[Form 4] AYTU BIOPHARMA, INC Insider Trading Activity

Rhea-AI Filing Summary

AYTU Biopharma (AYTU) Chief Financial Officer Ryan J. Selhorn reported two grants of restricted common stock on 10/03/2025. He received 16,243 fully vested shares paid in lieu of cash for his annual bonus and an additional 17,500 restricted shares that vest over time: 1/3 on 10/03/2026 and the remainder in eight equal quarterly installments beginning 01/03/2027. The grants were reported with a $0 purchase price, and following these transactions Mr. Selhorn beneficially owned 49,743 shares in total after the awards. The filing is signed by Mr. Selhorn on 10/07/2025.

Positive

• Retention-focused compensation: 17,500 restricted shares vesting over time encourages continued service
• Cash conservation: 16,243 shares granted in lieu of an annual cash bonus preserves corporate cash
• Increased insider alignment: Reporting increases insider beneficial ownership to 49,743 shares

Negative

• Potential near-term dilution: Grants add 33,743 shares to outstanding insider-held awards
• Limited performance linkage disclosed: Restricted shares vest by time rather than explicit performance metrics

Insights

Compensation Governance Analyst

Restricted stock grants align executive pay with retention and future performance.

These awards include 16,243 fully vested shares as a cash-substitute bonus and 17,500 time‑vested restricted shares that begin vesting 10/03/2026. Time‑vesting over eight quarterly installments ties value delivery to continued service rather than immediate liquidity.

The main dependency is continued employment through the vesting schedule; monitor quarterly filings and any amendments for acceleration language or additional grants over the next 12 months to see if compensation pacing changes.

Insider Holdings Specialist

Insider ownership increases to 49,743 shares after the grants.

Reported ownership rose following awards, with a zero cash exercise price indicating direct equity compensation rather than market purchases. Ownership level change is relevant for dilution and governance but represents a modest absolute position for public companies unless otherwise quantified.

Watch for future Form 4s or proxy disclosures that quantify total shares outstanding to assess the significance of 49,743 shares relative to company capitalization within the next 12 months.

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^*

Selhorn Ryan J

(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 Financial 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		16,243(1)	A	$0	32,243	D
Common Stock	10/03/2025		A		17,500(2)	A	$0	49,743	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	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 Ryan Selhorn report on Form 4 (AYTU)?

Ryan J. Selhorn reported receiving 16,243 fully vested shares (bonus in stock) and 17,500 restricted shares on 10/03/2025, bringing his total to 49,743 shares.

When do the restricted shares reported by the AYTU CFO vest?

One‑third of the 17,500 restricted shares vest on 10/03/2026, with the remaining shares vesting in eight equal quarterly installments beginning 01/03/2027.

Did the AYTU insider pay for the stock grants?

No. Both grants were reported with a $0 price, indicating equity issued as compensation rather than purchased.

How does this Form 4 affect insider ownership disclosure for AYTU?

Following the reported transactions, the reporting person disclosed beneficial ownership of 49,743 shares; monitor filings for changes or additional grants.

Who filed the Form 4 for AYTU and when was it signed?

The Form 4 was signed by Ryan J. Selhorn on 10/07/2025.