AWM Investment Co. Reports 6.9% Holding in AYTU

Rhea-AI Filing Summary

AWM Investment Company, Inc. reports beneficial ownership of 619,874 shares of AYTU BioPharma common stock, equal to 6.9% of the class. These shares are held by Special Situations Private Equity Fund, L.P. (SSPE), for which AWM serves as investment adviser and over which AWM states it has sole voting and sole dispositive power.

The filing identifies David M. Greenhouse and Adam C. Stettner as controlling principals of AWM and members of MG Advisers, L.L.C., the general partner of SSPE. The filer certifies the securities were acquired in the ordinary course of business and are not held to change or influence control of the issuer.

Positive

• Material minority stake: Ownership of 619,874 shares representing 6.9% of AYTU common stock is disclosed.
• Sole voting and dispositive power: AWM states it holds exclusive authority to vote and dispose of the shares held by SSPE.
• Passive intent certified: The filer certifies the shares were acquired in the ordinary course and are not held to change or influence control.

Negative

• None.

Insights

Securities Analyst

TL;DR AWM holds a meaningful minority stake (6.9%) with sole voting/dispositive power through its advisory role.

The 6.9% position is material for a single institutional holder but remains below levels that typically trigger formal takeover dynamics. Because AWM reports sole voting and dispositive power over the 619,874 shares held by SSPE, the firm can determine voting and disposition decisions for that block. The filing's certification that the stake is held in the ordinary course and not to influence control reduces immediate governance risk, but the position size merits monitoring for future filings or changes in intent.

Corporate Governance Expert

TL;DR The disclosure signals a concentrated, actionable holding but asserts a passive intent.

From a governance perspective, a 6.9% ownership by an adviser-controlled fund is notable: AWM can direct votes for the shares it advises. The filing explicitly states the shares were not acquired to change or influence control, consistent with a Schedule 13G filing posture. Investors should note the linkage between AWM, SSPE, and MG Advisers, which clarifies decision-making authority for the reported stake.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

AYTU BIOPHARMA, INC

(Name of Issuer)

Common Stock

(Title of Class of Securities)

00218A105

(CUSIP Number)

06/30/2025

(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 619,874.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 619,874.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

619,874.00

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)

6.9 %

12

Type of Reporting Person (See Instructions)

IV

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). (SSPE will hereafter be referred to as the Funds). As the investment adviser to the Funds, AWM holds sole voting and investment power over 619,874 shares of Common Stock of the Issuer (the Shares) 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), (SSPE, will hereafter be referred to as the Funds). The principal business of each 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: The principal business address for AWM is c/o Special Situations Funds, 527 Madison Avenue, Suite 2600, New York, NY 10022.
(c)	Citizenship: AWM is a Delaware Corporation.
(d)	Title of class of securities: Common Stock
(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: 619,874
(b)	Percent of class: 6.9 %
(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 619,874 shares of Common Stock of the Issuer (the Shares) 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 619,874 shares of Common Stock of the Issuer (the Shares) 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.
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:	08/14/2025

FAQ

How many AYTU (AYTU) shares does AWM Investment Company hold?

619,874 shares, representing 6.9% of AYTU's common stock according to the filing.

Who holds the AYTU shares on behalf of AWM?

The shares are held by Special Situations Private Equity Fund, L.P. (SSPE), for which AWM is the investment adviser.

Does AWM have voting or dispositive power over the AYTU shares?

Yes. AWM reports sole voting power and sole dispositive power over the 619,874 shares held by SSPE.

Was the stake acquired to influence control of AYTU?

Per the filing's certification, the securities were acquired and are held in the ordinary course of business and not to change or influence control of the issuer.

Who are the named principals related to this filing?

The filing identifies David M. Greenhouse and Adam C. Stettner as members of MG Advisers and controlling principals of AWM.