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| x | ANNUAL      REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT      OF 1934 |
|---|-----------------------------------------------------------------------------------------------------|

| o | TRANSITION      REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT      OF 1934 |
|---|---------------------------------------------------------------------------------------------------------|

|                                                                  |   |                                           |
|-----------------------------------------------------------------------|--------|------------------------------------------------|
|                                                                  |   |                                           |
| Delaware                                                              |   | 52-2007292                                     |
| State or      other jurisdiction ofincorporation      or organization |   | (I.R.S.      Employer Identification No.) |
|                                                                  |   |                                           |
| 9700      Great Seneca HighwayRockville,      MD                      |   | 20850                                          |
| (Address of      principal executive offices)                         |   | (Zip      Code)                                |

|                               |   |                                           |
|------------------------------------|--------|------------------------------------------------|
| Title      of each class           |   | Name      of each exchange on which registered |
| Common stock, $0.01 par value |   | NYSE      Amex                                 |

| Large accelerated filer o |   | Accelerated      filer o |   | Non-accelerated filer o(Do not check      if a smaller reporting company) |   | Smaller      reporting company x |
|---------------------------|--------|--------------------------|--------|---------------------------------------------------------------------------|--------|----------------------------------|

----

|                       | NEURALSTEM,    INC. |                                                                |
|----------------------------|---------------------|---------------------------------------------------------------------|
|                       |                |                                                                |   |
| Date:      October 5, 2010 | By:                 | /s/ I      Richard Garr                                        |   |
|                       |                | Name:       I Richard Garr                                     |   |
|                       |                | Title:         President and Chief Executive Officer |   |
|                       |                |                                                                |   |

| Name                 |   | Title                                                                        |   | Date                 |
|----------------------|--------|------------------------------------------------------------------------------|--------|----------------------|
|                 |   |                                                                         |   |                 |
| I. Richard      Garr |   | President,      Chief Executive Officer, General Counsel and Director        |   | October 5,      2010 |
| I. Richard      Garr |   | (Principal      executive officer)                                           |   |                 |
|                 |   |                                                                         |   |                 |
| John      Conron     |   | Chief      Financial Officer (Principal financial and accounting    officer) |   | October 5,      2010 |
| John      Conron     |   |                                                                         |   |                 |
|                 |   |                                                                         |   |                 |
| Karl Johe            |   | Chairman of      the Board and Director                                      |   | October 5,      2010 |
| Karl Johe            |   |                                                                         |   |                 |
|                 |   |                                                                         |   |                 |
| William Oldaker      |   | Director                                                                     |   | October 5,      2010 |
| William Oldaker      |   |                                                                         |   |                 |
|                 |   |                                                                         |   |                 |
| Scott Ogilvie        |   | Director                                                                     |   | October 5,      2010 |
| Scott Ogilvie        |   |                                                                         |   |                 |

----

|             |   |                                                                                                         |   |                |   | Incorporated      by Reference |
|------------------|--------|--------------------------------------------------------------------------------------------------------------|--------|---------------------|--------|--------------------------------|
| Exhibit      No. |   | Description                                                                                                  |   | Filed      Herewith |   | Form                           |   | Exhibit      No. |   | File      No. |   | Filing      Date |
|             |   |                                                                                                         |   |                |   |                           |   |   |   |   |   |   |
| 3.01(i)          |   | Amended      and Restated Certificate of Incorporation of Neuralstem, Inc. filed on      9/29/05             |   |                |   | 10-K                           |   | 3.01(i) |   | 001-33672 |   | 3/31/09 |
|             |   |                                                                                                         |   |                |   |                           |   |   |   |   |   |   |
| 3.02(i)          |   | Certificate      of Amendment to Certificate of Incorporation of Neuralstem, Inc. filed on      5/29/08      |   |                |   | DEF      14A                   |   | Appendix      I |   | 001-33672 |   | 4/24/08 |
|             |   |                                                                                                         |   |                |   |                           |   |   |   |   |   |   |
| 3.03(ii)         |   | Amended      and Restated Bylaws of Neuralstem, Inc. adopted on July 16,      2007                           |   |                     |   | 10-QSB                         |   | 3.2(i) |   | 333-132923 |   | 8/14/07 |
|             |   |                                                                                                         |   |                |   |                           |   |   |   |   |   |   |
| 4.01**           |   | Amended      and Restated 2005 Stock Plan adopted on June 28, 2007                                           |   |                |   | 10-QSB                         |   | 4.2(i) |   | 333-132923 |   | 8/14/07 |
|             |   |                                                                                                         |   |                |   |                           |   |   |   |   |   |   |
| 4.02**           |   | Non-qualified      Stock Option Agreement between Neuralstem, Inc. and Richard Garr dated      July 28, 2005 |   |                |   | SB-2                           |   | 4.4 |   | 333-132923 |   | 6/21/06 |
|             |   |                                                                                                         |   |                |   |                           |   |   |   |   |   |   |
| 4.03**           |   | Non-qualified      Stock Option Agreement between Neuralstem, Inc. and Karl Johe dated July      28, 2005    |   |                |   | SB-2                           |   | 4.5 |   | 333-132923 |   | 6/21/06 |
|             |   |                                                                                                         |   |                |   |                           |   |   |   |   |   |   |
| 4.04             |   | Private      Placement Memorandum for March 2006 offering                                                    |   |                |   | SB-2                           |   | 4.12 |   | 333-132923 |   | 6/21/06 |
|             |   |                                                                                                         |   |                |   |                           |   |   |   |   |   |   |
| 4.05             |   | Form      of Placement Agent Warrant issued in connection with the March 2006      offering                  |   |                |   | SB-2                           |   | 4.13 |   | 333-132923 |   | 6/21/06 |
|             |   |                                                                                                         |   |                |   |                           |   |   |   |   |   |   |
| 4.06             |   | Form      of Series A Warrant ($1.50) issued in connection with the March 2006      offering                 |   |                |   | SB-2                           |   | 4.14 |   | 333-132923 |   | 6/21/06 |
|             |   |                                                                                                         |   |                |   |                           |   |   |   |   |   |   |
| 4.07             |   | Form      of Series B Warrant ($2.00) issued in connection with the March 2006      offering                 |   |                |   | SB-2                           |   | 4.15 |   | 333-132923 |   | 6/21/06 |
|             |   |                                                                                                         |   |                |   |                           |   |   |   |   |   |   |
| 4.08             |   | Form      of Subscription Agreement for March 2006 offering                                                  |   |                |   | SB-2                           |   | 4.16 |   | 333-132923 |   | 7/26/06 |
|             |   |                                                                                                         |   |                |   |                           |   |   |   |   |   |   |
| 4.09             |   | Form      of Securities Purchase Agreement dated March 15, 2007                                              |   |                |   | 8-K                            |   | 4.1 |   | 333-132923 |   | 3/16/07 |
|             |   |                                                                                                         |   |                |   |                           |   |   |   |   |   |   |
| 4.10             |   | Form      of Common Stock Purchase Warrant dated March 15, 2007 (Series      C)                              |   |                |   | 8-K                            |   | 4.2 |   | 333-132923 |   | 3/16/07 |
|             |   |                                                                                                         |   |                |   |                           |   |   |   |   |   |   |
| 4.11             |   | Form      of Registration Rights Agreement dated March 15, 2007                                              |   |                |   | 8-K                            |   | 4.3 |   | 333-132923 |   | 3/16/07 |
|             |   |                                                                                                         |   |                |   |                           |   |   |   |   |   |   |
| 4.12**           |   | Neuralstem,      Inc. 2007 Stock Plan                                                                        |   |                |   | 10-QSB                         |   | 4.21 |   | 333-132923 |   | 8/14/07 |
|             |   |                                                                                                         |   |                |   |                           |   |   |   |   |   |   |

----

|             |   |                                                                                                                                 |   |                |   | Incorporated      by Reference |
|------------------|--------|--------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------|--------|--------------------------------|
| Exhibit      No. |   | Description                                                                                                                          |   | Filed      Herewith |   | Form                           |   | Exhibit      No. |   | File      No. |   | Filing      Date |
|             |   |                                                                                                                                 |   |                |   |                           |   |   |   |   |   |   |
| 4.13             |   | Form      of Common Stock Purchase Warrant Issued to Karl Johe on June 5,      2007                                                  |   |                |   | 10-KSB                         |   | 4.22 |   | 001-33672 |   | 3/27/08 |
|             |   |                                                                                                                                 |   |                |   |                           |   |   |   |   |   |   |
| 4.14             |   | Form      of Registration Rights Agreement entered into on February 19, 2008 between      the Company and CJ CheilJedang Corporation |   |                |   | 8-K                            |   | 10.20 |   | 001-33672 |   | 2/25/08 |
|             |   |                                                                                                                                 |   |                |   |                           |   |   |   |   |   |   |
| 4.15             |   | Form      of Placement Agent Warrant Issued to Midtown Partners & Company on      December 18, 2008                              |   |                |   | 8-K                            |   | 4.1 |   | 001-33672 |   | 12/18/08 |
|             |   |                                                                                                                                 |   |                |   |                           |   |   |   |   |   |   |
| 4.16             |   | Form      of Consultant Common Stock Purchase Warrant issued on January 5,      2009                                                 |   |                |   | S-3/A                          |   | 10.1 |   | 333-157079 |   | 02/3/09 |
|             |   |                                                                                                                                 |   |                |   |                           |   |   |   |   |   |   |
| 4.17             |   | Form      of Series D, E and F Warrants                                                                                              |   |                |   | 8-K                            |   | 4.01 |   | 001-33672 |   | 7/1/09 |
|             |   |                                                                                                                                 |   |                |   |                           |   |   |   |   |   |   |
| 4.18             |   | Form      of Placement Agent Warrant                                                                                                 |   |                |   | 8-K                            |   | 4.02 |   | 001-33672 |   | 7/1/09 |
|             |   |                                                                                                                                 |   |                |   |                           |   |   |   |   |   |   |
| 4.19             |   | Form      of December 29, 2009 Securities Purchase Agreement                                                                         |   |                |   | 10-K                           |   | 4.19 |   | 001-33672 |   | 3/31/10 |
|             |   |                                                                                                                                 |   |                |   |                           |   |   |   |   |   |   |
| 4.20             |   | Form      of Consultant Warrant Issued January 8, 2010                                                                               |   |                |   | 10-K                           |   | 4.20 |   | 001-33672 |   | 3/31/10 |
|             |   |                                                                                                                                 |   |                |   |                           |   |   |   |   |   |   |
| 4.21             |   | Form      of Replacement Warrant Issued January 29, 2010                                                                             |   |                |   | 10-K                           |   | 4.21 |   | 001-33672 |   | 3/31/10 |
|             |   |                                                                                                                                 |   |                |   |                           |   |   |   |   |   |   |
| 4.22             |   | Form      of Replacement Warrant Issued March of 2010                                                                                |   |                |   | 10-K                           |   | 4.22 |   | 001-33672 |   | 3/31/10 |
|             |   |                                                                                                                                 |   |                |   |                           |   |   |   |   |   |   |
| 4.23             |   | Form      of employee and consultant option grant                                                                                    |   |                |   | 10-K                           |   | 4.23 |   | 001-33672 |   | 3/31/10 |
|             |   |                                                                                                                                 |   |                |   |                           |   |   |   |   |   |   |
| 10.01**          |   | Employment      Agreement with I. Richard Garr dated January 1, 2007 and amended as of      November 1, 2005                         |   |                |   | SB-2                           |   | 10.1 |   | 333-132923 |   | 6/21/06 |
|             |   |                                                                                                                                 |   |                |   |                           |   |   |   |   |   |   |
| 10.02**          |   | Amended      terms to the Employment Agreement of I Richard Garr dated January 1,      2008                                          |   |                |   | 10-K                           |   | 10.02 |   | 001-33672 |   | 3/31/09 |
|             |   |                                                                                                                                 |   |                |   |                           |   |   |   |   |   |   |
| 10.03**          |   | Employment      Agreement with Karl Johe dated January 1, 2007 and amended as of November      1, 2005                               |   |                |   | SB-2                           |   | 10.1 |   | 333-132923 |   | 6/21/06 |
|             |   |                                                                                                                                 |   |                |   |                           |   |   |   |   |   |   |
| 10.04**          |   | Amended      terms to the Employment Agreement of Karl Johe dated January 1,      2009                                               |   |                |   | 10-K                           |   | 10.04 |   | 001-33672 |   | 3/31/09 |
|             |   |                                                                                                                                 |   |                |   |                           |   |   |   |   |   |   |
| 10.05            |   | Employment      Agreement with Thomas Hazel, Ph.D. dated August 11, 2008                                                             |   | *                   |   |                           |   |   |   |   |   |   |
|             |   |                                                                                                                                 |   |                |   |                           |   |   |   |   |   |   |
| 14.01            |   | Neuralstem      Code of Ethics                                                                                                       |   |                |   | SB-2                           |   | 14.1 |   | 333-132923 |   | 6/21/06 |
|             |   |                                                                                                                                 |   |                |   |                           |   |   |   |   |   |   |

----

|             |   |                                                                                                                 |   |                |   | Incorporated      by Reference |
|------------------|--------|----------------------------------------------------------------------------------------------------------------------|--------|---------------------|--------|--------------------------------|
| Exhibit      No. |   | Description                                                                                                          |   | Filed      Herewith |   | Form                           |   | Exhibit      No. |   | File      No. |   | Filing      Date |
|             |   |                                                                                                                 |   |                |   |                           |   |   |   |   |   |   |
| 14.02            |   | Neuralstem      Financial Code of Profession Conduct adopted on May 16,    2007                                      |   |                |   | 8-K                            |   | 14.2 |   | 333-132923 |   | 6/6/07 |
|             |   |                                                                                                                 |   |                |   |                           |   |   |   |   |   |   |
| 23.01            |   | Consent      of Stegman & Company                                                                                |   |                |   | 10-K                           |   | 23 |   | 001-33672 |   | 3/31/09 |
|             |   |                                                                                                                 |   |                |   |                           |   |   |   |   |   |   |
| 31.1             |   | Certification      of the Principal Executive Officer Pursuant to Section 302 of the      Sarbanes-Oxley Act of 2002 |   | *                   |   |                           |   |   |   |   |   |   |
|             |   |                                                                                                                 |   |                |   |                           |   |   |   |   |   |   |
| 31.2             |   | Certification      of the Principal Financial Officer Pursuant to Section 302 of the      Sarbanes-Oxley Act of 2002 |   | *                   |   |                           |   |   |   |   |   |   |
|             |   |                                                                                                                 |   |                |   |                           |   |   |   |   |   |   |
| 32.1             |   | Certification      of Principal Executive Officer Pursuant to 18 U.S.C. §1350                                   |   | *                   |   |                           |   |   |   |   |   |   |
|             |   |                                                                                                                 |   |                |   |                           |   |   |   |   |   |   |
| 32.2             |   | Certification      of Principal Financial Officer Pursuant to 18 U.S.C. §1350                                   |   | *                   |   |                           |   |   |   |   |   |   |
|             |   |                                                                                                                 |   |                |   |                           |   |   |   |   |   |   |

----