Sec Form 3 Filing - Disbrow Jarrett @ AYTU BIOPHARMA, INC - 2022-11-15

FORM 3 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

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, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person Disbrow Jarrett 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) X __ Other (specify below) Chief Business Officer/President, Consumer Health (Last) (First) (Middle) C/O AYTU BIOPHARMA, INC., 373 INVERNESS PARKWAY, SUITE 206 3. Date of Earliest Transaction (MM/DD/YY) 11/15/2022 (Street) ENGLEWOOD, CO80112 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) __ X __ Form filed by One Reporting Person _____ Form filed by More than One Reporting Person (City) (State) (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 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 255,949( 1 )( 2 )( 3 )( 4 )( 5 ) 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 (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 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 (MM/DD/YY) 7. Title and Amount of Underlying Securities (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 of Derivative Security: 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 Employee Stock Option (Right to Buy) $ 0.2 ( 5 )( 6 ) 10/01/2033 Common Stock 164,063 D Employee Stock Option (Right to Buy) $ 3,280 ( 5 )( 7 ) 11/11/2025 Common Stock 13 D Employee Stock Option (Right to Buy) $ 3,280 ( 5 )( 8 ) 07/07/2026 Common Stock 15 D

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other Disbrow Jarrett C/O AYTU BIOPHARMA, INC. 373 INVERNESS PARKWAY, SUITE 206 ENGLEWOOD, CO80112 Chief Business Officer President, Consumer Health Signatures /s/ Mark Oki as attorney-in-fact for Jarrett Disbrow 11/15/2022 Signature of Reporting Person Date

Explanation of Responses:

( 1 )Includes 128,340 unvested restricted shares granted on August 2, 2021. The initial grant was for 220,000 restricted shares with one-third vesting on August 2, 2022. The remaining restricted shares vest quarterly thereafter, at 1/12th of the original grant, with full vesting occurring on August 2, 2024. ( 2 )Includes 33,750 restricted shares granted on October 24, 2018. The restricted shares vest on October 24, 2028. ( 3 )Includes 500 restricted shares granted November 7, 2017. The restricted shares vest on November 7, 2027. ( 4 )Includes 42 restricted shares granted on November 7, 2016. The restricted shares vest on November 7, 2026. ( 5 )Full vesting is subject to continued service through each applicable vesting date. ( 6 )The options were granted on October 1, 2022, and vest as follows: One-third of the options vest on October 1, 2023. The remaining options vest in equal monthly installments until fully vested on October 1, 2025. ( 7 )The options were granted on November 11, 2015, and fully vested on November 11, 2018. ( 8 )The options were granted on July 7, 2016, and fully vested on July 7, 2019.

Remarks: Exhibit 24.1 Power of Attorney

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