Schedule 13G/A Shows Kanen Entities Hold 166,268 AYTU Shares (2.7%)

Rhea-AI Filing Summary

Amendment No. 2 to Schedule 13G discloses that several related entities – Philotimo Fund LP, Philotimo Focused Growth & Income Fund (a series of World Funds Trust), Kanen Wealth Management LLC, and David L. Kanen – collectively own 166,268 shares of AYTU BioPharma, Inc. common stock.
Based on the issuer’s 6,170,246 shares outstanding as of 1 May 2025, the group’s holding represents approximately 2.7 % of the company’s equity.

Individually, Philotimo Fund holds 111,400 shares (1.8 %), while the Philotimo Focused Growth & Income Fund holds 54,868 shares (0.9 %). Kanen Wealth Management, as general partner and investment manager, and Mr. Kanen, as managing member, are each deemed to beneficially own all 166,268 shares through shared voting and dispositive power. No party reports sole voting or dispositive authority; all authority is shared among the reporting persons.

The filing is made pursuant to Rule 13d-1(c), indicating a passive investment below the 5 % threshold that would require a Schedule 13D. Each reporting person expressly disclaims beneficial ownership of shares not directly held. The event triggering the filing occurred on 22 May 2025, and the ownership percentages rely on share-count data from AYTU’s 14 May 2025 Form 10-Q.

Because the combined stake is below 5 %, the amendment does not signal a change in control or confer significant influence; however, it formally records the aggregated position and clarifies governance relationships among the entities.

Insights

Financial Analyst

TL;DR: Minor 2.7 % passive stake; neutral control impact.

The Schedule 13G/A shows Kanen-affiliated entities owning 166,268 AYTU shares, a small position in absolute and percentage terms. Filers chose 13G, signalling no activist intent and a passive stance under 5 %. The amendment mainly updates share counts and confirms shared voting/dispositive powers through fund and advisory structures. For investors, the disclosure neither materially alters ownership concentration nor hints at strategic shifts. Liquidity or valuation effects are likely negligible, though Kanen’s presence adds a marginally higher-profile investor to AYTU’s register.

Corporate Governance Expert

TL;DR: Filing formalises group status; governance risk unchanged.

The amendment clarifies that Philotimo funds, Kanen Wealth Management and David Kanen form a ‘group’ under Section 13(d)(3), collectively under 5 %. Shared voting authority exists, but the stake is too small to drive board actions or proposals. No special clauses, lock-ups or standstill agreements are cited. From a governance perspective, AYTU’s insider and institutional ownership profile is largely unaffected. Monitoring future filings is prudent in case the group’s holdings exceed 5 %, which would require a 13D and more detailed intent disclosures.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

AYTU BIOPHARMA, INC

(Name of Issuer)

Common Stock, par value $0.0001 per share

(Title of Class of Securities)

054754858

(CUSIP Number)

05/22/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 054754858

1

Names of Reporting Persons

Philotimo Fund, LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 111,400.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 111,400.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

111,400.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

1.8 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP No. 054754858

1

Names of Reporting Persons

Philotimo Focused Growth & Income Fund

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 54,868.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 54,868.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

54,868.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.9 %

12

Type of Reporting Person (See Instructions)

IV

SCHEDULE 13G

CUSIP No. 054754858

1

Names of Reporting Persons

Kanen Wealth Management LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

FLORIDA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 166,268.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 166,268.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

166,268.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

2.7 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP No. 054754858

1

Names of Reporting Persons

Kanen David

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 166,268.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 166,268.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

166,268.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

2.7 %

12

Type of Reporting Person (See Instructions)

HC, IN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: AYTU BIOPHARMA, INC
(b)	Address of issuer's principal executive offices: 7900 East Union Avenue, Suite 920, Denver, CO 80237
Item 2.
(a)	Name of person filing: This statement is filed by Philotimo Fund LP, a Delaware limited partnership ("Philotimo"), Philotimo Focused Growth & 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. 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 and PHLOX.
(b)	Address or principal business office or, if none, residence: The principal business address of each of Philotimo, PHLOX, KWM and Mr. Kanen is 6810 Lyons Technology Circle, Suite 160, Coconut Creek, Florida 33073.
(c)	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.
(d)	Title of class of securities: Common Stock, par value $0.0001 per share
(e)	CUSIP No.: 054754858
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: As of the close of business on May 22, 2025: (i) Philotimo beneficially owned 111,400 Shares; (ii) PHLOX beneficially owned 54,868 Shares; (iii) KWM beneficially owned 166,268 Shares, consisting of (a) the 111,400 Shares owned directly by Philotimo, which KWM may be deemed to beneficially own as the general partner of Philotimo and (b) the 54,868 Shares owned directly by PHLOX, which KWM may be deemed to beneficially own as the investment manager of PHLOX; and (iv) Mr. Kanen beneficially owned 166,268 Shares, consisting of (a) the 111,400 Shares owned directly by Philotimo, which Mr. Kanen may be deemed to beneficially own as the managing member of KWM and (b) the 54,868 Shares owned directly by PHLOX, 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 166,268 Shares beneficially owned in the aggregate by all the Reporting Persons, constituting approximately 2.7% of the outstanding Shares. Each Reporting Person disclaims beneficial ownership of the Shares that he or it does not directly own.
(b)	Percent of class: The aggregate percentage of the Shares reported owned by each person named herein is based upon 6,170,246 Shares outstanding as of May 1, 2025, which is the total number of Shares outstanding as reported in the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on May 14, 2025. As of the close of business on May 22, 2025: (i) Philotimo beneficially owned approximately 1.8% of the outstanding Shares; (ii) PHLOX beneficially owned approximately 0.9% of the outstanding Shares; (iii) KWM beneficially owned approximately 2.7% of the outstanding Shares; and (iv) Mr. Kanen beneficially owned approximately 2.7% of the outstanding Shares.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See Cover Pages Items 5-9.
	(ii) Shared power to vote or to direct the vote: See Cover Pages Items 5-9.
	(iii) Sole power to dispose or to direct the disposition of: See Cover Pages Items 5-9.
	(iv) Shared power to dispose or to direct the disposition of: See Cover Pages Items 5-9.
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(J), so indicate under Item 3(j) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to §240.13d-1(c) or §240.13d-1(d), attach an exhibit stating the identity of each member of the group. See Exhibit 99.1 to the Schedule 13G filed by the Reporting Persons with the Securities and Exchange Commission on June 26, 2025.
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

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.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Philotimo Fund, LP

Signature:	/s/ David L. Kanen
Name/Title:	David L. Kanen, Managing Member of Kanen Wealth Management, LLC, its general partner
Date:	06/26/2025

Philotimo Focused Growth & Income Fund

Signature:	/s/ David L. Kanen
Name/Title:	David L. Kanen, Managing Member of Kanen Wealth Management, LLC, its investment manager
Date:	06/26/2025

Kanen Wealth Management LLC

Signature:	/s/ David L. Kanen
Name/Title:	David L. Kanen, Managing Member
Date:	06/26/2025

Kanen David

Signature:	/s/ David L. Kanen
Name/Title:	David L. Kanen
Date:	06/26/2025

FAQ

How many AYTU shares do Kanen Wealth Management and affiliates own?

They report 166,268 common shares, equivalent to 2.7 % of the outstanding stock.

What percentage of AYTU BioPharma does Philotimo Fund LP hold?

Philotimo Fund LP beneficially owns 111,400 shares, or approximately 1.8 % of AYTU’s common stock.

Why was the Schedule 13G/A filed instead of a Schedule 13D?

Because the reporting group’s combined stake is below 5 % and is declared as a passive investment under Rule 13d-1(c).

What is the CUSIP number for AYTU BioPharma common stock?

The CUSIP number listed is 054754858.

When did the ownership event requiring this filing occur?

The triggering date for the filing is 22 May 2025.