Investment firm reports 5.8% AYTU (AYTU) stake in Schedule 13G/A

Rhea-AI Filing Summary

AYTU BioPharma, Inc. received an amended Schedule 13G showing that Investment Company, Inc., a Delaware corporation, reports beneficial ownership of 619,574 shares of AYTU common stock, equal to 5.8% of the class as of the event date 12/31/2025.

The shares are held by Special Situations Private Equity Fund, L.P., for which Investment Company, Inc. serves as investment adviser with sole voting and dispositive power. The filer certifies the position is held in the ordinary course of business and not for the purpose of changing or influencing control of AYTU.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

AYTU BIOPHARMA, INC

(Name of Issuer)

Common Stock, Par Value $0.0001

(Title of Class of Securities)

00218A105

(CUSIP Number)

12/31/2025

(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. 00218A105

1

Names of Reporting Persons

AWM Investment Company, Inc.

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 619,574.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 619,574.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

619,574.00

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)

5.8 %

12

Type of Reporting Person (See Instructions)

IA

Comment for Type of Reporting Person: AWM Investment Company, Inc., a Delaware corporation (AWM), is the investment adviser to Special Situations Private Equity Fund, L.P. (SSPE). As the investment adviser to the Fund, AWM holds sole voting and investment power over 619,574 shares of Common Stock held by SSPE.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: AYTU BIOPHARMA, INC
(b)	Address of issuer's principal executive offices: 7900 E. UNION AVENUE, SUITE 920, DENVER, COLORADO, 80237
Item 2.
(a)	Name of person filing: The person filing this report is AWM Investment Company, Inc., a Delaware corporation (AWM), which is the investment adviser to Special Situations Private Equity Fund, L.P., a Delaware limited partnership (SSPE). The principal business of the Fund is to invest in equity and equity-related securities and other securities of any kind or nature. David M. Greenhouse (Greenhouse) and Adam C. Stettner (Stettner) are members of MG Advisers, L.L.C., a New York limited liability company (MG), the general partner of SSPE. Greenhouse and Stettner are also controlling principals of AWM.
(b)	Address or principal business office or, if none, residence: 527 Madison Avenue, Suite 2600 New York, NY 10022
(c)	Citizenship: AWM is a Delaware Corporation
(d)	Title of class of securities: Common Stock, Par Value $0.0001
(e)	CUSIP No.: 00218A105
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: 619,574
(b)	Percent of class: 5.8 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: AWM is the investment adviser to the Fund. As the investment adviser to the Fund, AWM holds sole voting power over 619,574 shares of Common Stock held by SSPE. Greenhouse and Stettner are members of MG, the general partner of SSPE. Greenhouse and Stettner are also controlling principals of AWM.
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: AWM is the investment adviser to the Fund. As the investment adviser to the Fund, AWM holds sole investment power over 619,574 shares of Common Stock held by SSPE. Greenhouse and Stettner are members of MG, the general partner of SSPE. Greenhouse and Stettner are also controlling principals of AWM.
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
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.
	Not Applicable
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 acquired and are held in the ordinary course of business and 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.

AWM Investment Company, Inc.

Signature:	Adam Stettner
Name/Title:	Executive Vice President
Date:	02/13/2026

FAQ

What does the Schedule 13G/A filing reveal about AYTU (AYTU) ownership?

The filing shows Investment Company, Inc. beneficially owns 619,574 AYTU common shares, representing 5.8% of the class as of December 31, 2025. The position is reported as an investment holding, not intended to change or influence control of AYTU BioPharma, Inc.

Who is the reporting person in the AYTU (AYTU) Schedule 13G/A filing?

The reporting person is Investment Company, Inc., a Delaware corporation acting as investment adviser to Special Situations Private Equity Fund, L.P. It has sole voting and dispositive power over 619,574 AYTU common shares held by the fund, representing 5.8% of the outstanding class.

How many AYTU (AYTU) shares are beneficially owned and what percentage is that?

Investment Company, Inc. reports beneficial ownership of 619,574 AYTU common shares, which equals 5.8% of the outstanding class. The filing specifies sole voting and sole dispositive power over these shares through Special Situations Private Equity Fund, L.P., its advised private equity fund.

Does the AYTU (AYTU) Schedule 13G/A indicate any intent to influence control?

No. The filer certifies the AYTU securities were acquired and are held in the ordinary course of business. It further states they were not acquired and are not held to change or influence control of AYTU, nor as part of any control-related transaction or group activity.

Which entity actually holds the AYTU (AYTU) shares reported on this Schedule 13G/A?

The 619,574 AYTU common shares are held by Special Situations Private Equity Fund, L.P., a Delaware limited partnership. Investment Company, Inc. serves as the investment adviser and therefore has sole voting and investment power over these shares for reporting purposes under beneficial ownership rules.

What key dates are associated with this AYTU (AYTU) Schedule 13G/A filing?

The date of the event requiring the filing is December 31, 2025. The certification and signature by Executive Vice President Adam Stettner are dated February 13, 2026, reflecting when Investment Company, Inc. formally confirmed the reported 5.8% beneficial ownership position in AYTU common stock.