-----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,
 Ge/n40WwrjIj0/W/HdtayRu+ekjs5ePuBjJN+ijF4SfuRQ1Dc0ewN672qR27Nj2l
 6I/TP8o5/0CFRy4N4XZzvQ==

<SEC-DOCUMENT>0001181431-04-003572.txt : 20040121
<SEC-HEADER>0001181431-04-003572.hdr.sgml : 20040121
<ACCEPTANCE-DATETIME>20040121144753
ACCESSION NUMBER:		0001181431-04-003572
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20040116
FILED AS OF DATE:		20040121

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			MARSELLA ROBERT
		CENTRAL INDEX KEY:			0001239647

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-24672
		FILM NUMBER:		04534877

	MAIL ADDRESS:	
		STREET 1:		C/O HOLLIS-EDEN PHARMACEUTICALS
		STREET 2:		4435 EASTGATE MALL STE.400
		CITY:			SAN DIEGO
		STATE:			CA
		ZIP:			92121

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HOLLIS EDEN PHARMACEUTICALS INC /DE/
		CENTRAL INDEX KEY:			0000899394
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				133697002
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		4435 EASTGATE MALL
		STREET 2:		SUITE 400
		CITY:			SAN DIEGO
		STATE:			CA
		ZIP:			92121
		BUSINESS PHONE:		858-587-9333

	MAIL ADDRESS:	
		STREET 1:		4435 EASTGATE MALL
		STREET 2:		SUITE 400
		CITY:			SAN DIEGO
		STATE:			CA
		ZIP:			92121

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INITIAL ACQUISITION CORP
		DATE OF NAME CHANGE:	19930329
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>rrd29729.xml
<DESCRIPTION>FORM 4 OPTIONS
<TEXT>
<XML>
<?xml version="1.0"?><ownershipDocument>
    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType><periodOfReport>2004-01-16</periodOfReport><notSubjectToSection16>0</notSubjectToSection16>
    <issuer>
        <issuerCik>0000899394</issuerCik>
        <issuerName>HOLLIS EDEN PHARMACEUTICALS INC /DE/</issuerName>
        <issuerTradingSymbol>HEPH</issuerTradingSymbol></issuer><reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001239647</rptOwnerCik>
            <rptOwnerName>MARSELLA ROBERT</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>4435 EASTGATE MALL, SUITE 400</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>SAN DIEGO</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>92121</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
<isDirector>0</isDirector><isOfficer>1</isOfficer><isTenPercentOwner>0</isTenPercentOwner><isOther>0</isOther><officerTitle>VP, Business Development</officerTitle></reportingOwnerRelationship></reportingOwner><derivativeTable><derivativeTransaction><securityTitle><value>Stock Options</value></securityTitle><conversionOrExercisePrice><value>14.97</value></conversionOrExercisePrice><transactionDate><value>2004-01-16</value></transactionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>A</transactionCode><equitySwapInvolved>0</equitySwapInvolved></transactionCoding><transactionAmounts><transactionShares><value>25000</value></transactionShares><transactionPricePerShare><value>0</value></transactionPricePerShare><transactionAcquiredDisposedCode><value>A</value></transactionAcquiredDisposedCode></transactionAmounts><exerciseDate><footnoteId id="F1"/></exerciseDate><expirationDate><value>2014-01-15</value></expirationDate><underlyingSecurity><underlyingSecurityTitle><value>Common 
Stock</value></underlyingSecurityTitle><underlyingSecurityShares><value>25000</value></underlyingSecurityShares></underlyingSecurity><postTransactionAmounts><sharesOwnedFollowingTransaction><value>25000</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership></ownershipNature></derivativeTransaction></derivativeTable><footnotes><footnote id="F1">Vesting:  1/4 of the shares will vest on 01/16/2005; and 1/48th of the shares will vest on the 16th day of each calendar month thereafter until fully vested.</footnote></footnotes><ownerSignature><signatureName>Robert W. Weber</signatureName><signatureDate>2004-01-21</signatureDate></ownerSignature></ownershipDocument>



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