[Form 4] AYTU BIOPHARMA, INC Insider Trading Activity

Rhea-AI Filing Summary

Vivian H. Liu, a Director of AYTU BIOPHARMA, INC (AYTU), reported a restricted stock grant of $0 price common stock on 10/03/2025. The filing shows 10,000 shares were granted and will vest on 10/03/2026. After the grant Ms. Liu beneficially owns 19,825 shares. The transaction is reported on a Form 4 and was signed by an attorney-in-fact on 10/07/2025. The award is described as restricted stock with a one-year vesting date; no cash purchase price was paid for the granted shares.

Positive

• Director alignment: Grant of 10,000 restricted shares ties a director's compensation to company performance over a one-year vesting period
• Increased insider ownership: Beneficial ownership rises to 19,825 shares, indicating greater insider stake

Negative

• Potential dilution: 10,000 new restricted shares will increase the outstanding share count if vested and issued
• Limited disclosure of plan terms: Form 4 does not state total outstanding shares or forfeiture/repurchase conditions, reducing transparency on economic impact

Insights

Corporate Governance Analyst

Director granted restricted shares aligning interests with shareholders over a one-year vesting period.

The director received 10,000 restricted shares on 10/03/2025 that vest on 10/03/2026, which is a common form of equity compensation intended to align long-term interests without immediate cash outlay. The award was issued at a $0 reported price, consistent with a restricted grant rather than an open-market purchase.

Key dependencies include the company’s total outstanding share count and any forfeiture/repurchase provisions tied to continued service; these are not disclosed here. Monitor vesting on 10/03/2026 for potential transfer or sale activity that would change beneficial ownership.

Equity Compensation Specialist

Restricted stock grant increases director ownership but creates potential near-term dilution when vested.

The grant increases the director’s reported beneficial holdings to 19,825 shares after the transaction. Restricted stock awarded at no cash price typically vests over time and may be subject to forfeiture if service requirements are unmet.

Watch for any disclosures of plan terms or acceleration events before 10/03/2026 that could alter timing or amount of ownership. The Form 4 shows the grant details but not the underlying plan rules or total share base.

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^*

LIU VIVIAN H

(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)

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

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		10,000(1)	A	$0	19,825	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. Grant of restricted stock, which vest on October 3, 2026.

Remarks:

Exhibit 24: Power of Attorney

	/s/ Ryan J. Selhorn as attorney-in-fact for Vivian H. Liu	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 transaction did Vivian H. Liu report on Form 4 for AYTU?

The Form 4 reports a restricted stock grant of 10,000 shares on 10/03/2025 with a reported price of $0.

When do the restricted shares granted to the director vest?

The restricted shares are stated to vest on 10/03/2026.

What is Vivian Liu's beneficial ownership after the reported transaction?

Following the grant, the filing reports beneficial ownership of 19,825 shares.

Was any cash paid for the awarded shares?

The transaction is reported with a price of $0, indicating a restricted grant rather than a cash purchase.

Who signed the Form 4 filing for the reporting person?

The Form 4 was signed by Ryan J. Selhorn as attorney-in-fact for Vivian H. Liu on 10/07/2025.