SCHEDULE: Philotimo Group Divests Entire Aytu BioPharma Stake

Philotimo Fund and related entities report zero beneficial ownership in Aytu BioPharma, Inc. as of September 30, 2025, marking a complete divestment.

Summary

• Philotimo Fund, LP, Philotimo Focused Growth & Income Fund, Kanen Wealth Management LLC, and David L. Kanen (collectively, the "Reporting Persons") filed an Amendment No. 1 to Schedule 13G.
• As of September 30, 2025, the Reporting Persons beneficially own 0 shares of Aytu BioPharma, Inc. common stock.
• This represents 0% of the outstanding shares of Aytu BioPharma, Inc. common stock.
• The Reporting Persons have ceased to be beneficial owners of any shares of the Issuer.
• Kanen Wealth Management, LLC is the general partner of Philotimo and the investment manager of Philotimo Focused Growth & Income Fund and certain separately managed accounts.
• David L. Kanen serves as the managing member of Kanen Wealth Management, LLC.

Sentiment

Score: 5

Explanation: The filing is a factual report of a complete divestment of shares by the reporting group, indicating a neutral stance from the filer's perspective regarding their current investment in the issuer. It does not contain explicit positive or negative statements about the issuer's performance.

Future Outlook

The filing does not contain any forward-looking statements or guidance regarding Aytu BioPharma, Inc. or the Reporting Persons' future investment intentions.

Management Comments

• David L. Kanen, as Managing Member of Kanen Wealth Management, LLC, certified that the securities were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer, nor in connection with any transaction having that purpose or effect, other than activities solely in connection with a nomination under Rule 14a-11.

Industry Context

This filing represents a routine disclosure of a change in institutional ownership, specifically a complete divestment, which is a common occurrence in the investment landscape. It does not provide broader industry trends or context.

Stakeholder Impact

• Shareholders of Aytu BioPharma, Inc. may perceive the complete divestment by an institutional investor group as a negative signal, potentially influencing investor sentiment and the company's stock price.

Key Dates

Recommendation

The complete divestment of shares by Philotimo Fund, Philotimo Focused Growth & Income Fund, Kanen Wealth Management LLC, and David L. Kanen, reducing their beneficial ownership to 0%, suggests a lack of confidence from this institutional group. While the filing itself is a factual disclosure, a seasoned investor would likely interpret a full exit by a significant holder as a negative signal for the stock, potentially prompting a 'sell' recommendation or at least a re-evaluation of their own position.

Keywords

Aytu BioPharma, AYTU, Philotimo Fund, Kanen Wealth Management, Schedule 13G, beneficial ownership, divestment, common stock