Sec Form 4 Filing - EXCEL MEDICAL FUND LP @ AILERON THERAPEUTICS INC - 2017-07-05

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 Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person EXCEL MEDICAL FUND LP 2. Issuer Name and Ticker or Trading Symbol AILERON THERAPEUTICS INC [ ALRN] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director X __ 10% Owner _____ Officer (give title below) _____ Other (specify below) (Last) (First) (Middle) 800 BOYLSTON STREET, SUITE 2825 3. Date of Earliest Transaction (MM/DD/YY) 07/05/2017 (Street) BOSTON, MA02199 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) _____ Form filed by One Reporting Person __ X __ Form filed by More than One Reporting Person (City) (State) (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 3. Transaction 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 Common Stock 07/05/2017 C 956,100 A 956,100 D ( 2 ) Common Stock 07/05/2017 P 60,000 A $ 15 1,016,100 D ( 2 )

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities) 1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 4. Transaction 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 (MM/DD/YY) 7. Title and Amount of Underlying Securities (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 Series D Preferred Stock ( 1 ) 07/05/2017 C 5,934,050 ( 1 ) ( 1 ) Common Stock 597,167 $ 0 0 D ( 2 ) Series E-2 Preferred Stock ( 1 ) 07/05/2017 C 1,329,993 ( 1 ) ( 1 ) Common Stock 133,842 $ 0 0 D ( 2 ) Series E-3 Preferred Stock ( 1 ) 07/05/2017 C 1,153,606 ( 1 ) ( 1 ) Common Stock 116,091 $ 0 0 D ( 2 ) Series F Preferred Stock ( 1 ) 07/05/2017 C 1,083,119 ( 1 ) ( 1 ) Common Stock 108,998 $ 0 0 D ( 2 )

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other EXCEL MEDICAL FUND LP 800 BOYLSTON STREET, SUITE 2825 BOSTON, MA02199 X Gullans Steven R. Ph.D. 800 BOYLSTON STREET, SUITE 2825 BOSTON, MA02199 X Blume Frederick R. 800 BOYLSTON STREET, SUITE 2825 BOSTON, MA02199 X Enriquez Juan 800 BOYLSTON STREET, SUITE 2825 BOSTON, MA02199 X Excel Medical Ventures, LLC 800 BOYLSTON STREET, SUITE 2825 BOSTON, MA02199 X Signatures /s/ Frederick R. Blume, Excel Medical Fund, L.P. 07/06/2017 Signature of Reporting Person Date /s/ Steven R. Gullans 07/06/2017 Signature of Reporting Person Date /s/ Frederick R. Blume 07/06/2017 Signature of Reporting Person Date /s/ Juan Enriquez 07/06/2017 Signature of Reporting Person Date /s/ Frederick R. Blume, Excel Medical Ventures, LLC 07/06/2017 Signature of Reporting Person Date

Explanation of Responses:

( 1 )The Series D, Series E-2, Series E-3 and Series F Preferred Stock converted into Common Stock on a 9.937-for-one basis upon the closing of the Issuer's initial public offering without payment of consideration. The Series D, Series E-2, Series E-3 and Series F Preferred Stock were convertible at any time at the holder's election and automatically upon the closing of the Issuer's initial pubic offering. The shares had no expiration date. ( 2 )Excel Medical Ventures, LLC is the general partner of Excel Medical Fund, L.P. Steven R. Gullans, Frederick R. Blume and Juan Enriquez are the Managing Directors of Excel Medical Ventures, LLC. Excel MedicalVentures, LLC and each of these individuals may be deemed to share voting and dispositive power with respect to all shares held by Excel Medical Fund, L.P. Each of the filing persons disclaims beneficial ownership ofthe shares except to the extent of any pecuniary interest therein.

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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