-----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,
 I9NUgN9UzcgpoiEFIJZeafQcduz2iFajc2o8BiWaO6NGXTHxUdcLfX9nt1I8JK/5
 IyWja31cVbevPi2Oiw401g==

<SEC-DOCUMENT>0001179110-03-013334.txt : 20031223
<SEC-HEADER>0001179110-03-013334.hdr.sgml : 20031223
<ACCEPTANCE-DATETIME>20031223162603
ACCESSION NUMBER:		0001179110-03-013334
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20031222
FILED AS OF DATE:		20031223

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			MALTAIS JO-ANN B
		CENTRAL INDEX KEY:			0001162528

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-00497
		FILM NUMBER:		031071369

	BUSINESS ADDRESS:	
		STREET 1:		7068 KOLL CENTER PARKWAY
		STREET 2:		SUITE 401
		CITY:			PLEASANTON
		STATE:			CA
		ZIP:			94566
		BUSINESS PHONE:		9252494000

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LIPID SCIENCES INC/
		CENTRAL INDEX KEY:			0000071478
		STANDARD INDUSTRIAL CLASSIFICATION:	BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836]
		IRS NUMBER:				430433090
		STATE OF INCORPORATION:			AZ
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		7068 KOLL CENTER PARKWAY
		STREET 2:		SUITE 401
		CITY:			PLEASANTON
		STATE:			CA
		ZIP:			94566
		BUSINESS PHONE:		925-249-4000

	MAIL ADDRESS:	
		STREET 1:		7068 KOLL CENTER PARKWAY
		STREET 2:		SUITE 401
		CITY:			PLEASANTON
		STATE:			CA
		ZIP:			94566

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NZ CORP
		DATE OF NAME CHANGE:	20000810

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NEW MEXICO & ARIZONA LAND CO
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>edgar.xml
<DESCRIPTION>FORM 4 -
<TEXT>
<XML>
<ownershipDocument>
    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType>
<periodOfReport>2003-12-22</periodOfReport>
<notSubjectToSection16>0</notSubjectToSection16>
    <issuer>
        <issuerCik>0000071478</issuerCik>
        <issuerName>LIPID SCIENCES INC/</issuerName>
        <issuerTradingSymbol>LIPD</issuerTradingSymbol>
</issuer>
<reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001162528</rptOwnerCik>
            <rptOwnerName>MALTAIS JO-ANN B</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>7068 KOLL CENTER PARKWAY</rptOwnerStreet1>
            <rptOwnerStreet2>SUITE 401</rptOwnerStreet2>
            <rptOwnerCity>PLEASANTON</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>94566-3111</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
<isDirector>0</isDirector>
<isOfficer>1</isOfficer>
<isTenPercentOwner>0</isTenPercentOwner>
<isOther>0</isOther>
<officerTitle>Vice President</officerTitle>
<otherText></otherText>
</reportingOwnerRelationship>
</reportingOwner>
<nonDerivativeTable><nonDerivativeTransaction><securityTitle><value>Common Stock</value>
</securityTitle>
<transactionDate><value>2003-12-22</value>
</transactionDate>
<transactionCoding><transactionFormType>4</transactionFormType>
<transactionCode>M</transactionCode>
<equitySwapInvolved>0</equitySwapInvolved>
</transactionCoding>
<transactionAmounts><transactionShares><value>10000</value>
</transactionShares>
<transactionPricePerShare><value>1</value>
</transactionPricePerShare>
<transactionAcquiredDisposedCode><value>A</value>
</transactionAcquiredDisposedCode>
</transactionAmounts>
<postTransactionAmounts><sharesOwnedFollowingTransaction><value>0</value>
</sharesOwnedFollowingTransaction>
</postTransactionAmounts>
<ownershipNature><directOrIndirectOwnership><value>D</value>
</directOrIndirectOwnership>
</ownershipNature>
</nonDerivativeTransaction>
<nonDerivativeTransaction><securityTitle><value>Common Stock</value>
</securityTitle>
<transactionDate><value>2003-12-22</value>
</transactionDate>
<transactionCoding><transactionFormType>4</transactionFormType>
<transactionCode>D</transactionCode>
<equitySwapInvolved>0</equitySwapInvolved>
</transactionCoding>
<transactionAmounts><transactionShares><value>6000</value>
</transactionShares>
<transactionPricePerShare><value>3.65</value>
</transactionPricePerShare>
<transactionAcquiredDisposedCode><value>D</value>
</transactionAcquiredDisposedCode>
</transactionAmounts>
<postTransactionAmounts><sharesOwnedFollowingTransaction><value>0</value>
</sharesOwnedFollowingTransaction>
</postTransactionAmounts>
<ownershipNature><directOrIndirectOwnership><value>D</value>
</directOrIndirectOwnership>
</ownershipNature>
</nonDerivativeTransaction>
<nonDerivativeTransaction><securityTitle><value>Common Stock</value>
</securityTitle>
<transactionDate><value>2003-12-22</value>
</transactionDate>
<transactionCoding><transactionFormType>4</transactionFormType>
<transactionCode>D</transactionCode>
<equitySwapInvolved>0</equitySwapInvolved>
</transactionCoding>
<transactionAmounts><transactionShares><value>2000</value>
</transactionShares>
<transactionPricePerShare><value>3.63</value>
</transactionPricePerShare>
<transactionAcquiredDisposedCode><value>D</value>
</transactionAcquiredDisposedCode>
</transactionAmounts>
<postTransactionAmounts><sharesOwnedFollowingTransaction><value>0</value>
</sharesOwnedFollowingTransaction>
</postTransactionAmounts>
<ownershipNature><directOrIndirectOwnership><value>D</value>
</directOrIndirectOwnership>
</ownershipNature>
</nonDerivativeTransaction>
<nonDerivativeTransaction><securityTitle><value>Common Stock</value>
</securityTitle>
<transactionDate><value>2003-12-22</value>
</transactionDate>
<transactionCoding><transactionFormType>4</transactionFormType>
<transactionCode>D</transactionCode>
<equitySwapInvolved>0</equitySwapInvolved>
</transactionCoding>
<transactionAmounts><transactionShares><value>2000</value>
</transactionShares>
<transactionPricePerShare><value>3.66</value>
</transactionPricePerShare>
<transactionAcquiredDisposedCode><value>D</value>
</transactionAcquiredDisposedCode>
</transactionAmounts>
<postTransactionAmounts><sharesOwnedFollowingTransaction><value>0</value>
</sharesOwnedFollowingTransaction>
</postTransactionAmounts>
<ownershipNature><directOrIndirectOwnership><value>D</value>
</directOrIndirectOwnership>
</ownershipNature>
</nonDerivativeTransaction>
</nonDerivativeTable>
<derivativeTable><derivativeTransaction><securityTitle><value>Stock Option (right to buy)</value>
</securityTitle>
<conversionOrExercisePrice><value>1</value>
</conversionOrExercisePrice>
<transactionDate><value>2003-12-22</value>
</transactionDate>
<transactionCoding><transactionFormType>4</transactionFormType>
<transactionCode>D</transactionCode>
<equitySwapInvolved>0</equitySwapInvolved>
</transactionCoding>
<transactionAmounts><transactionShares><value>10000</value>
</transactionShares>
<transactionPricePerShare><value>1</value>
</transactionPricePerShare>
<transactionAcquiredDisposedCode><value>D</value>
</transactionAcquiredDisposedCode>
</transactionAmounts>
<exerciseDate><footnoteId id="F1"></footnoteId>
</exerciseDate>
<expirationDate><value>2013-03-14</value>
</expirationDate>
<underlyingSecurity><underlyingSecurityTitle><value>Common Stock</value>
</underlyingSecurityTitle>
<underlyingSecurityValue><value>10000</value>
</underlyingSecurityValue>
</underlyingSecurity>
<postTransactionAmounts><sharesOwnedFollowingTransaction><value>185902</value>
</sharesOwnedFollowingTransaction>
</postTransactionAmounts>
<ownershipNature><directOrIndirectOwnership><value>D</value>
</directOrIndirectOwnership>
</ownershipNature>
</derivativeTransaction>
<derivativeTransaction><securityTitle><value>Stock Option (right to buy)</value>
</securityTitle>
<conversionOrExercisePrice><value>1</value>
</conversionOrExercisePrice>
<transactionDate><value>2003-03-14</value>
</transactionDate>
<transactionCoding><transactionFormType>4</transactionFormType>
<transactionCode>A</transactionCode>
<equitySwapInvolved>0</equitySwapInvolved>
</transactionCoding>
<transactionAmounts><transactionShares><value>30000</value>
</transactionShares>
<transactionPricePerShare><value>1</value>
</transactionPricePerShare>
<transactionAcquiredDisposedCode><value>A</value>
</transactionAcquiredDisposedCode>
</transactionAmounts>
<exerciseDate><footnoteId id="F2"></footnoteId>
</exerciseDate>
<expirationDate><value>2013-03-14</value>
</expirationDate>
<underlyingSecurity><underlyingSecurityTitle><value>Common Stock</value>
</underlyingSecurityTitle>
<underlyingSecurityShares><value>30000</value>
</underlyingSecurityShares>
</underlyingSecurity>
<postTransactionAmounts><sharesOwnedFollowingTransaction><value>185902</value>
</sharesOwnedFollowingTransaction>
</postTransactionAmounts>
<ownershipNature><directOrIndirectOwnership><value>D</value>
</directOrIndirectOwnership>
</ownershipNature>
</derivativeTransaction>
<derivativeTransaction><securityTitle><value>Stock Option (right to buy)</value>
</securityTitle>
<conversionOrExercisePrice><value>3.21</value>
</conversionOrExercisePrice>
<transactionDate><value>2001-08-25</value>
</transactionDate>
<transactionCoding><transactionFormType>4</transactionFormType>
<transactionCode>A</transactionCode>
<equitySwapInvolved>0</equitySwapInvolved>
</transactionCoding>
<transactionAmounts><transactionShares><value>155902</value>
</transactionShares>
<transactionPricePerShare><value>3.21</value>
</transactionPricePerShare>
<transactionAcquiredDisposedCode><value>A</value>
</transactionAcquiredDisposedCode>
</transactionAmounts>
<exerciseDate><footnoteId id="F3"></footnoteId>
</exerciseDate>
<expirationDate><value>2010-08-25</value>
</expirationDate>
<underlyingSecurity><underlyingSecurityTitle><value>Common Stock </value>
</underlyingSecurityTitle>
<underlyingSecurityShares><value>155902</value>
</underlyingSecurityShares>
</underlyingSecurity>
<postTransactionAmounts><sharesOwnedFollowingTransaction><value>155902</value>
</sharesOwnedFollowingTransaction>
</postTransactionAmounts>
<ownershipNature><directOrIndirectOwnership><value>D</value>
</directOrIndirectOwnership>
</ownershipNature>
</derivativeTransaction>
</derivativeTable>
<footnotes><footnote id="F1">The option disposed vested and was exercisable on March 14, 2003 and was part of a larger option grant of 40,000 which shall be fully vested on March 14, 2006 (see footnote 2).</footnote>
<footnote id="F2">The option will vest and be exercisable in three equal installments on each of March 14, 2004, March 14, 2005 and March 14, 2006.</footnote>
<footnote id="F3">The option with respect to 39/48th of the shares has already vested and is exercisable, and it vests with respect to the remainder in equal monthly installments of 1/48th of the shares for the next nine months, becoming fully vested and exercisable on August 25, 2004.</footnote>
</footnotes>
<ownerSignature><signatureName>/s/ JoAnn B. Maltais</signatureName>
<signatureDate>2003-12-23</signatureDate>
</ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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