-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0001181431-07-006158.txt : 20070126
<SEC-HEADER>0001181431-07-006158.hdr.sgml : 20070126
<ACCEPTANCE-DATETIME>20070126171356
ACCESSION NUMBER:		0001181431-07-006158
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20070124
FILED AS OF DATE:		20070126
DATE AS OF CHANGE:		20070126

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PANACOS PHARMACEUTICALS, INC.
		CENTRAL INDEX KEY:			0001040017
		STANDARD INDUSTRIAL CLASSIFICATION:	BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836]
		IRS NUMBER:				113238476
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		134 COOLIDGE AVE
		CITY:			WATERTOWN
		STATE:			MA
		ZIP:			02472
		BUSINESS PHONE:		617-926-1551

	MAIL ADDRESS:	
		STREET 1:		134 COOLIDGE AVE
		CITY:			WATERTOWN
		STATE:			MA
		ZIP:			02472

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	V I TECHNOLOGIES INC
		DATE OF NAME CHANGE:	19980209

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			LINSLEY ERIC W
		CENTRAL INDEX KEY:			0001320179

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-24241
		FILM NUMBER:		07557534

	BUSINESS ADDRESS:	
		BUSINESS PHONE:		9199983300

	MAIL ADDRESS:	
		STREET 1:		7030 KIT CREEK ROAD
		STREET 2:		P.O. BOX 110287
		CITY:			RESEARCH TRIANGLE PARK
		STATE:			NC
		ZIP:			27709
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>rrd144352.xml
<DESCRIPTION>FORM 4  FOR ERIC LINSLEY JAN 24 2007
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2007-01-24</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001040017</issuerCik>
        <issuerName>PANACOS PHARMACEUTICALS, INC.</issuerName>
        <issuerTradingSymbol>PANC</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001320179</rptOwnerCik>
            <rptOwnerName>LINSLEY ERIC W</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>A.M. PAPPAS &amp; ASSOCIATES, LLC</rptOwnerStreet1>
            <rptOwnerStreet2>7030 KIT CREEK ROAD</rptOwnerStreet2>
            <rptOwnerCity>RESEARCH TRIANGLE PARK</rptOwnerCity>
            <rptOwnerState>NC</rptOwnerState>
            <rptOwnerZipCode>27709</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Stock Option (Right to Buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>4.03</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2007-01-24</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>15000</value>
                    <footnoteId id="F1"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2008-01-24</value>
            </exerciseDate>
            <expirationDate>
                <value>2017-01-24</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>15000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>15000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Annual stock option granted to non-employee directors under the 2005 Supplemental Equity Compensation Plan. The option vests fully on January 24, 2008.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Megan Gates, as Attorney-In-Fact</signatureName>
        <signatureDate>2007-01-26</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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