The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F COVER PAGE

OMB APPROVAL
OMB Number: 3235-0006
Expires: July 31, 2015
Estimated average burden
hours per response: 23.8

Report for the Calendar Year or Quarter Ended: 03-31-2022
Check here if Amendment   Amendment Number:
This Amendment (Check only one.):   is a restatement.
  adds new holdings entries.
Institutional Investment Manager Filing this Report:
Name: Aquilo Capital Management, LLC
Address: ONE LETTERMAN DRIVE
SUITE D4900, BUILDING D
SAN FRANCISCO , CA94129
Form 13F File Number: 028-18892

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

Person Signing this Report on Behalf of Reporting Manager:
Name: Tony Berta
Title: Chief Compliance Officer
Phone: 415-273-4228
Signature, Place, and Date of Signing:
Tony Berta San Francisco , CA 05-16-2022
[Signature] [City, State] [Date]
Report Type (Check only one.):
X 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.)
  13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported by other reporting manager(s).)
  13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)
Form 13F Summary Page
Report Summary:
Number of Other Included Managers: 0
Form 13F Information Table Entry Total: 14
Form 13F Information Table Value Total: 680,415
(thousands)
List of Other Managers Reporting for this Manager:
[If there are no entries in this list, omit this section.]
Form 13F File Number Name

List of Other Included Managers:
Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.
[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]
No. Form 13F File Number Name


SEC FORM 13F-HR

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

OMB APPROVAL
OMB Number: 3235-0006
Expires: July 31, 2015
Estimated average burden
hours per response: 23.8

COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
4D MOLECULAR THERAPEUTICS IN COM 35104E100 26,543 1,755,506 SH SOLE 1,755,506 0 0
AMRYT PHARMA PLC SPONSORED ADS 03217L106 13,563 1,640,000 SH SOLE 1,640,000 0 0
ARGENX SE SPONSORED ADR 04016X101 7,567 24,000 SH SOLE 24,000 0 0
ARROWHEAD PHARMACEUTICALS IN COM 04280A100 48,172 1,047,440 SH SOLE 1,047,440 0 0
ARVINAS INC COM 04335A105 46,790 695,247 SH SOLE 695,247 0 0
BLUEPRINT MEDICINES CORP COM 09627Y109 49,925 781,539 SH SOLE 781,539 0 0
GENMAB A/S SPONSORED ADS 372303206 6,060 167,500 SH SOLE 167,500 0 0
MERUS N V COM N5749R100 33,355 1,261,534 SH SOLE 1,261,534 0 0
PIERIS PHARMACEUTICALS INC COM 720795103 11,238 3,708,882 SH SOLE 3,708,882 0 0
REGENXBIO INC COM 75901B107 37,129 1,118,684 SH SOLE 1,118,684 0 0
SPDR S&P 500 ETF TR UNIT 78462F103 158,074 350,000 SH Put SOLE 0 0 350,000
SPDR S&P BIOTECH ETF TR UNIT 78464A870 179,760 2,000,000 SH Call SOLE 0 0 2,000,000
SPERO THERAPEUTICS INC COM 84833T103 45,949 5,281,504 SH SOLE 5,281,504 0 0
UNIQURE NV SHS N90064101 16,290 901,490 SH SOLE 901,490 0 0