecutiveOfficeAddress>
      </item1>
      <item2>
        <filingPersonName>This statement is filed by Philotimo Fund LP, a Delaware limited partnership ("Philotimo"), Philotimo Focused Growth &amp; Income Fund, a series of World Funds Trust, a Delaware statutory trust ("PHLOX"), Kanen Wealth Management, LLC, a Florida limited liability company ("KWM"), and David L. Kanen. Each of the foregoing is referred to as a "Reporting Person" and collectively as the "Reporting Persons."

KWM is the general partner of Philotimo and the investment manager of PHLOX and certain separately managed accounts (the "Managed Accounts"). Mr. Kanen serves as the managing member of KWM. By virtue of these relationships, KWM and Mr. Kanen may be deemed to beneficially own the shares of Common Stock, par value $0.0001 per share (the "Shares"), of Aytu BioPharma, Inc (the "Issuer"), owned by each of Philotimo, PHLOX and the Managed Accounts.</filingPersonName>
        <principalBusinessOfficeOrResidenceAddress>The principal business address of each of Philotimo, PHLOX, KWM and Mr. Kanen is 6810 Lyons Technology Circle, Suite 160, Coconut Creek, Florida 33073.</principalBusinessOfficeOrResidenceAddress>
        <citizenship>Philotimo is organized under the laws of the State of Delaware. PHLOX is a series of World Funds Trust, a statutory trust organized under the laws of the State of Delaware. KWM is organized under the laws of the State of Florida. Mr. Kanen is a citizen of the United States of America.</citizenship>
      </item2>
      <item3>
        <notApplicableFlag>Y</notApplicableFlag>
      </item3>
      <item4>
        <amountBeneficiallyOwned>As of the close of business on September 30, 2025:

(i) Philotimo beneficially owned 0 Shares;

(ii) PHLOX beneficially owned 0 Shares;

(iii) KWM beneficially owned 0 Shares, consisting of (a) the 0 Shares owned directly by Philotimo, which KWM may be deemed to beneficially own as the general partner of Philotimo, (b) the 0 Shares owned directly by PHLOX, which KWM may be deemed to beneficially own as the investment manager of PHLOX, and (c) the 0 Shares held in the Managed Accounts, which KWM may be deemed to beneficially own as the investment manager of the Managed Accounts; and Mr. Kanen beneficially owned 0 Shares, consisting of (a) the 0 Shares owned directly by Mr. Kanen, (b) the 0 Shares owned directly by Philotimo, which Mr. Kanen may be deemed to beneficially own as the managing member of KWM, (c) the 0 Shares owned directly by PHLOX, which Mr. Kanen may be deemed to beneficially own as the managing member of KWM, and (d) the 0 Shares held in the Managed Accounts, which Mr. Kanen may be deemed to beneficially own as the managing member of KWM.

Each Reporting Person is a member of a "group" with the other Reporting Persons for the purposes of Section 13(d)(3) of the Securities Exchange Act of 1934, as amended, and such group may be deemed to beneficially own the 0 Shares beneficially owned in the aggregate by all the Reporting Persons, constituting approximately 0% of the outstanding Shares. Each Reporting Person disclaims beneficial ownership of the Shares that he or it does not directly own.</amountBeneficiallyOwned>
        <classPercent>As of September 30, 2025, the Reporting Persons ceased to be beneficial owners of any Shares of Common Stock of the Issuer.  As of the close of business on September 30, 2025:

(i) Philotimo beneficially owned approximately 0% of the outstanding Shares;

(ii) PHLOX beneficially owned approximately 0% of the outstanding Shares;

(iii) KWM beneficially owned approximately 0% of the outstanding Shares; and

(iv) Mr. Kanen beneficially owned approximately 0% of the outstanding Shares.</classPercent>
        <numberOfSharesPersonHas>
          <solePowerOrDirectToVote>See Cover Pages Items 5-9.</solePowerOrDirectToVote>
          <sharedPowerOrDirectToVote>See Cover Pages Items 5-9.</sharedPowerOrDirectToVote>
          <solePowerOrDirectToDispose>See Cover Pages Items 5-9.</solePowerOrDirectToDispose>
          <sharedPowerOrDirectToDispose>See Cover Pages Items 5-9.</sharedPowerOrDirectToDispose>
        </numberOfSharesPersonHas>
      </item4>
      <item5>
        <notApplicableFlag>Y</notApplicableFlag>
      </item5>
      <item6>
        <notApplicableFlag>Y</notApplicableFlag>
      </item6>
      <item7>
        <notApplicableFlag>Y</notApplicableFlag>
      </item7>
      <item8>
        <notApplicableFlag>N</notApplicableFlag>
        <identificationAndClassificationOfGroupMembers>See Exhibit 99.1 to the Schedule 13G filed by the Reporting Persons with the Securities and Exchange Commission on February 5, 2025.</identificationAndClassificationOfGroupMembers>
      </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>
    <signatureInformation>
      <reportingPersonName>Philotimo Fund, LP</reportingPersonName>
      <signatureDetails>
        <signature>/s/ David L. Kanen</signature>
        <title>David L. Kanen, Managing Member of Kanen Wealth Management, LLC, its general partner</title>
        <date>11/12/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Philotimo Focused Growth &amp; Income Fund</reportingPersonName>
      <signatureDetails>
        <signature>/s/ David L. Kanen</signature>
        <title>David L. Kanen, Managing Member of Kanen Wealth Management, LLC, its investment adviser</title>
        <date>11/12/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Kanen Wealth Management LLC</reportingPersonName>
      <signatureDetails>
        <signature>/s/ David L. Kanen</signature>
        <title>David L. Kanen, Managing Member</title>
        <date>11/12/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Kanen David</reportingPersonName>
      <signatureDetails>
        <signature>/s/ David L. Kanen</signature>
        <title>David L. Kanen</title>
        <date>11/12/2025</date>
      </signatureDetails>
    </signatureInformation>
  </formData>
</edgarSubmission>
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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
