---
schema_version: "secwatch.filing_event.v1"
accession: "0001437749-25-019718"
form_type: "8-K"
ticker: "AYTU"
cik: "0001385818"
company_name: "AYTU BIOPHARMA, INC"
filed_at: "2025-06-06T23:59:59+00:00"
generated_at: "2026-05-19T18:12:57.122095+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Aytu BioPharma secures exclusive U.S. commercialization rights to EXXUA (gepirone) for MDD

## Summary
- Upfront cash payment of $3M; second payment of $3M due 1-year post-launch, increasing to $5M if first-year net sales exceed $35M.
- Royalty on net sales starts at 28%, steps up to 39% when annual net sales surpass $300M; lower tier after trigger at 24.5%-35.5%.
- Milestone payments range from $5M to over $100M per year based on net sales thresholds; 10% royalty on sales above $1B.
- EXXUA is a first-in-class 5HT1a receptor agonist for MDD with no sexual dysfunction label warning; launch targeted for Q4 2025.
- Transaction funded by cash on hand and institutional investors including Nantahala Capital, Stonepine Capital, and Aytu management.

## SEC filing metadata
- accession: 0001437749-25-019718
- form_type: 8-K
- ticker: AYTU
- cik: 0001385818
- company_name: AYTU BIOPHARMA, INC
- filed_at: 2025-06-06T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 2.01, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1385818/000143774925019718/0001437749-25-019718-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1385818/000143774925019718/aytu20250523c_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437749-25-019718
- JSON: https://secwatch.observer/filing/0001437749-25-019718.json
- Plain text: https://secwatch.observer/filing/0001437749-25-019718.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.