FORM 3
        
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

McRae Robert Curtis		 2. Date of Event Requiring Statement (MM/DD/YYYY)
2/2/2023 

 3. Issuer Name and Ticker or Trading Symbol

PALISADE BIO, INC. [PALI]
(Last)        (First)        (Middle)

7750 EL CAMINO REAL, SUITE 5200		 4. Relationship of Reporting Person(s) to Issuer (Check all applicable)

_____ Director                          _____ 10% Owner
___X___ Officer (give title below)        _____ Other (specify below)
Chief Operating Officer /
(Street)

CARLSBAD,, CA 92009      

(City)              (State)              (Zip)
5. If Amendment, Date Original Filed(MM/DD/YYYY)
 

6. Individual or Joint/Group Filing(Check Applicable Line)

_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1.Title of Security
(Instr. 4)		2. Amount of Securities Beneficially Owned
(Instr. 4)		3. Ownership Form: Direct (D) or Indirect (I)
(Instr. 5)		4. Nature of Indirect Beneficial Ownership
(Instr. 5)
Common Stock 240 D  

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 4)		2. Date Exercisable and Expiration Date
(MM/DD/YYYY)		3. Title and Amount of Securities Underlying Derivative Security
(Instr. 4)		4. Conversion or Exercise Price of Derivative Security5. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 5)		6. Nature of Indirect Beneficial Ownership
(Instr. 5)
Date ExercisableExpiration DateTitleAmount or Number of Shares
Common Stock Purchase Option (1)2/9/2022 2/9/2032 Common Stock 1800 $52.50 D  
Series 1 Common Stock Purchase warrant (2)8/16/2022 8/16/2023 Common Stock 240 $2.38 D  
Series 2 Common Stock Purchase Warrant (3)8/16/2022 8/16/2027 Common Stock 240 $2.38 D  
Restricted Stock Units (4)(5)1/3/2023  (8)Common Stock 2618 $0.00 D  
Restricted Stock Units (5)(6)2/6/2023  (8)Common Stock 8000 $0.00 D  
Restricted Performance Stock Units (5)(7)2/6/2023 2/6/2033 Common Stock 32500 $0.00 D  
Common Stock Purchase Option (5)(6)2/6/2023 2/6/2033 Common Stock 12000 $2.40 D  
Explanation of Responses:
(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

Reporting Owners
Reporting Owner Name / Address
Relationships
Director10% OwnerOfficerOther
McRae Robert Curtis
7750 EL CAMINO REAL, SUITE 5200
CARLSBAD,, CA 92009

Chief Operating Officer
Signatures
/s/ Robert McRae2/15/2023
**Signature of Reporting PersonDate
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 5(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 control number.
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