Statement of Changes in Beneficial Ownership (4)

FORM 4 [ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response... 0.5
	Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940

1. Name and Address of Reporting Person * EHRLICH LEO	2. Issuer Name and Ticker or Trading Symbol Innovation Pharmaceuticals Inc. [ IPIX ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) __X__ Director                    _____ 10% Owner __X__ Officer (give title below)    _____ Other (specify below) CEO and Chairman
(Last)          (First)          (Middle) C/O INNOVATION PHARMACEUTICALS INC., 301 EDGEWATER PLACE - SUITE 100	3. Date of Earliest Transaction (MM/DD/YYYY) 2/23/2020
(Street) WAKEFIELD, MA 01880 (City)        (State)        (Zip)	4. If Amendment, Date Original Filed (MM/DD/YYYY)	6. Individual or Joint/Group Filing (Check Applicable Line) _X _ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security (Instr. 3)	2. Trans. Date	2A. Deemed Execution Date, if any	3. Trans. Code (Instr. 8)		4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	2/23/2020		A		500000	A	$0	7835002	D
Class A Common Stock	12/28/2020		F		7835002	D	$0.206	0	D
Class A Common Stock								2752310	I	By spouse

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Trans. Date	3A. Deemed Execution Date, if any	4. Trans. Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option	$0.10	2/23/2020		A		500000		2/23/2020	2/23/2030	Class A Common Stock	500000	$0	500000	D
Stock Option	$0.11	9/8/2020		M			2200000	12/30/2010	12/30/2020	Class B Common Stock	2200000	$0	13981820	D
Class B Common Stock	(1)	9/8/2020		M		2200000		(1)	(1)	Class A Common Stock	2200000	$0.11	4018180	D
Class B Common Stock	(1)	9/8/2020		F			412238	(1)	(1)	Class A Common Stock	412238	$0.22	3605942	D
Stock Option	$0.11	10/2/2020		M			909090	12/30/2010	12/30/2020	Class B Common Stock	909090	$0	13072730	D
Class B Common Stock	(1)	10/2/2020		M		909090		(1)	(1)	Class A Common Stock	909090	$0.11	4515032	D
Class B Common Stock	(1)	10/2/2020		F			181096	(1)	(1)	Class A Common Stock	181096	$0.22	4333936	D
Stock Option	$0.11	12/28/2020		M			13072730	12/30/2010	12/30/2020	Class B Common Stock	13072703	$0	0	D
Class B Common Stock	(1)	12/28/2020		M		13072730		(1)	(1)	Class A Common Stock	13072730	$0.11	17406666	D
Class B Common Stock	(1)	12/28/2020		F			1765203	(1)	(1)	Class A Common Stock	1765203	$0.206	15641463	D
Stock Option	$0.24	10/10/2021		A		1000000		10/10/2022	10/10/2031	Class A Common Stock	1000000	$0	1000000	D

Explanation of Responses:
(1)	The Class B Common Stock is convertible into Class A Common Stock at any time on a one-for-one basis, and has no expiration date.

Reporting Owners
Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
EHRLICH LEO C/O INNOVATION PHARMACEUTICALS INC. 301 EDGEWATER PLACE - SUITE 100 WAKEFIELD, MA 01880	X		CEO and Chairman

Signatures
/s/ Leo Ehrlich		9/28/2022
**Signature of Reporting Person		Date

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
*	If the form is filed by more than one reporting person, see Instruction 4(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).
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