FORM 3
 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
  Aquilo Capital Management, LLC
 2. Date of Event Requiring Statement (Month/Day/Year)
03/12/2020		 3. Issuer Name and Ticker or Trading Symbol
PIERIS PHARMACEUTICALS, INC. [PIRS]
(Last)
(First)
(Middle)
ONE LETTERMAN DRIVE, SUITE D4900, BUILDING D		 4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director __X__ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
5. If Amendment, Date Original Filed(Month/Day/Year)
(Street)

SAN FRANCISCO, CA 94129		 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Beneficially Owned
1.Title of Security
(Instr. 4)		 2. Amount of Securities Beneficially Owned
(Instr. 4)		 3. Ownership Form: Direct (D) or Indirect (I)
(Instr. 5)		 4. Nature of Indirect Beneficial Ownership
(Instr. 5)
Common Stock, $0.001 par value (1) 5,575,530
I
See footnotes (1)

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. SEC 1473 (7-02)
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Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 4)		 2. Date Exercisable and Expiration Date
(Month/Day/Year)		 3. Title and Amount of Securities Underlying Derivative Security
(Instr. 4)		 4. Conversion or Exercise Price of Derivative Security 5. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 5)		 6. Nature of Indirect Beneficial Ownership
(Instr. 5)
Date Exercisable Expiration Date Title Amount or Number of Shares
Warrants 11/04/2019(2) 11/04/2024(3) Common Stock, $0.001 par value 1,126,761 $ 7.1 I See footnotes (1)

Reporting Owners

Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
Aquilo Capital Management, LLC
ONE LETTERMAN DRIVE
SUITE D4900, BUILDING D
SAN FRANCISCO, CA 94129		     X    

Signatures

Aquilo Capital Management, LLC By: Managing Member /s/ Marc Schneidman 03/23/2020
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 5(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) The reporting persons are Aquilo Capital Management, LLC ("Aquilo") and Marc R. Schneidman. Aquilo is the general partner and investment adviser of investment funds that hold these securities directly for the benefit of their investors. Aquilo may be deemed to beneficially own such securities indirectly as the investment adviser and general partner of those funds, and Mr. Schneidman may be deemed to beneficially own them indirectly as the control person of Aquilo. Each of Aquilo and Mr. Schneidman disclaims beneficial ownership of such securities except to the extent of his or its pecuniary interest therein.
(2) The warrants are exercisable at any time, at the holder's election, except that the warrants may not be exercised if, after such exercise, the Reporting Person would beneficially own, as determined in accordance with Section13(d) of the Exchange Act, more than 9.99% of the number of shares of Common Stock then issued and outstanding.
(3) The warrants may expire earlier if the Issuer meets certain performance conditions.

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