[Form 4] AYTU BIOPHARMA, INC Insider Trading Activity

Rhea-AI Filing Summary

Reporting person: Jarrett Disbrow, Chief Business Officer and officer of AYTU BioPharma, Inc. (AYTU), reported equity grants on 10/03/2025. The filing shows two awards of restricted common stock issued at $0 per share: 19,606 shares granted as fully vested restricted stock in lieu of an annual cash bonus, and 12,500 shares granted as time‑based restricted stock.

The newly reported grants raise the reporting person’s total beneficial ownership to 61,568 shares. The time‑based award vests one‑third on 10/03/2026 and the remainder in eight equal quarterly installments beginning 01/03/2027

Positive

• Increased insider alignment: Reporting person’s beneficial ownership rose to 61,568 shares, which strengthens management ownership alignment with shareholders.
• Cash conservation: 19,606 shares granted in lieu of an annual cash bonus preserves company cash while compensating the officer.

Negative

• None.

Insights

Corporate Governance Analyst

Officer received equity in lieu of cash and added time‑based awards; ownership now 61,568 shares.

Granting 19,606 fully vested restricted shares in lieu of cash aligns pay with long‑term ownership and avoids immediate cash outflow for the company. The additional 12,500 time‑based restricted shares create future retention pressure tied to service through the vesting schedule that begins on 10/03/2026.

Key dependencies include continued employment through the vesting dates and any acceleration provisions not disclosed here; watch holdings and subsequent filings around the first vest date 10/03/2026.

Executive Compensation Analyst

Compensation mix shifted toward equity with one fully vested and one time‑vested award.

The fully vested award replaces an annual cash bonus with equity, which increases reported ownership immediately without dilution‑related cash expense. The time‑vested award vests 1/3 on 10/03/2026 and then in eight quarterly installments starting 01/03/2027, tying a material portion of pay to continued tenure over ~15 months.

Monitor future disclosures for grant accounting, any additional equity awards, and whether similar conversions of cash bonuses to equity become a broader practice.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Disbrow Jarrett

(Last) (First) (Middle)

C/O AYTU BIOPHARMA, INC.

7900 EAST UNION AVENUE, SUITE 920

(Street)

DENVER CO 80237

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
AYTU BIOPHARMA, INC [ AYTU ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Business Officer

3. Date of Earliest Transaction (Month/Day/Year)
10/03/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	10/03/2025		A		19,606(1)	A	$0	49,068	D
Common Stock	10/03/2025		A		12,500(2)	A	$0	61,568	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The reporting person was granted fully vested restricted stock in lieu of cash in satisfaction of their annual bonus.

2. Grant of restricted stock, which vest as follows: 1/3 on October 3, 2026, with the remaining restricted stock vesting in 8 equal quarterly installments beginning January 3, 2027.

Remarks:

Exhibit 24: Power of Attorney

	/s/ Ryan J. Selhorn as attorney-in-fact for Jarrett T. Disbrow	10/07/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did AYTU insider Jarrett Disbrow receive on 10/03/2025?

He was granted 19,606 fully vested restricted shares in lieu of his annual cash bonus and an additional 12,500 restricted shares that vest over time.

How many AYTU shares does Jarrett Disbrow beneficially own after the transactions?

Following the reported transactions his total beneficial ownership is 61,568 shares.

What is the vesting schedule for the time‑based restricted stock?

The 12,500 restricted shares vest 1/3 on 10/03/2026 and the remainder vests in eight equal quarterly installments beginning 01/03/2027.

At what price were the restricted shares issued?

Both grants are reported at a price of $0 per share, consistent with awards of restricted stock rather than open market purchases.

Who signed the Form 4 filing for Jarrett Disbrow?

The Form 4 was signed by Ryan J. Selhorn as attorney‑in‑fact for Jarrett T. Disbrow on 10/07/2025.