<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0704</schemaVersion>

    <submissionType>D</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001261734</cik>
        <entityName>AEOLUS PHARMACEUTICALS, INC.</entityName>
        <issuerAddress>
            <street1>26361 CROWN VALLEY PARKWAY, SUITE 150</street1>
            <city>MISSION VIEJO</city>
            <stateOrCountry>CA</stateOrCountry>
            <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
            <zipCode>92691</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>9494819825</issuerPhoneNumber>
        <jurisdictionOfInc>DELAWARE</jurisdictionOfInc>
        <edgarPreviousNameList>
            <previousName>INCARA PHARMACEUTICALS CORP</previousName>
            <previousName>INCARA INC</previousName>
        </edgarPreviousNameList>
        <entityType>Corporation</entityType>
        <yearOfInc>
            <overFiveYears>true</overFiveYears>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>JOHN</firstName>
                <middleName>L.</middleName>
                <lastName>MCMANUS</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>C/O AEOLUS PHARMACEUTICALS</street1>
                <street2>26361 CROWN VALLEY PARKWAY, STE. 150</street2>
                <city>MISSION VIEJO</city>
                <stateOrCountry>CA</stateOrCountry>
                <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
                <zipCode>92691</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>BRIAN</firstName>
                <lastName>DAY</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>C/O AEOLUS PHARMACEUTICALS, INC.</street1>
                <street2>26361 CROWN VALLEY PARKWAY, STE. 150</street2>
                <city>MISSION VIEJO</city>
                <stateOrCountry>CA</stateOrCountry>
                <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
                <zipCode>92691</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>JOHN</firstName>
                <lastName>FARAH</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>C/O AEOLUS PHARMACEUTICALS, INC.</street1>
                <street2>26361 CROWN VALLEY PARKWAY, STE. 150</street2>
                <city>MISSION VIEJO</city>
                <stateOrCountry>CA</stateOrCountry>
                <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
                <zipCode>92691</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>DAVID</firstName>
                <lastName>CAVALIER</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>C/O AEOLUS PHARMACEUTICALS, INC.</street1>
                <street2>26361 CROWN VALLEY PARKWAY, STE. 150</street2>
                <city>MISSION VIEJO</city>
                <stateOrCountry>CA</stateOrCountry>
                <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
                <zipCode>92691</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>JOSEPH</firstName>
                <lastName>KRIVULKA</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>C/O AEOLUS PHARMACEUTICALS, INC.</street1>
                <street2>26361 CROWN VALLEY PARKWAY, STE. 150</street2>
                <city>MISSION VIEJO</city>
                <stateOrCountry>CA</stateOrCountry>
                <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
                <zipCode>92961</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>AMIT</firstName>
                <lastName>KUMAR</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>C/O AEOLUS PHARMACEUTICALS, INC.</street1>
                <street2>26361 CROWN VALLEY PARKWAY, STE. 150</street2>
                <city>MISSION VIEJO</city>
                <stateOrCountry>CA</stateOrCountry>
                <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
                <zipCode>92961</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>MICHAEL</firstName>
                <lastName>LEWIS</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>C/O AEOLUS PHARMACEUTICALS, INC.</street1>
                <street2>26361 CROWN VALLEY PARKWAY, STE. 150</street2>
                <city>MISSION VIEJO</city>
                <stateOrCountry>CA</stateOrCountry>
                <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
                <zipCode>92961</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>CHRIS</firstName>
                <lastName>RALLIS</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>C/O AEOLUS PHARMACEUTICALS, INC.</street1>
                <street2>26361 CROWN VALLEY PARKWAY, STE. 150</street2>
                <city>MISSION VIEJO</city>
                <stateOrCountry>CA</stateOrCountry>
                <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
                <zipCode>92961</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>PETER</firstName>
                <lastName>SUZDAK</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>C/O AEOLUS PHARMACEUTICALS, INC.</street1>
                <street2>26361 CROWN VALLEY PARKWAY, STE. 150</street2>
                <city>MISSION VIEJO</city>
                <stateOrCountry>CA</stateOrCountry>
                <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
                <zipCode>92961</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Pharmaceuticals</industryGroupType>
        </industryGroup>
        <issuerSize>
            <revenueRange>No Revenues</revenueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>false</isAmendment>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2010-08-11</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>false</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isEquityType>true</isEquityType>
            <isOptionToAcquireType>true</isOptionToAcquireType>
            <isSecurityToBeAcquiredType>true</isSecurityToBeAcquiredType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>0</minimumInvestmentAccepted>
        <salesCompensationList></salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>2000000</totalOfferingAmount>
            <totalAmountSold>1000000</totalAmountSold>
            <totalRemaining>1000000</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>2</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse></clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
            </grossProceedsUsed>
            <clarificationOfResponse></clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>AEOLUS PHARMACEUTICALS, INC.</issuerName>
                <signatureName>JOHN L. MCMANUS</signatureName>
                <nameOfSigner>JOHN L. MCMANUS</nameOfSigner>
                <signatureTitle>PRESIDENT AND CEO</signatureTitle>
                <signatureDate>2010-08-11</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
