FORM 3
        
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

PYSZCZYMUKA GREG		 2. Date of Event Requiring Statement (MM/DD/YYYY)
11/15/2022 

 3. Issuer Name and Ticker or Trading Symbol

AYTU BIOPHARMA, INC [AYTU]
(Last)        (First)        (Middle)

C/O AYTU BIOPHARMA, INC., 373 INVERNESS PARKWAY, SUITE 206		 4. Relationship of Reporting Person(s) to Issuer (Check all applicable)

_____ Director                          _____ 10% Owner
___X___ Officer (give title below)        _____ Other (specify below)
Chief Commercial Officer /
(Street)

ENGLEWOOD, CO 80112      

(City)              (State)              (Zip)
5. If Amendment, Date Original Filed(MM/DD/YYYY)
 

6. Individual or Joint/Group Filing(Check Applicable Line)

_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1.Title of Security
(Instr. 4)		2. Amount of Securities Beneficially Owned
(Instr. 4)		3. Ownership Form: Direct (D) or Indirect (I)
(Instr. 5)		4. Nature of Indirect Beneficial Ownership
(Instr. 5)
Common Stock 82056 (1)(2)D  

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 4)		2. Date Exercisable and Expiration Date
(MM/DD/YYYY)		3. Title and Amount of Securities Underlying Derivative Security
(Instr. 4)		4. Conversion or Exercise Price of Derivative Security5. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 5)		6. Nature of Indirect Beneficial Ownership
(Instr. 5)
Date ExercisableExpiration DateTitleAmount or Number of Shares
Employee Stock Option (Right to Buy)  (2)(3)10/1/2032 Common Stock 140625 $0.20 D  
Restricted Stock Units  (2)(4)3/31/2025 Common Stock 50000  (2)(4)D  
Explanation of Responses:
(1) Includes 50,003 unvested restricted shares granted on October 1, 2021. The initial grant was for 75,000 restricted shares, with one-third vesting on October 11, 2022. The remaining shares vest quarterly thereafter, at 1/12th of the original grant, with full vesting on October 11, 2024.
(2) Full vesting is subject to continued service through each applicable vesting date.
(3) 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.
(4) Each restricted stock unit ("RSU") represents a contingent right to receive one share of the Issuer's common stock. The RSUs were granted on March 31, 2022, and vest as follows: One-third on March 31, 2023; 1/12th of the original grant quarterly thereafter through March 31, 2025. Settlement of vested RSUs will occur as soon as practicable following vesting.

Remarks:
Exhibit 24.1 Power of Attorney

Reporting Owners
Reporting Owner Name / Address
Relationships
Director10% OwnerOfficerOther
PYSZCZYMUKA GREG
C/O AYTU BIOPHARMA, INC.
373 INVERNESS PARKWAY, SUITE 206
ENGLEWOOD, CO 80112

Chief Commercial Officer
Signatures
/s/ Mark Oki as attorney-in-fact for Greg Pyszczymuka11/15/2022
**Signature of Reporting PersonDate
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
*If the form is filed by more than one reporting person, see Instruction 5(b)(v).
**Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note:File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.
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