# EDGAR Filing Document

**Accession Number:** 0002050709
**File Stem:** 0002050709-25-000007
**Filing Date:** 2025-10
**Character Count:** 15605
**Document Hash:** bb2818fc0a9a924a5a3eeb0ddf0162fc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002050709-25-000007.hdr.sgml**: 20251008

**ACCESSION NUMBER**: 0002050709-25-000007

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13G

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20251008

**DATE AS OF CHANGE**: 20251008

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PALISADE BIO, INC.
- **CENTRAL INDEX KEY:** 0001357459
- **STANDARD INDUSTRIAL CLASSIFICATION:** BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 522007292
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13G
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-86724
- **FILM NUMBER:** 251382434

**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
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Squadron Capital Management LLC
- **CENTRAL INDEX KEY:** 0002050709

**ORGANIZATION NAME:**
- **EIN:** 884254921
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13G

**BUSINESS ADDRESS:**
- **STREET 1:** P.O. BOX 462
- **CITY:** HINSDALE
- **STATE:** IL
- **ZIP:** 60522
- **BUSINESS PHONE:** 8474819500

**MAIL ADDRESS:**
- **STREET 1:** P.O. BOX 462
- **CITY:** HINSDALE
- **STATE:** IL
- **ZIP:** 60522

### Attached PDF Documents

**Attachment 1:** `Squadron_ex1.pdf`

_No text found in this document._

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

## SCHEDULE 13G

### Under the Securities Exchange Act of 1934

**Issuer:** PALISADE BIO, INC.

**Title of Class of Securities:** Common Stock, par value $0.01 per share

**CUSIP Number:** 696389402

**Date of Event Which Requires Filing of this Statement:** 10/01/2025

**Check the appropriate box to designate the rule pursuant to which this Schedule is filed:**

- [ ] Rule 13d-1(b)

- [x] Rule 13d-1(c)

- [ ] Rule 13d-1(d)

---

| 1. | Names of Reporting Persons<br>Squadron Master Fund LP | Names of Reporting Persons<br>Squadron Master Fund LP |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>DE | Citizenship or Place of Organization<br>DE |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>7308580.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>7308580.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>7308580.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>7308580.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>7.6% | Percent of Class Represented by Amount in Row (9)<br>7.6% |
| 12. | Type of Reporting Person (See Instructions)<br>PN | Type of Reporting Person (See Instructions)<br>PN |

---

| 1. | Names of Reporting Persons<br>Squadron Capital Management LLC | Names of Reporting Persons<br>Squadron Capital Management LLC |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>DE | Citizenship or Place of Organization<br>DE |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>8250000.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>8250000.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>8250000.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>8250000.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>8.5% | Percent of Class Represented by Amount in Row (9)<br>8.5% |
| 12. | Type of Reporting Person (See Instructions)<br>IA, HC | Type of Reporting Person (See Instructions)<br>IA, HC |

---

| 1. | Names of Reporting Persons<br>Matthew Sesterhenn | Names of Reporting Persons<br>Matthew Sesterhenn |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>X1 | Citizenship or Place of Organization<br>X1 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>8250000.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>8250000.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>8250000.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>8250000.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>8.5% | Percent of Class Represented by Amount in Row (9)<br>8.5% |
| 12. | Type of Reporting Person (See Instructions)<br>HC, IN | Type of Reporting Person (See Instructions)<br>HC, IN |

---

| 1. | Names of Reporting Persons<br>William Blank | Names of Reporting Persons<br>William Blank |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>X1 | Citizenship or Place of Organization<br>X1 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>8250000.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>8250000.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>8250000.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>8250000.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>8.5% | Percent of Class Represented by Amount in Row (9)<br>8.5% |
| 12. | Type of Reporting Person (See Instructions)<br>HC, IN | Type of Reporting Person (See Instructions)<br>HC, IN |

---

**Item 1(a). Name of Issuer:**
PALISADE BIO, INC.

**Item 1(b). Address of Issuer's Principal Executive Offices:**
1902 WRIGHT PLACE, SUITE 200, CARLSBAD, CALIFORNIA, 92008.

**Item 2(a). Name of Person Filing:**
Squadron Master Fund LP

Squadron Capital Management, LLC

Matthew Sesterhenn

William Blank

**Item 2(b). Address of Principal Business Office:**
Squadron Master Fund LPc/o Squadron Capital Management, LLC
999 Oakmont Plaza Drive, Suite 600
Westmont, IL 60559

Squadron Capital Management, LLC
999 Oakmont Plaza Drive, Suite 600
Westmont, IL 60559

Matthew Sesterhennc/o Squadron Capital Management, LLC
999 Oakmont Plaza Drive, Suite 600
Westmont, IL 60559

William Blankc/o Squadron Capital Management, LLC
999 Oakmont Plaza Drive, Suite 600
Westmont, IL 60559

**Item 2(c). Citizenship:**
Squadron Master Fund LP - Delaware

Squadron Capital Management, LLC - Delaware

Matthew Sesterhenn - United States

William Blank - United States

**Item 2(d). Title of Class of Securities:**
Common Stock, par value $0.01 per share

**Item 2(e). CUSIP Number:**
696389402

**Item 3. If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:**

(a) [ ] Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o).

(b) [ ] Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).

(c) [ ] Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c).

(d) [ ] Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8).

(e) [ ] An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);

(f) [ ] An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);

(g) [ ] A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);

(h) [ ] A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);

(i) [ ] A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);

(j) [ ] A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), if filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:

(k) [ ] Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).

**Item 4. Ownership:**

**(a) Amount beneficially owned:**

Squadron Capital Management, LLC is an investment adviser that is registered as an Exempt Reporting Adviser with the Securities and Exchange Commission. Squadron Capital Management, LLC, which serves as investment adviser to private funds, including but not limited to Squadron Master Fund LP (collectively, the "Funds"), may be deemed to be the beneficial owner of all shares of Common Stock held by the Funds. Mr. Sesterhenn and Mr. Blank, as Partners of Squadron Capital Management, LLC, with the power to exercise investment and voting discretion, may be deemed to be the beneficial owner of all shares of Common Stock held by the Funds. Pursuant to Rule 13d-4 under the Securities Exchange Act of 1934, as amended, Squadron Capital Management, LLC and Mr. Sesterhenn and Mr. Blank expressly disclaim beneficial ownership over any of the securities reported in this statement, and the filing of this statement shall not be construed as an admission that Squadron Capital Management, LLC or Mr. Sesterhenn and Mr. Blank are the beneficial owner of any of the securities reported herein.
Squadron Master Fund LP - 7,308,580 shares
Squadron Capital Management, LLC - 8,250,000 shares
Matthew Sesterhenn - 8,250,000 shares
William Blank - 8,250,000 shares

**(b) Percent of class:**

Ownership percentage is based on 96,645,431 shares of common stock, par value $0.01 per share, outstanding as of October 1, 2025, as represented by the Issuer in the Prospectus [Rule 424(b)(4)] filed with the Securities and Exchange Commission on October 2, 2025.
Squadron Master Fund LP - 7.6%
Squadron Capital Management, LLC - 8.5%
Matthew Sesterhenn - 8.5%
William Blank - 8.5%

**(c) Number of shares as to which the person has:**

**(i) Sole power to vote or to direct the vote:**

Squadron Master Fund LP - 0
Squadron Capital Management, LLC - 0
Matthew Sesterhenn - 0
William Blank - 0

**(ii) Shared power to vote or to direct the vote:**

Squadron Master Fund LP - 7,308,580 shares
Squadron Capital Management, LLC - 8,250,000 shares
Matthew Sesterhenn - 8,250,000 shares
William Blank - 8,250,000 shares

**(iii) Sole power to dispose or to direct the disposition of:**

Squadron Master Fund LP - 0
Squadron Capital Management, LLC - 0
Matthew Sesterhenn - 0
William Blank - 0

**(iv) Shared power to dispose or to direct the disposition of:**

Squadron Master Fund LP - 7,308,580 shares
Squadron Capital Management, LLC - 8,250,000 shares
Matthew Sesterhenn - 8,250,000 shares
William Blank - 8,250,000 shares

**Item 5. Ownership of Five Percent or Less of a Class.**

[x] If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following.

**Item 6. Ownership of More than 5 Percent on Behalf of Another Person.**

The Funds have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the shares of Common Stock covered by this Statement.

**Item 7. Identification and Classification of the Subsidiary**

See Notes above.

**Item 8. Identification and Classification of Members of the Group**

Not Applicable

**Item 9. Notice of Dissolution of Group**

Not Applicable

**Item 10. Certification:**

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Squadron Master Fund LP**

**Date:** 10/08/2025

**By:** /s/ Matthew Sesterhenn

**Name & Title:** Partner, Squadron Partners LLC, its General Partner

**Squadron Capital Management LLC**

**Date:** 10/08/2025

**By:** /s/ Matthew Sesterhenn

**Name & Title:** Partner

**Matthew Sesterhenn**

**Date:** 10/08/2025

**By:** /s/ Matthew Sesterhenn

**Name & Title:** Matthew Sesterhenn

**William Blank**

**Date:** 10/08/2025

**By:** /s/ William Blank

**Name & Title:** William Blank