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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>As filed with the Securities and Exchange Commission on May 13, 2020.</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:right;"><b>Registration No. 333-________</b></p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:18pt;margin:0pt;text-align:center;"><b>UNITED STATES<br>
SECURITIES AND EXCHANGE COMMISSION</b></p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: center;"><b>Washington, DC 20549</b></p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">&nbsp;</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 14pt; margin: 0pt; text-align: center;"><b>FORM S-8</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 14pt; margin: 0pt; text-align: center;"><b>REGISTRATION STATEM</b><b>ENT<br>
UNDER<br>
THE SECURITIES ACT OF 1933</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:12pt;margin:0pt;text-align:center;">&nbsp;</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:12pt;margin:0pt;text-align:center;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 14pt; margin: 0pt; text-align: center;"><b>DIFFUSION PHARMACEUTICALS INC.</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">(Exact name of Registrant as specified in its charter)</p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;text-align:center;"><b>&nbsp;</b></p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;text-align:center;"><b>Delaware</b></p>
			</td>
			<td style="vertical-align: top; width: 44%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>1317 Carlton Avenue, Suite 200</b></p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Charlottesville, VA 22902</b></p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>(434) 220-0718</b></p>
			</td>
			<td style="vertical-align: top; width: 28%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>&nbsp;</b></p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>30-0645032</b></p>
			</td>
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			<td style="vertical-align: top; width: 28%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">(State of Incorporation)</p>
			</td>
			<td nowrap="true" style="vertical-align: top; width: 44%; padding: 0px;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">(Address, including zip code, and telephone number, including</p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">area code, of registrant&#8217;s principal executive offices)</p>
			</td>
			<td style="vertical-align: top; width: 28%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">(I.R.S. Employer<br>
			Identification No.)</p>
			</td>
		</tr>

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<p style="margin: 0pt;">&nbsp;</p>

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			<td colspan="3" style="vertical-align: top; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 14pt;">
			<p style="font-family: &quot;Times New Roman&quot;; font-size: 14pt; margin: 0pt; text-align: center;"><b>&nbsp;DIFFUSION PHARMACEUTICALS INC.</b></p>

			<p style="font-family: &quot;Times New Roman&quot;; font-size: 14pt; margin: 0pt; text-align: center;"><b>2015 EQUITY INCENTIVE PLAN, AS AMENDED</b></p>
			</td>
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<p style="margin: 0pt; text-align: center;">(Full Title of the Plan)&nbsp;</p>

<p style="margin: 0pt;">&nbsp;</p>

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			<td colspan="3" style="vertical-align:top;width:100%;">&nbsp;</td>
		</tr>
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			<td colspan="3" style="vertical-align:top;width:100%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>David G. Kalergis</b></p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Chief Executive Officer</b></p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>1317 Carlton Avenue, Suite 200</b></p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>(434) 220-0718</b></p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">(Name, address including zip code, and telephone number, including area code, of agent for service)</p>
			</td>
		</tr>
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			<td colspan="3" style="vertical-align:top;width:100%;">&nbsp;</td>
		</tr>
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			<td colspan="3" style="vertical-align:top;width:100%;">&nbsp;</td>
		</tr>
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			<td colspan="3" style="vertical-align:top;width:100%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">With a Copy to:</p>
			</td>
		</tr>
		<tr>
			<td colspan="3" style="vertical-align:top;width:100%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">David S. Rosenthal, Esq.<br>
			Dechert LLP<br>
			Three Bryant Park<br>
			New York, New York 10036<br>
			(212) 698-3500</p>
			</td>
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<p style="margin: 0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. &nbsp;See the definitions of &#8220;large accelerated filer,&#8221; &#8220;accelerated filer,&#8221; &#8220;smaller reporting company&#8221;&nbsp;and &#8220;emerging growth company&#8221;&nbsp;in Rule 12b-2 of the Exchange Act.</p>

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			<td style="width: 50%;">Large accelerated filer&nbsp;&nbsp;&#9744;</td>
			<td style="width: 50%;">Accelerated filer&nbsp;&nbsp;&#9744;</td>
		</tr>
		<tr>
			<td>Non-accelerated filer&nbsp;&nbsp;&#9746;</td>
			<td>Smaller reporting company&nbsp;&#9746;</td>
		</tr>
		<tr>
			<td>&nbsp;</td>
			<td>Emerging Growth Company&nbsp;&nbsp;&#9744;</td>
		</tr>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. &#9744;</p>

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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>CALCULATION OF REGISTRATION FEE</b><b>&nbsp;</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

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		<tr>
			<td colspan="9" style="vertical-align: bottom; width: 100%; border-bottom: 3px double black;">
			<p style="font-size:1pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: bottom; width: 44%; border-bottom: 1px solid black;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Title Of&nbsp;Securities</p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">To Be Registered</p>
			</td>
			<td style="vertical-align: bottom; width: 1%; border-bottom: 1px solid black; border-left: 1px solid black;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
			<td style="vertical-align: bottom; width: 13%; border-bottom: 1px solid black;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Amount</p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">To Be Registered<sup style="vertical-align:top;line-height:120%;font-size:pt">(1</sup><sup style="vertical-align:top;line-height:120%;font-size:pt">)</sup></p>
			</td>
			<td style="vertical-align: bottom; width: 1%; border-bottom: 1px solid black; border-left: 1px solid black;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
			<td style="vertical-align: bottom; width: 13%; border-bottom: 1px solid black;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Proposed</p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Maximum Offering<br>
			Price Per Share</p>
			</td>
			<td style="vertical-align: bottom; width: 1%; border-bottom: 1px solid black; border-left: 1px solid black;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
			<td style="vertical-align: bottom; width: 13%; border-bottom: 1px solid black;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Proposed</p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Maximum</p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Aggregate</p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Offering Price</p>
			</td>
			<td style="vertical-align: bottom; width: 1%; border-bottom: 1px solid black; border-left: 1px solid black;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
			<td style="vertical-align: bottom; width: 13%; border-bottom: 1px solid black;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Amount Of<br>
			Registration Fee</p>
			</td>
		</tr>
		<tr style="background-color: rgb(204, 238, 255);">
			<td style="vertical-align: top; width: 44%; border-bottom: 1px solid black;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:10pt;margin-right:0pt;margin-top:0pt;text-align:left;text-indent:-10pt;">Common Stock, par value $0.001 per share<sup style="vertical-align:top;line-height:120%;font-size:pt">(2</sup><sup style="vertical-align:top;line-height:120%;font-size:pt">)</sup></p>
			</td>
			<td style="vertical-align: bottom; width: 1%; border-bottom: 1px solid black; border-left: 1px solid black;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
			<td style="vertical-align: bottom; width: 13%; border-bottom: 1px solid black;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">971,600</p>
			</td>
			<td style="vertical-align: bottom; width: 1%; border-bottom: 1px solid black; border-left: 1px solid black;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
			<td style="vertical-align: bottom; width: 13%; border-bottom: 1px solid black;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">$0.47<sup style="vertical-align:top;line-height:120%;font-size:pt">(4</sup><sup style="vertical-align:top;line-height:120%;font-size:pt">)</sup></p>
			</td>
			<td style="vertical-align: bottom; width: 1%; border-bottom: 1px solid black; border-left: 1px solid black;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
			<td style="vertical-align: bottom; width: 13%; border-bottom: 1px solid black;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">$456,652.00<sup style="vertical-align:top;line-height:120%;font-size:pt">(</sup><sup style="vertical-align:top;line-height:120%;font-size:pt">4</sup><sup style="vertical-align:top;line-height:120%;font-size:pt">)</sup></p>
			</td>
			<td style="vertical-align: bottom; width: 1%; border-bottom: 1px solid black; border-left: 1px solid black;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
			<td style="vertical-align: bottom; width: 13%; border-bottom: 1px solid black;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">$59.27</p>
			</td>
		</tr>
		<tr style="background-color: rgb(255, 255, 255);">
			<td style="vertical-align: top; width: 44%; border-bottom: 1px solid black;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:10pt;margin-right:0pt;margin-top:0pt;text-align:left;text-indent:-10pt;">Common Stock, par value $0.001 per share<sup style="vertical-align:top;line-height:120%;font-size:pt">(3</sup><sup style="vertical-align:top;line-height:120%;font-size:pt">)</sup></p>
			</td>
			<td style="vertical-align: bottom; width: 1%; border-bottom: 1px solid black; border-left: 1px solid black;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 13%; border-bottom: 1px solid black;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">367,615</p>
			</td>
			<td style="vertical-align: bottom; width: 1%; border-bottom: 1px solid black; border-left: 1px solid black;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 13%; border-bottom: 1px solid black;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">$0.87<sup style="vertical-align:top;line-height:120%;font-size:pt">(5</sup><sup style="vertical-align:top;line-height:120%;font-size:pt">)</sup></p>
			</td>
			<td style="vertical-align: bottom; width: 1%; border-bottom: 1px solid black; border-left: 1px solid black;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 13%; border-bottom: 1px solid black;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">$319,825.05<sup style="vertical-align:top;line-height:120%;font-size:pt"> </sup><sup style="vertical-align:top;line-height:120%;font-size:pt">(5</sup><sup style="vertical-align:top;line-height:120%;font-size:pt">)</sup></p>
			</td>
			<td style="vertical-align: bottom; width: 1%; border-bottom: 1px solid black; border-left: 1px solid black;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 13%; border-bottom: 1px solid black;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">$41.51</p>
			</td>
		</tr>
		<tr style="background-color: rgb(204, 238, 255);">
			<td style="vertical-align: top; width: 44%; border-bottom: 3px double black;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 19pt; text-align: left; text-indent: -10pt;">Total</p>
			</td>
			<td style="vertical-align: bottom; width: 1%; border-bottom: 3px double black; border-left: 1px solid black;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 13%; border-bottom: 3px double black;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">1,339,215</p>
			</td>
			<td style="vertical-align: bottom; width: 1%; border-bottom: 3px double black; border-left: 1px solid black;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 13%; border-bottom: 3px double black;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">--</p>
			</td>
			<td style="vertical-align: bottom; width: 1%; border-bottom: 3px double black; border-left: 1px solid black;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 13%; border-bottom: 3px double black;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">$776,477.05</p>
			</td>
			<td style="vertical-align: bottom; width: 1%; border-bottom: 3px double black; border-left: 1px solid black;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 13%; border-bottom: 3px double black;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">$100.78</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

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			<td style="width: 18pt;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">(1)</p>
			</td>
			<td>
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">This Registration Statement relates to 1,339,215 shares of common stock of Diffusion Pharmaceuticals Inc. (the &#8220;Registrant&#8221;) not previously registered and available for issuance under the Registrant&#8217;s 2015 Equity Incentive Plan, as amended (the &#8220;Plan&#8221;). Pursuant to Rule 416 of the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;), this Registration Statement shall also cover any additional shares of the Registrant&#8217;s common stock which become issuable under the Plan pursuant to this Registration Statement by reason of any stock dividend, stock split, recapitalization or any other similar transaction effected without the receipt of consideration which results in an increase in the number of the Registrant&#8217;s outstanding shares of common stock.</p>
			</td>
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			<td style="width: 18pt;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">(2)</p>
			</td>
			<td>
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Represents shares of the Registrant&#8217;s common stock not previously registered and subject to awards outstanding under the Plan.</p>
			</td>
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			<td style="width: 18pt;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">(3)</p>
			</td>
			<td>
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Represents shares of the Registrant&#8217;s common stock not previously registered and available for issuance under the Plan.</p>
			</td>
		</tr>
		<tr style="vertical-align: top;">
			<td style="width: 18pt;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">(4)</p>
			</td>
			<td>
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">The Proposed Maximum Offering Price Per Share and Proposed Maximum Aggregate Offering Price have been calculated solely for purposes of determining the registration fee for this offering under Rule 457(h) of the Securities Act and based on the weighted average exercise price of the awards outstanding under the Plan.</p>
			</td>
		</tr>
		<tr style="vertical-align: top;">
			<td style="width: 18pt;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">(5)</p>
			</td>
			<td>
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">The Proposed Maximum Offering Price Per Share and Proposed Maximum Aggregate Offering Price have been calculated solely for purposes of determining the registration fee for this offering under Rule 457(c) and (h)&nbsp;of the Securities Act of 1933 on the basis of the average of the high and low selling price per share of common stock of the Registrant on May 12, 2020, as reported by the Nasdaq Capital Market.</p>
			</td>
		</tr>

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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>REGISTRATION OF ADDITIONAL SHARES PURSUANT TO GENERAL INSTRUCTION E</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">Pursuant to General Instruction E of Form S-8, the Registrant is filing this Registration Statement with the Commission to register 1,339,215 additional shares of the Registrant&#8217;s common stock under the Plan, all of which are related to an automatic increase in the number of shares reserved for issuance under the Plan on January 1, 2020 pursuant to the provisions thereof. This Registration Statement hereby incorporates by reference the contents of the Registrant's registration statements on Form S-8 filed with the Commission on each of August 14, 2015 (Registration No. 333-206408), May 17, 2017 (Registration No. 333-218060), August 10, 2018 (Registration No. 333-226782) and August 20, 2019 (Registration No. 333-233381) (collectively, the &#8220;Previous Registration Statements&#8221;). The additional shares are of the same class as other securities relating to the Plan for which the Registrant&#8217;s registration statements on Form S-8 were filed with the Commission on each of the Previous Registration Statements.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>PART&nbsp;I</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>INFORMATION REQUIRED IN SECTION&nbsp;10(a)&nbsp;PROSPECTUS</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">Information required in Part&nbsp;I of Form&nbsp;S-8 to be contained in a prospectus meeting the requirements of Section&nbsp;10(a)&nbsp;of the Securities Act is not required to be filed with the Commission and is omitted from this Registration Statement in accordance with the explanatory note to Part&nbsp;I of Form&nbsp;S-8 and Rule&nbsp;428 under the Securities Act.&nbsp; The documents containing the information specified in Part&nbsp;I of Form&nbsp;S-8 will be sent or given to directors, officers, employees and consultants as specified by Rule&nbsp;428(b)(1)&nbsp;of the Securities Act.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>PART II</b></p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</b></p>

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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Item 3.</b></p>
			</td>
			<td>
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Incorporation of Documents by Reference.</b></p>
			</td>
		</tr>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">The Registrant is registering additional securities under the Plan covered hereby for which the Previous Registration Statements are currently effective.&nbsp; This registration statement is filed solely to register an additional 1,339,215 additional shares of the Registrant&#8217;s common stock for issuance under the Plan. Pursuant to General Instruction E to Form&nbsp;S-8, this Registration Statement hereby incorporates by reference the contents of the Previous Registration Statements, including periodic reports that the Company filed with the Commission pursuant to the Exchange Act.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>&nbsp;</b></p>

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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><font style="font-family:Times New Roman;font-size:10pt;"><b>Item 8. </b></font></p>
			</td>
			<td>
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"><b>Exhibits.</b></p>
			</td>
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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">See the attached Exhibit Index, which is incorporated herein by reference.</p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

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<div class="hf-cell TOCLink">&nbsp;</div>
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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:198pt;margin-right:0pt;margin-top:0pt;text-align:justify;text-indent:-18pt;"><b>EXHIBIT INDEX</b></p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

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		<tr>
			<td nowrap="true" style="vertical-align: top; width: 12%; padding: 0px;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><u>Exhibit Number</u></p>
			</td>
			<td style="vertical-align: top; width: 3%;">&nbsp;</td>
			<td style="vertical-align: top; width: 85%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><u>Description</u></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 12%;">&nbsp;</td>
			<td style="vertical-align: top; width: 3%;">&nbsp;</td>
			<td style="vertical-align: top; width: 85%;">&nbsp;</td>
		</tr>
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			<td style="vertical-align: top; width: 12%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">4.1</p>
			</td>
			<td style="vertical-align: top; width: 3%;">&nbsp;</td>
			<td style="vertical-align: top; width: 85%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><a href="http://www.sec.gov/Archives/edgar/data/1053691/000143774919005256/ex_137220.htm" style="-sec-extract:exhibit;">Certificate of Incorporation of Diffusion Pharmaceuticals Inc., as amended (incorporated by reference to Exhibit 3.1 to the Registrant&#8217;s Annual Report on Form 10-K for the year ended December 31, 2018 (File No. 001-37942), filed March 19, 2019). (https://www.sec.gov/Archives/edgar/data/1053691/000143774919005256/ex_137220.htm)</a></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 12%;">&nbsp;</td>
			<td style="vertical-align: top; width: 3%;">&nbsp;</td>
			<td style="vertical-align: top; width: 85%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 12%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">4.2</p>
			</td>
			<td style="vertical-align: top; width: 3%;">&nbsp;</td>
			<td style="vertical-align: top; width: 85%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><a href="http://www.sec.gov/Archives/edgar/data/1053691/000143774916028395/ex3-4.htm" style="-sec-extract:exhibit;">Bylaws of Diffusion Pharmaceuticals Inc., as amended (incorporated by reference to Exhibit 3.4 to the Registrant&#8217;s Annual Report on Form 10-K for the year ended December 31, 2015 (File No. 001-24477), filed March 25, 2016). (https://www.sec.gov/Archives/edgar/data/1053691/000143774916028395/ex3-4.htm)</a></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 12%;">&nbsp;</td>
			<td style="vertical-align: top; width: 3%;">&nbsp;</td>
			<td style="vertical-align: top; width: 85%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 12%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">4.3</p>
			</td>
			<td style="vertical-align: top; width: 3%;">&nbsp;</td>
			<td style="vertical-align: top; width: 85%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><a href="http://www.sec.gov/Archives/edgar/data/1053691/000110465915046210/a15-14238_1ex10d2.htm" style="-sec-extract:exhibit;">Diffusion Pharmaceuticals Inc. 2015 Equity Incentive Plan (incorporated by reference to Exhibit 10.2 to the Registrant&#8217;s Current Report on Form 8-K (File No. 001-24477) as filed on June 18, 2015). (https://www.sec.gov/Archives/edgar/data/1053691/000110465915046210/a15-14238_1ex10d2.htm)</a></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 12%;">&nbsp;</td>
			<td style="vertical-align: top; width: 3%;">&nbsp;</td>
			<td style="vertical-align: top; width: 85%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 12%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">4.4</p>
			</td>
			<td style="vertical-align: top; width: 3%;">&nbsp;</td>
			<td style="vertical-align: top; width: 85%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><a href="http://www.sec.gov/Archives/edgar/data/1053691/000143774916033633/dffn20160607_def14a.htm" style="-sec-extract:exhibit;">Amendment No. 1 to Diffusion Pharmaceuticals Inc. 2015 Equity Incentive Plan (incorporated by reference to Appendix B to the Registrant&#8217;s Definitive Proxy Statement (File No. 001-24477) on Schedule 14A filed on June 10, 2016). (https://www.sec.gov/Archives/edgar/data/1053691/000143774916033633/dffn20160607_def14a.htm)</a></p>
			</td>
		</tr>
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			<td style="vertical-align: top; width: 12%;">&nbsp;</td>
			<td style="vertical-align: top; width: 3%;">&nbsp;</td>
			<td style="vertical-align: top; width: 85%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 12%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">4.5</p>
			</td>
			<td style="vertical-align: top; width: 3%;">&nbsp;</td>
			<td style="vertical-align: top; width: 85%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><a href="http://www.sec.gov/Archives/edgar/data/1053691/000110465915046210/a15-14238_1ex10d3.htm" style="-sec-extract:exhibit;">Form of 2015 Incentive Stock Option Agreement under the Diffusion Pharmaceuticals Inc. 2015 Equity Incentive Plan (incorporated by reference to Exhibit 10.7 to the Registrant&#8217;s Annual Report on Form 10-K for the year ended December 31,&nbsp;2016 (File No. 001-37942), filed March 31, 2017). (https://www.sec.gov/Archives/edgar/data/1053691/000110465915046210/a15-14238_1ex10d3.htm)</a></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 12%;">&nbsp;</td>
			<td style="vertical-align: top; width: 3%;">&nbsp;</td>
			<td style="vertical-align: top; width: 85%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 12%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">4.6</p>
			</td>
			<td style="vertical-align: top; width: 3%;">&nbsp;</td>
			<td style="vertical-align: top; width: 85%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><a href="http://www.sec.gov/Archives/edgar/data/1053691/000110465915046210/a15-14238_1ex10d4.htm" style="-sec-extract:exhibit;">Form of 2015 Non-Statutory Stock Option Agreement under the Diffusion Pharmaceuticals Inc. 2015 Equity Incentive Plan (incorporated by reference to Exhibit 10.8 to the Registrant&#8217;s Annual Report on Form 10-K for the year ended December 31,&nbsp;2016 (File No. 001-37942), filed March 31, 2017). (https://www.sec.gov/Archives/edgar/data/1053691/000110465915046210/a15-14238_1ex10d4.htm)</a></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 12%;">&nbsp;</td>
			<td style="vertical-align: top; width: 3%;">&nbsp;</td>
			<td style="vertical-align: top; width: 85%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 12%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">4.7</p>
			</td>
			<td style="vertical-align: top; width: 3%;">&nbsp;</td>
			<td style="vertical-align: top; width: 85%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><a href="http://www.sec.gov/Archives/edgar/data/1053691/000143774918006050/ex_108103.htm" style="-sec-extract:exhibit;">Form of Diffusion Pharmaceuticals Inc. Stock Option Award Agreement (incorporated by reference to Exhibit 10.5 to the Registrant&#8217;s Annual Report on Form 10-K for the year ended December 31, 2017 (File No. 000-24477), filed April 2, 2018). (https://www.sec.gov/Archives/edgar/data/1053691/000143774918006050/ex_108103.htm)</a></p>
			</td>
		</tr>

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<p style="margin: 0pt;">&nbsp;</p>

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			<td style="vertical-align: top; width: 12%;"><u>Exhibit Number</u></td>
			<td style="vertical-align: top; width: 3%;">&nbsp;</td>
			<td style="vertical-align: top; width: 85%;"><u>Description</u></td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 12%;">&nbsp;</td>
			<td style="vertical-align: top; width: 3%;">&nbsp;</td>
			<td style="vertical-align: top; width: 85%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 12%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">5.1</p>
			</td>
			<td style="vertical-align: top; width: 3%;">&nbsp;</td>
			<td style="vertical-align: top; width: 85%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><a href="ex_182329.htm" style="-sec-extract:exhibit;">Opinion of Dechert LLP (counsel to the Registrant) as to the legality of the securities being registered.&nbsp;</a></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 12%;">&nbsp;</td>
			<td style="vertical-align: top; width: 3%;">&nbsp;</td>
			<td style="vertical-align: top; width: 85%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 12%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">23.1</p>
			</td>
			<td style="vertical-align: top; width: 3%;">&nbsp;</td>
			<td style="vertical-align: top; width: 85%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><a href="ex_182330.htm" style="-sec-extract:exhibit;">Consent of KPMG LLP</a></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 12%;">&nbsp;</td>
			<td style="vertical-align: top; width: 3%;">&nbsp;</td>
			<td style="vertical-align: top; width: 85%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 12%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">23.2</p>
			</td>
			<td style="vertical-align: top; width: 3%;">&nbsp;</td>
			<td style="vertical-align: top; width: 85%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><a href="ex_182329.htm" style="-sec-extract:exhibit;">Consent of Dechert LLP (included in Exhibit 5.1 hereto).</a></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 12%;">&nbsp;</td>
			<td style="vertical-align: top; width: 3%;">&nbsp;</td>
			<td style="vertical-align: top; width: 85%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 12%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">24.1</p>
			</td>
			<td style="vertical-align: top; width: 3%;">&nbsp;</td>
			<td style="vertical-align: top; width: 85%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><a href="#poa" style="-sec-extract:exhibit;">Power of Attorney (included in the signature page to this Registration Statement).</a></p>
			</td>
		</tr>

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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

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<div class="hf-cell PGNUM">&nbsp;</div>
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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>SIGNATURES</b></p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;"><i>The Registrant</i>. Pursuant to the requirements of the Securities Act, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement on Form S-8 to be signed on its behalf by the undersigned, thereunto duly authorized, in the city of Charlottesville, Commonwealth of Virginia, on this 13th day of May, 2020.</p>

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			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
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			<p style="margin-top: 0; margin-bottom: 0;">DIFFUSION PHARMACEUTICALS INC.</p>
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			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
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			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">By: </font></p>
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			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">/s/&nbsp;</font>David G. Kalergis</p>
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			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
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			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
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			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
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			<p style="margin-top: 0; margin-bottom: 0;">David G. Kalergis</p>
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			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
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			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
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			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
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			<p style="margin-top: 0; margin-bottom: 0;">Chief Executive Officer</p>
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			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
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			<td valign="top" width="50%">&nbsp;</td>
			<td valign="top" width="3%">&nbsp;</td>
			<td valign="top" width="35%">(Principal Executive Officer)</td>
			<td valign="top" width="12%">&nbsp;</td>
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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:50.7%;margin-top:0pt;text-align:left;">&nbsp;</p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><a id="poa" name="poa" title="poa"></a>POWER OF ATTORNEY</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">KNOWN TO ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints David G. Kalergis, Chief Executive Officer and Chairman of Diffusion Pharmaceuticals Inc. and William Hornung, Chief Financial Officer of Diffusion Pharmaceuticals Inc., or either of them, his true and lawful attorneys-in-fact and agents, each of whom may act alone, with full powers of substitution and resubstitution, for him and in his name, place and stead, in any and all capacities, to sign any or all amendments to this Registration Statement, including post-effective amendments to this Registration Statement and registration statements filed pursuant to Rule 429 under the Securities Act, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Commission, granting unto said attorneys-in-fact and agents, and each of them full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he might or could do in person, and hereby ratifies and confirms all his said attorneys-in-fact and agents or any of them or his substitute or substitutes may lawfully do or cause to be done by virtue hereof.</p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">This Power of Attorney may be executed in multiple counterparts, each of which shall be deemed an original, but which taken together shall constitute one instrument. Pursuant to the requirements of the Securities Act, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated.</p>

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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b><u>Title</u></b></p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b><u>Date</u></b></p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">/s/ David G. Kalergis</p>
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			<td style="vertical-align:top;width:46.3%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Chief Executive Officer and Chairman (Principal</p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Executive Officer)</p>
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			<td style="vertical-align:top;width:17%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">May 13, 2020</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">David G. Kalergis</p>
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			<td style="vertical-align:top;width:46.3%;">&nbsp;</td>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">/s/ William Hornung</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Chief Financial Officer (Principal Financial</p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Officer and Accounting Officer)</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">May 13, 2020</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">William Hornung</p>
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			<td style="vertical-align:top;width:46.3%;">&nbsp;</td>
			<td style="vertical-align:top;width:17%;">&nbsp;</td>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">/s/ Robert Adams</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Director</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">May 13, 2020</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 5.05pt;text-align:center;text-indent:-5.05pt;">Robert Adams</p>
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			<td style="vertical-align:top;width:17%;">&nbsp;</td>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">/s/ Robert J. Cobuzzi</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Director</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">May 13, 2020</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 5.05pt;text-align:center;text-indent:-5.05pt;">Robert J. Cobuzzi</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Director</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">May 13, 2020</p>
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			<td style="vertical-align: top; width: 36.6%; text-align: center;">John L. Gainer</td>
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			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 5.05pt; text-indent: -5.05pt;">/s/ Mark T. Giles</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Director</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">May 13, 2020</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 5.05pt;text-align:center;text-indent:-5.05pt;">Mark T. Giles</p>
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			<td style="vertical-align:top;width:17%;">&nbsp;</td>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">/s/ Alan Levin</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Director</p>
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			<td style="vertical-align:top;width:17%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">May 13, 2020</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:5.05pt;margin-top:0pt;text-align:center;">Alan Levin</p>
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dffn20200422_s8.htm
As filed with the Securities and Exchange Commission on May 13, 2020.
Registration No. 333-________
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM S-8
REGISTRATION STATEM
ENT
UNDER
THE SECURITIES ACT OF 1933
DIFFUSION PHARMACEUTICALS INC.
(Exact name of Registrant as specified in its charter)
Delaware
1317 Carlton Avenue, Suite 200
Charlottesville, VA 22902
(434) 220-0718
30-0645032
(State of Incorporation)
(Address, including zip code, and telephone number, including
area code, of registrant's principal executive offices)
(I.R.S. Employer
Identification No.)
DIFFUSION PHARMACEUTICALS INC.
2015 EQUITY INCENTIVE PLAN, AS AMENDED
(Full Title of the Plan)
David G. Kalergis
Chief Executive Officer
1317 Carlton Avenue, Suite 200
(434) 220-0718
(Name, address including zip code, and telephone number, including area code, of agent for service)
With a Copy to:
David S. Rosenthal, Esq.
Dechert LLP
Three Bryant Park
New York, New York 10036
(212) 698-3500
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company.  See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer  ☐
Accelerated filer  ☐
Non-accelerated filer  ☒
Smaller reporting company ☒
Emerging Growth Company  ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐
CALCULATION OF REGISTRATION FEE
Title Of Securities
To Be Registered
Amount
To Be Registered
(1
)
Proposed
Maximum Offering
Price Per Share
Proposed
Maximum
Aggregate
Offering Price
Amount Of
Registration Fee
Common Stock, par value $0.001 per share
(2
)
971,600
$0.47
(4
)
$456,652.00
(
4
)
$59.27
Common Stock, par value $0.001 per share
(3
)
367,615
$0.87
(5
)
$319,825.05
(5
)
$41.51
Total
1,339,215
--
$776,477.05
$100.78
(1)
This Registration Statement relates to 1,339,215 shares of common stock of Diffusion Pharmaceuticals Inc. (the "Registrant") not previously registered and available for issuance under the Registrant's 2015 Equity Incentive Plan, as amended (the "Plan"). Pursuant to Rule 416 of the Securities Act of 1933, as amended (the "Securities Act"), this Registration Statement shall also cover any additional shares of the Registrant's common stock which become issuable under the Plan pursuant to this Registration Statement by reason of any stock dividend, stock split, recapitalization or any other similar transaction effected without the receipt of consideration which results in an increase in the number of the Registrant's outstanding shares of common stock.
(2)
Represents shares of the Registrant's common stock not previously registered and subject to awards outstanding under the Plan.
(3)
Represents shares of the Registrant's common stock not previously registered and available for issuance under the Plan.
(4)
The Proposed Maximum Offering Price Per Share and Proposed Maximum Aggregate Offering Price have been calculated solely for purposes of determining the registration fee for this offering under Rule 457(h) of the Securities Act and based on the weighted average exercise price of the awards outstanding under the Plan.
(5)
The Proposed Maximum Offering Price Per Share and Proposed Maximum Aggregate Offering Price have been calculated solely for purposes of determining the registration fee for this offering under Rule 457(c) and (h) of the Securities Act of 1933 on the basis of the average of the high and low selling price per share of common stock of the Registrant on May 12, 2020, as reported by the Nasdaq Capital Market.
- 2 -
REGISTRATION OF ADDITIONAL SHARES PURSUANT TO GENERAL INSTRUCTION E
Pursuant to General Instruction E of Form S-8, the Registrant is filing this Registration Statement with the Commission to register 1,339,215 additional shares of the Registrant's common stock under the Plan, all of which are related to an automatic increase in the number of shares reserved for issuance under the Plan on January 1, 2020 pursuant to the provisions thereof. This Registration Statement hereby incorporates by reference the contents of the Registrant's registration statements on Form S-8 filed with the Commission on each of August 14, 2015 (Registration No. 333-206408), May 17, 2017 (Registration No. 333-218060), August 10, 2018 (Registration No. 333-226782) and August 20, 2019 (Registration No. 333-233381) (collectively, the "Previous Registration Statements"). The additional shares are of the same class as other securities relating to the Plan for which the Registrant's registration statements on Form S-8 were filed with the Commission on each of the Previous Registration Statements.
PART I
INFORMATION REQUIRED IN SECTION 10(a) PROSPECTUS
Information required in Part I of Form S-8 to be contained in a prospectus meeting the requirements of Section 10(a) of the Securities Act is not required to be filed with the Commission and is omitted from this Registration Statement in accordance with the explanatory note to Part I of Form S-8 and Rule 428 under the Securities Act.  The documents containing the information specified in Part I of Form S-8 will be sent or given to directors, officers, employees and consultants as specified by Rule 428(b)(1) of the Securities Act.
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3.
Incorporation of Documents by Reference.
The Registrant is registering additional securities under the Plan covered hereby for which the Previous Registration Statements are currently effective.  This registration statement is filed solely to register an additional 1,339,215 additional shares of the Registrant's common stock for issuance under the Plan. Pursuant to General Instruction E to Form S-8, this Registration Statement hereby incorporates by reference the contents of the Previous Registration Statements, including periodic reports that the Company filed with the Commission pursuant to the Exchange Act.
Item 8.
Exhibits.
See the attached Exhibit Index, which is incorporated herein by reference.
EXHIBIT INDEX
Exhibit Number
Description
4.1
Certificate of Incorporation of Diffusion Pharmaceuticals Inc., as amended (incorporated by reference to Exhibit 3.1 to the Registrant's Annual Report on Form 10-K for the year ended December 31, 2018 (File No. 001-37942), filed March 19, 2019). (https://www.sec.gov/Archives/edgar/data/1053691/000143774919005256/ex_137220.htm)
4.2
Bylaws of Diffusion Pharmaceuticals Inc., as amended (incorporated by reference to Exhibit 3.4 to the Registrant's Annual Report on Form 10-K for the year ended December 31, 2015 (File No. 001-24477), filed March 25, 2016). (https://www.sec.gov/Archives/edgar/data/1053691/000143774916028395/ex3-4.htm)
4.3
Diffusion Pharmaceuticals Inc. 2015 Equity Incentive Plan (incorporated by reference to Exhibit 10.2 to the Registrant's Current Report on Form 8-K (File No. 001-24477) as filed on June 18, 2015). (https://www.sec.gov/Archives/edgar/data/1053691/000110465915046210/a15-14238_1ex10d2.htm)
4.4
Amendment No. 1 to Diffusion Pharmaceuticals Inc. 2015 Equity Incentive Plan (incorporated by reference to Appendix B to the Registrant's Definitive Proxy Statement (File No. 001-24477) on Schedule 14A filed on June 10, 2016). (https://www.sec.gov/Archives/edgar/data/1053691/000143774916033633/dffn20160607_def14a.htm)
4.5
Form of 2015 Incentive Stock Option Agreement under the Diffusion Pharmaceuticals Inc. 2015 Equity Incentive Plan (incorporated by reference to Exhibit 10.7 to the Registrant's Annual Report on Form 10-K for the year ended December 31, 2016 (File No. 001-37942), filed March 31, 2017). (https://www.sec.gov/Archives/edgar/data/1053691/000110465915046210/a15-14238_1ex10d3.htm)
4.6
Form of 2015 Non-Statutory Stock Option Agreement under the Diffusion Pharmaceuticals Inc. 2015 Equity Incentive Plan (incorporated by reference to Exhibit 10.8 to the Registrant's Annual Report on Form 10-K for the year ended December 31, 2016 (File No. 001-37942), filed March 31, 2017). (https://www.sec.gov/Archives/edgar/data/1053691/000110465915046210/a15-14238_1ex10d4.htm)
4.7
Form of Diffusion Pharmaceuticals Inc. Stock Option Award Agreement (incorporated by reference to Exhibit 10.5 to the Registrant's Annual Report on Form 10-K for the year ended December 31, 2017 (File No. 000-24477), filed April 2, 2018). (https://www.sec.gov/Archives/edgar/data/1053691/000143774918006050/ex_108103.htm)
Exhibit Number
Description
5.1
Opinion of Dechert LLP (counsel to the Registrant) as to the legality of the securities being registered.
23.1
Consent of KPMG LLP
23.2
Consent of Dechert LLP (included in Exhibit 5.1 hereto).
24.1
Power of Attorney (included in the signature page to this Registration Statement).
SIGNATURES
The Registrant
. Pursuant to the requirements of the Securities Act, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement on Form S-8 to be signed on its behalf by the undersigned, thereunto duly authorized, in the city of Charlottesville, Commonwealth of Virginia, on this 13th day of May, 2020.
DIFFUSION PHARMACEUTICALS INC.
By:
/s/
David G. Kalergis
David G. Kalergis
Chief Executive Officer
(Principal Executive Officer)
POWER OF ATTORNEY
KNOWN TO ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints David G. Kalergis, Chief Executive Officer and Chairman of Diffusion Pharmaceuticals Inc. and William Hornung, Chief Financial Officer of Diffusion Pharmaceuticals Inc., or either of them, his true and lawful attorneys-in-fact and agents, each of whom may act alone, with full powers of substitution and resubstitution, for him and in his name, place and stead, in any and all capacities, to sign any or all amendments to this Registration Statement, including post-effective amendments to this Registration Statement and registration statements filed pursuant to Rule 429 under the Securities Act, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Commission, granting unto said attorneys-in-fact and agents, and each of them full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he might or could do in person, and hereby ratifies and confirms all his said attorneys-in-fact and agents or any of them or his substitute or substitutes may lawfully do or cause to be done by virtue hereof.
This Power of Attorney may be executed in multiple counterparts, each of which shall be deemed an original, but which taken together shall constitute one instrument. Pursuant to the requirements of the Securities Act, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated.
Signature
Title
Date
/s/ David G. Kalergis
Chief Executive Officer and Chairman (Principal
Executive Officer)
May 13, 2020
David G. Kalergis
/s/ William Hornung
Chief Financial Officer (Principal Financial
Officer and Accounting Officer)
May 13, 2020
William Hornung
/s/ Robert Adams
Director
May 13, 2020
Robert Adams
/s/ Robert J. Cobuzzi
Director
May 13, 2020
Robert J. Cobuzzi
/s/ John L. Gainer
Director
May 13, 2020
John L. Gainer
/s/ Mark T. Giles
Director
May 13, 2020
Mark T. Giles
/s/ Alan Levin
Director
May 13, 2020
Alan Levin