Statement of Changes in Beneficial Ownership (Form 4)

FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b). Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person * North Run Strategic Opportunities Fund I, LP 2. Issuer Name and Ticker or Trading Symbol LIGHTPATH TECHNOLOGIES INC [LPTH] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) __X__ Director __X__ 10% Owner _____ Officer (give title below) _____ Other (specify below) (Last) (First) (Middle) 867 BOYLSTON STREET, 5TH FLOOR #1361 3. Date of Earliest Transaction (Month/Day/Year) 12/31/2025 (Street) BOSTON, MA 02116 4. If Amendment, Date Original Filed (Month/Day/Year) 6. Individual or Joint/Group Filing (Check Applicable Line) ___ Form filed by One Reporting Person _X_ 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 (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 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 Class A Common Stock 01/05/2026 X 3,499,289 A $2.58 3,499,289 I See footnotes(1)(4) Class A Common Stock 01/05/2026 S(1) 770,321 D $11.72 2,728,968 I See footnotes(1)(4)

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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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 (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

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 (Month/Day/Year)

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

Convertible Promissory Note

(2)

12/31/2025

D

1,860,465

(2)

(2)

Class A Common Stock

1,860,465

$2.15

0

I

See footnotes(2)(3)

Class A Common Stock Purchase Warrants (Right to Buy)

$2.58

01/05/2026

X

3,499,289

02/18/2025

02/18/2031

Class A Common Stock

3,499,289

$ 0

0

I

See footnotes(2)(3)

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
North Run Strategic Opportunities Fund I, LP 867 BOYLSTON STREET 5TH FLOOR #1361 BOSTON, MA 02116	X	X
North Run - Due North Partners, LP 867 BOYLSTON STREET 5TH FLOOR #1361 BOSTON, MA 02116				Member
NORTH RUN GP, LP 867 BOYLSTON STREET 5TH FLOOR #1361 BOSTON, MA 02116				Member
NORTH RUN ADVISORS, LLC 867 BOYLSTON STREET 5TH FLOOR #1361 BOSTON, MA 02116				Member
ELLIS THOMAS B 867 BOYLSTON STREET 5TH FLOOR #1361 BOSTON, MA 02116	X	X
HAMMER TODD B 867 BOYLSTON STREET 5TH FLOOR #1361 BOSTON, MA 02116				Member
Bosco Michael 867 BOYLSTON STREET 5TH FLOOR #1361 BOSTON, MA 02116				Member
North Run Strategic Opportunities Fund I GP, LLC 867 BOYLSTON STREET 5TH FLOOR #1361 BOSTON, MA 02116				Member

Signatures

/s/ North Run Strategic Opportunities Fund I, LP		01/07/2026
**Signature of Reporting Person		Date
/s/ North Run - Due North Partners, LP, By Thomas B. Ellis, Member		01/07/2026
**Signature of Reporting Person		Date
North Run GP, LP, By: /s/ Thomas B. Ellis, Member		01/07/2026
**Signature of Reporting Person		Date
North Run Advisors, LLC, By: /s/ Thomas B. Ellis, Member		01/07/2026
**Signature of Reporting Person		Date
/s/ Thomas B. Ellis		01/07/2026
**Signature of Reporting Person		Date
/s/ Todd B. Hammer		01/07/2026
**Signature of Reporting Person		Date
/s/ Michael Bosco		01/07/2026
**Signature of Reporting Person		Date
North Run Strategic Opportunities Fund I GP, LLC, By: /s/ Thomas B. Ellis, Member		01/07/2026
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(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).
(1)	On January 5, 2026, North Run Strategic Opportunities Fund I, LP exercised a warrant to purchase 3,499,289 shares of the Issuer's Class A common stock for $2.58 per share. The reporting person paid the exercise price on a cashless basis, resulting in the Issuer's withholding of 770,321 of the warrant shares to pay the exercise price and issuing to the reporting person the remaining 2,728,968 shares.
(2)	On February 18, 2025, the Issuer issued to North Run - Due North Partners, LP a senior secured promissory note (the "Promissory Note") with an initial principal amount of $4 million. Upon the occurrence of certain circumstances, North Run - Due North Partners, LP would receive 4,000 shares of Issuer's Series G Convertible Preferred Stock, which at issuance would be convertible into 1,860,465 shares of Common Stock. The Promissory Note became payable on March 3, 2025 and did not have an expiration date. The Promissory Note was repaid in full by the Issuer on December 31, 2025.
(3)	The reported securities were directly held by North Run - Due North Partners, LP, and may have been deemed to be indirectly beneficially owned by North Run GP, LP as the general partner of North Run - Due North Partners, LP, and may have been deemed to be indirectly beneficially owned by North Run Advisors, LLC as the general partner of North Run GP, LP. The reported securities may have been deemed to be indirectly beneficially owned by Thomas B. Ellis and Todd B. Hammer as members of North Run Strategic Opportunities Fund I GP, LLC. The reported securities may also have been deemed to be indirectly beneficially owned by Thomas B. Ellis, Todd B. Hammer and Michael Bosco as limited partners of North Run - Due North Partners, LP.
(4)	The reported securities are directly held by North Run Strategic Opportunities Fund I, LP, and may be deemed to be indirectly beneficially owned by North Run Strategic Opportunities Fund I GP, LLC as the general partner of North Run Strategic Opportunities Fund I, LP. The reported securities may also be deemed to be indirectly beneficially owned by Thomas B. Ellis and Todd B. Hammer as members of North Run Strategic Opportunities Fund I GP, LLC.

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