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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
 QZPsoarhUn2uqYSChsTbalqQ2DU+KRN81nurpmtT3jJfeMzZ0OKCfeH3B52pBoVh
 S3QlbaBP0Xxp9SgZUTCLQg==

<SEC-DOCUMENT>0001179110-04-006421.txt : 20040322
<SEC-HEADER>0001179110-04-006421.hdr.sgml : 20040322
<ACCEPTANCE-DATETIME>20040322152100
ACCESSION NUMBER:		0001179110-04-006421
CONFORMED SUBMISSION TYPE:	4/A
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20040318
FILED AS OF DATE:		20040322

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

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			DJORDJEVIC BOSKO
		CENTRAL INDEX KEY:			0001067913

	FILING VALUES:
		FORM TYPE:		4/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-00497
		FILM NUMBER:		04682302

	BUSINESS ADDRESS:	
		STREET 1:		254 SOUTH LA CIEGRA BLVD
		STREET 2:		SUITE 215
		CITY:			BEVERLY HILLS
		STATE:			CA
		ZIP:			90211
		BUSINESS PHONE:		3102711598

	MAIL ADDRESS:	
		STREET 1:		254 SOUTH LA CIEGRA BLVD
		STREET 2:		SUITE 215
		CITY:			BEVERLY HILLS
		STATE:			CA
		ZIP:			90211
</SEC-HEADER>
<DOCUMENT>
<TYPE>4/A
<SEQUENCE>1
<FILENAME>edgar.xml
<DESCRIPTION>FORM 4/A -
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0201</schemaVersion>

    <documentType>4/A</documentType>

    <periodOfReport>2004-03-18</periodOfReport>

    <dateOfOriginalSubmission>2004-03-22</dateOfOriginalSubmission>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0000071478</issuerCik>
        <issuerName>LIPID SCIENCES INC/</issuerName>
        <issuerTradingSymbol>LIPD</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001067913</rptOwnerCik>
            <rptOwnerName>DJORDJEVIC BOSKO</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>264 SOUTH LA CIENGA BLVD., SUITE 215</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>BEVERLY HILLS</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>90211</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable></nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Stock Option (right to buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>5.07</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2004-03-18</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>80000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>5.07</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F1"/>
            </exerciseDate>
            <expirationDate>
                <value>2014-03-18</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>80000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>80000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">The option with respect to 1/3 of the shares has already vested, and it vests with respect to 1/3 of the shares on each of March 18, 2005 and March 18, 2006.</footnote>
    </footnotes>

    <remarks>This is being filed soly for the purpose of correcting the footnote.</remarks>

    <ownerSignature>
        <signatureName>/s/ Sandra Gardiner as Attorney-In-Fact on behalf of Bosko Djordjevic</signatureName>
        <signatureDate>2004-03-22</signatureDate>
    </ownerSignature>
</ownershipDocument>

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