-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 AVreJRAFaSbT0vlPgBWLQp2aK/VpQirN0dnXzZ6oT3py7b9l7PilkqzamMLcRmE7
 zIBODvyYIJpuikdr3H6IYw==

<SEC-DOCUMENT>0001140361-11-007750.txt : 20110210
<SEC-HEADER>0001140361-11-007750.hdr.sgml : 20110210
<ACCEPTANCE-DATETIME>20110210140205
ACCESSION NUMBER:		0001140361-11-007750
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20110106
FILED AS OF DATE:		20110210
DATE AS OF CHANGE:		20110210

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Lappe Mark
		CENTRAL INDEX KEY:			0001366074

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-50481
		FILM NUMBER:		11591377

	MAIL ADDRESS:	
		STREET 1:		11622 EL CAMINO REAL
		STREET 2:		SUITE 100
		CITY:			SAN DIEGO
		STATE:			CA
		ZIP:			92130

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AEOLUS PHARMACEUTICALS, INC.
		CENTRAL INDEX KEY:			0001261734
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				561953785
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		26361 CROWN VALLEY PARKWAY, SUITE 150
		CITY:			MISSION VIEJO
		STATE:			CA
		ZIP:			92691
		BUSINESS PHONE:		9494819825

	MAIL ADDRESS:	
		STREET 1:		26361 CROWN VALLEY PARKWAY, SUITE 150
		CITY:			MISSION VIEJO
		STATE:			CA
		ZIP:			92691

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INCARA PHARMACEUTICALS CORP
		DATE OF NAME CHANGE:	20031205

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INCARA INC
		DATE OF NAME CHANGE:	20030828

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Efficacy Capital, Ltd.
		CENTRAL INDEX KEY:			0001350855

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-50481
		FILM NUMBER:		11591379

	BUSINESS ADDRESS:	
		STREET 1:		11622 EL CAMINO REAL, SUITE 100
		CITY:			SAN DEIGO
		STATE:			CA
		ZIP:			92130
		BUSINESS PHONE:		858-759-1499

	MAIL ADDRESS:	
		STREET 1:		11622 EL CAMINO REAL, SUITE 100
		CITY:			SAN DEIGO
		STATE:			CA
		ZIP:			92130

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Efficacy Biotech Master Fund Ltd.
		CENTRAL INDEX KEY:			0001366070
		STATE OF INCORPORATION:			D0
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-50481
		FILM NUMBER:		11591375

	BUSINESS ADDRESS:	
		STREET 1:		11622 EL CAMINO REAL
		STREET 2:		SUITE 100
		CITY:			SAN DIEGO
		STATE:			CA
		ZIP:			92130
		BUSINESS PHONE:		(858) 759-1499

	MAIL ADDRESS:	
		STREET 1:		11622 EL CAMINO REAL
		STREET 2:		SUITE 100
		CITY:			SAN DIEGO
		STATE:			CA
		ZIP:			92130

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Efficacy Biotech Fund LTD
		CENTRAL INDEX KEY:			0001366071
		STATE OF INCORPORATION:			D0
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-50481
		FILM NUMBER:		11591380

	BUSINESS ADDRESS:	
		STREET 1:		11622 EL CAMINO REAL
		STREET 2:		SUITE 100
		CITY:			SAN DIEGO
		STATE:			CA
		ZIP:			92130
		BUSINESS PHONE:		(858) 759-1499

	MAIL ADDRESS:	
		STREET 1:		11622 EL CAMINO REAL
		STREET 2:		SUITE 100
		CITY:			SAN DIEGO
		STATE:			CA
		ZIP:			92130

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Efficacy Biotech Fund L.P.
		CENTRAL INDEX KEY:			0001366073
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-50481
		FILM NUMBER:		11591376

	BUSINESS ADDRESS:	
		STREET 1:		11622 EL CAMINO REAL
		STREET 2:		SUITE 100
		CITY:			SAN DIEGO
		STATE:			CA
		ZIP:			92130
		BUSINESS PHONE:		(858) 759-1499

	MAIL ADDRESS:	
		STREET 1:		11622 EL CAMINO REAL
		STREET 2:		SUITE 100
		CITY:			SAN DIEGO
		STATE:			CA
		ZIP:			92130
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>doc1.xml
<DESCRIPTION>FORM 4
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0303</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2011-01-06</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001261734</issuerCik>
        <issuerName>AEOLUS PHARMACEUTICALS, INC.</issuerName>
        <issuerTradingSymbol>AOLS</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001350855</rptOwnerCik>
            <rptOwnerName>Efficacy Capital, Ltd.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>11622 EL CAMINO REAL, SUITE 100</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>SAN DEIGO</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>92130</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001366074</rptOwnerCik>
            <rptOwnerName>Lappe Mark</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>11622 EL CAMINO REAL</rptOwnerStreet1>
            <rptOwnerStreet2>SUITE 100</rptOwnerStreet2>
            <rptOwnerCity>SAN DIEGO</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>92130</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001366073</rptOwnerCik>
            <rptOwnerName>Efficacy Biotech Fund L.P.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>11622 EL CAMINO REAL</rptOwnerStreet1>
            <rptOwnerStreet2>SUITE 100</rptOwnerStreet2>
            <rptOwnerCity>SAN DIEGO</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>92130</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001366071</rptOwnerCik>
            <rptOwnerName>Efficacy Biotech Fund LTD</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>11622 EL CAMINO REAL</rptOwnerStreet1>
            <rptOwnerStreet2>SUITE 100</rptOwnerStreet2>
            <rptOwnerCity>SAN DIEGO</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>92130</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001366070</rptOwnerCik>
            <rptOwnerName>Efficacy Biotech Master Fund Ltd.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>11622 EL CAMINO REAL</rptOwnerStreet1>
            <rptOwnerStreet2>SUITE 100</rptOwnerStreet2>
            <rptOwnerCity>SAN DIEGO</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>92130</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2011-01-06</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>J</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F1"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>616450</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0.00</value>
                    <footnoteId id="F1"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>9183550</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnote</value>
                    <footnoteId id="F2"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2011-02-08</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>J</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F1"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>776904</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0.00</value>
                    <footnoteId id="F1"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>8406646</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnote</value>
                    <footnoteId id="F2"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Common Stock Warrants (Right to Buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>.75</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2011-01-06</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>J</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F1"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>479461</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0.00</value>
                    <footnoteId id="F1"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2006-06-05</value>
                <footnoteId id="F3"/>
            </exerciseDate>
            <expirationDate>
                <value>2011-06-05</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>479461</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>6380539</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnote</value>
                    <footnoteId id="F2"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeTransaction>
        <derivativeTransaction>
            <securityTitle>
                <value>Common Stock Warrants (Right to Buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>.75</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2011-02-08</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>J</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F1"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>604258</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0.00</value>
                    <footnoteId id="F1"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2006-06-05</value>
                <footnoteId id="F3"/>
            </exerciseDate>
            <expirationDate>
                <value>2011-06-05</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>604258</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>5776281</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnote</value>
                    <footnoteId id="F2"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Distribution of securities to fund investor.</footnote>
        <footnote id="F2">These shares are owned directly by Efficacy Biotech Master Fund Ltd.  The Reporting Company acts as an investment advisor with investment and voting discretion over portfolio investments.  The Reporting Company is an indirect beneficial owner of the reported securities.</footnote>
        <footnote id="F3">The warrant is exercisable at any time, provided that such date is no later than the expiration date of the warrant.</footnote>
    </footnotes>

    <remarks></remarks>

    <ownerSignature>
        <signatureName>Efficacy Capital, Ltd., by /s/ Mark Lappe, Managing Partner</signatureName>
        <signatureDate>2011-02-10</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Mark Lappe</signatureName>
        <signatureDate>2011-02-10</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>Efficacy Biotech Fund L.P., By Efficacy Capital Ltd., Investment Manager, By /s/ Mark Lappe, Managing Partner</signatureName>
        <signatureDate>2011-02-10</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>Efficacy Biotech Fund LTD, By Efficacy Capital Ltd., Investment Manager, By /s/ Mark Lappe, Managing Partner</signatureName>
        <signatureDate>2011-02-10</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>Efficacy Biotech Master Fund Ltd., By Efficacy Capital Ltd., Investment Manager, By /s/ Mark Lappe, Managing Partner</signatureName>
        <signatureDate>2011-02-10</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----