# EDGAR Filing Document

**Accession Number:** 0001357459
**File Stem:** 0001493152-23-005220
**Filing Date:** 2023-2
**Character Count:** 6161
**Document Hash:** c1365d5a49a1bcdb28d98e01efb176e0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-23-005220.hdr.sgml**: 20230215

**ACCESSION NUMBER**: 0001493152-23-005220

**CONFORMED SUBMISSION TYPE**: 3

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20230202

**FILED AS OF DATE**: 20230215

**DATE AS OF CHANGE**: 20230215

**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** McRae Robert Curtis
- **CENTRAL INDEX KEY:** 0001965845

**FILING VALUES:**
- **FORM TYPE:** 3
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-33672
- **FILM NUMBER:** 23635925

**MAIL ADDRESS:**
- **STREET 1:** 675 S. SIERRA AVE,
- **STREET 2:** UNIT 23
- **CITY:** SOLANA BEACH
- **STATE:** CA
- **ZIP:** 92075
**ISSUER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PALISADE BIO, INC.
- **CENTRAL INDEX KEY:** 0001357459
- **STANDARD INDUSTRIAL CLASSIFICATION:** BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836]
- **IRS NUMBER:** 522007292
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**BUSINESS ADDRESS:**
- **STREET 1:** 7750 EL CAMINO REAL, SUITE 5200
- **CITY:** CARLSBAD
- **STATE:** CA
- **ZIP:** 92009
- **BUSINESS PHONE:** (858) 704-4900

**MAIL ADDRESS:**
- **STREET 1:** 7750 EL CAMINO REAL, SUITE 5200
- **CITY:** CARLSBAD
- **STATE:** CA
- **ZIP:** 92009

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Seneca Biopharma, Inc.
- **DATE OF NAME CHANGE:** 20200127

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Neuralstem, Inc.
- **DATE OF NAME CHANGE:** 20060324

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM 3

### INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>McRae Robert Curtis<br><sub>(Last) (First) (Middle)</sub><br>7750 EL CAMINO REAL, SUITE 5200<br><sub>(Street)</sub><br>CARLSBAD,, CA 92009<br><sub>(City) (State) (Zip)</sub> | **3. Issuer Name and Ticker or Trading Symbol**<br>PALISADE BIO, INC. [ PALI ] | **5. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  |
| **2. Date of Event Requiring Statement (Month/Day/Year)**<br>2023-02-02 | **4. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director   [ ] 10% Owner<br>[X] Officer (give title below)   [ ] Other (specify below)<br>_Chief Operating Officer_ | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[X] Form filed by One Reporting Person<br>[ ] Form filed by More than One Reporting Person |

---

## Table I - Non-Derivative Securities Beneficially Owned

---

|  |  |  |  |
| --- | --- | --- | --- |
| 1. Title of Security | 2. Amount of Securities Beneficially Owned | 3. Ownership Form | 4. Nature of Indirect Beneficial Ownership |
| Common Stock | 240 | D |  |

---

## Table II - Derivative Securities Beneficially Owned

---

|  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Derivative Security | 2. Date Exercisable and Expiration Date (Month/Day/Year) | 2. Date Exercisable and Expiration Date (Month/Day/Year) | 3. Title and Amount of Underlying Securities | 3. Title and Amount of Underlying Securities | 4. Conversion or Exercise Price | 5. Ownership Form | 6. Nature of Indirect Beneficial Ownership |
| 1. Title of Derivative Security | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | 4. Conversion or Exercise Price | 5. Ownership Form | 6. Nature of Indirect Beneficial Ownership |
| Common Stock Purchase Option<sup>(1)</sup> | 2022-02-09 | 2032-02-09 | Common Stock | 1800 | $52.50 | D |  |
| Series 1 Common Stock Purchase warrant<sup>(2)</sup> | 2022-08-16 | 2023-08-16 | Common Stock | 240 | $2.38 | D |  |
| Series 2 Common Stock Purchase Warrant<sup>(3)</sup> | 2022-08-16 | 2027-08-16 | Common Stock | 240 | $2.38 | D |  |
| Restricted Stock Units<sup>(4)(5)</sup> | 2023-01-03 | <sup>(8)</sup> | Common Stock | 2618 | $0.00 | D |  |
| Restricted Stock Units<sup>(5)(6)</sup> | 2023-02-06 | <sup>(8)</sup> | Common Stock | 8000 | $0.00 | D |  |
| Restricted Performance Stock Units<sup>(5)(7)</sup> | 2023-02-06 | 2033-02-06 | Common Stock | 32500 | $0.00 | D |  |
| Common Stock Purchase Option<sup>(5)(6)</sup> | 2023-02-06 | 2033-02-06 | Common Stock | 12000 | $2.40 | D |  |

---

### Footnotes:

(1) Represents common stock purchase option. The options vest quarterly in twelve (12) equal installments over a three (3) year period.

(2) Represents Series 1 Common Stock Warrants.

(3) Represents Series 2 Common Stock Warrants.

(4) The Restricted Stock Unit vests quarterly on 4/3/23, 7/3/23, 10/3/23, and 1/3/24.

(5) The securities are subject to shareholder approval and: (i) cannot be exercised or converted prior to obtaining shareholder approval, and (ii) the grant can be unwound, and the outstanding securities cancelled, if shareholder approval is not obtained.

(6) Vests quarterly over a three-year period commencing on the grant date.

(7) Vests 50% upon each of the performance milestones being met: (i) the volume weighted average price of the Company's common stock is equal to or greater than $3.20, for a period of twenty (20) consecutive trading days, and (ii) the volume weighted average price of the Company's common stock is equal to or greater than $4.25 for a period of twenty (20) consecutive trading days.

(8) N/A

**Signature:** /s/ Robert McRae  
**Date:** 2023-02-15

### Remarks:

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 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).

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 Number.**