| Minnesota                                                     |   | 41-1448837                              |
|---------------------------------------------------------------|--------|-----------------------------------------|
| (State or other jurisdictionof incorporation or organization) |   | (I.R.S. Employer Identification Number) |

| Large accelerated filer       o                 | Accelerated filer                 o |
|------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------|
|                                                                               |                                                                                                                     |
| Non-accelerated filer          o | Smaller reporting company       x                                                     |

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| PART I     | FINANCIAL INFORMATION:                                                                      |   |   |   |   |
|------------|---------------------------------------------------------------------------------------------|--------|--------|--------|--------|
|       |                                                                                        |   |   |   |   |
| Item 1.    | Financial Statements (Unaudited)                                                            |   |   | 1      |   |
|       |                                                                                        |   |   |   |   |
| Item 2.    | Management’s Discussion and Analysis of Financial Condition and Results of Operations |   |   | 9      |   |
|       |                                                                                        |   |   |   |   |
| Item 3.    | Quantitative and Qualitative Disclosures About Market Risk                                  |   |   | 11     |   |
|       |                                                                                        |   |   |   |   |
| Item 4.    | Controls and Procedures                                                                     |   |   | 11     |   |
|       |                                                                                        |   |   |   |   |
| PART II    | OTHER INFORMATION                                                                           |   |   |   |   |
|       |                                                                                        |   |   |   |   |
| Item 1.    | Legal Proceedings                                                                           |   |   | 12     |   |
|       |                                                                                        |   |   |   |   |
| Item 1A.   | Risk Factors                                                                                |   |   | 12     |   |
|       |                                                                                        |   |   |   |   |
| Item 2.    | Unregistered Sales of Equity Securities and Use of Proceeds                                 |   |   | 12     |   |
|       |                                                                                        |   |   |   |   |
| Item 3.    | Defaults Upon Senior Securities                                                             |   |   | 12     |   |
|       |                                                                                        |   |   |   |   |
| Item 4.    | (Removed and Reserved)                                                                      |   |   | 12     |   |
|       |                                                                                        |   |   |   |   |
| Item 5.    | Other Information                                                                           |   |   | 12     |   |
|       |                                                                                        |   |   |   |   |
| Item 6.    | Exhibits                                                                                    |   |   | 12     |   |
|       |                                                                                        |   |   |   |   |
| SIGNATURES |                                                                                        |   | 13     |   |

----

|                                                                                                                                                                                                                                                                                                  |   | March 31,2011 |         |   | December 31,2010 |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------|--------------|--------|-----------------------|--------|
|                                                                                                                                                                                                                                                                                                  |   |               |         |   |                  |   |
| ASSETS                                                                                                                                                                                                                                                                                                |   |               |         |   |                  |   |
| Current assets:                                                                                                                                                                                                                                                                                       |   |               |         |   |                  |   |
| Cash and cash equivalents                                                                                                                                                                                                                                                                             |   | $                  | 3,187,631    |   |                  | $      | 1,764,803 |   |
| Certificates of deposit                                                                                                                                                                                                                                                                               |   |               | -            |   |                  |   | 1,998,974 |   |
| Inventories                                                                                                                                                                                                                                                                                           |   |               | 485,882      |   |                  |   | 491,133 |   |
| Prepaid expenses and other current assets                                                                                                                                                                                                                                                             |   |               | 20,404       |   |                  |   | 69,384 |   |
| Total current assets                                                                                                                                                                                                                                                                                  |   |               | 3,693,917    |   |                  |   | 4,324,294 |   |
|                                                                                                                                                                                                                                                                                                  |   |               |         |   |                  |   |   |   |
| Fixed assets, net                                                                                                                                                                                                                                                                                     |   |               | 41,506       |   |                  |   | 59,082 |   |
| Patents, net                                                                                                                                                                                                                                                                                          |   |               | 2,604,025    |   |                  |   | 2,666,417 |   |
| TOTAL ASSETS                                                                                                                                                                                                                                                                                          |   | $                  | 6,339,448    |   |                  | $      | 7,049,793 |   |
|                                                                                                                                                                                                                                                                                                  |   |               |         |   |                  |   |   |   |
| LIABILITIES AND SHAREHOLDERS’ EQUITY                                                                                                                                                                                                                                                            |   |               |         |   |                  |   |   |   |
| Current liabilities:                                                                                                                                                                                                                                                                                  |   |               |         |   |                  |   |   |   |
| Accounts payable                                                                                                                                                                                                                                                                                      |   | $                  | 248,227      |   |                  | $      | 205,266 |   |
| Accrued expenses                                                                                                                                                                                                                                                                                      |   |               | 39,283       |   |                  |   | 117,569 |   |
| Total liabilities                                                                                                                                                                                                                                                                                     |   |               | 287,510      |   |                  |   | 322,835 |   |
|                                                                                                                                                                                                                                                                                                  |   |               |         |   |                  |   |   |   |
| COMMITMENTS                                                                                                                                                                                                                                                                                           |   |               |         |   |                  |   |   |   |
|                                                                                                                                                                                                                                                                                                  |   |               |         |   |                  |   |   |   |
| SHAREHOLDERS’ EQUITY                                                                                                                                                                                                                                                                            |   |               |         |   |                  |   |   |   |
| Series B Convertible Preferred Stock, $.01 par value:                                                                                                                                                                                                                                                 |   |               |         |   |                  |   |   |   |
| Authorized – 2,585,000 shares; shares issued and outstanding – 2,585,000 shares at March 31, 2011 and December 31, 2010, liquidation value of $517,000 and $517,000 plus accumulated and unpaid dividends of $97,550 and $99,283 as of March 31, 2011 and December 31, 2010, respectively |   |               | 25,850       |   |                  |   | 25,850 |   |
| Series C Convertible Preferred Stock, $.01 par value:                                                                                                                                                                                                                                                 |   |               |         |   |                  |   |   |   |
| Authorized – 1,000,000 shares; shares issued and outstanding 1,000,000 shares at March 31, 2011 and December 31, 2010, $200,000 liquidation value                                                                                                                                               |   |               |  10,000 |   |                  |   |  10,000 |   |
| Common stock, $.01 par value:                                                                                                                                                                                                                                                                         |   |               |         |   |                  |   |   |   |
| Authorized — 175,000,000 shares                                                                                                                                                                                                                                                                 |   |               |         |   |                  |   |   |   |
| Issued and outstanding—108,041,084 and 107,994,529 shares at March 31, 2011 and December 31, 2010, respectively                                                                                                                                                                                 |   |               | 1,080,411    |   |                  |   | 1,079,945 |   |
| Additional paid-in capital                                                                                                                                                                                                                                                                            |   |               | 30,561,971   |   |                  |   | 30,380,879 |   |
| Accumulated deficit                                                                                                                                                                                                                                                                                   |   |               | (25,626,294  | )      |                  |   | (24,769,716 | ) |
| TOTAL SHAREHOLDERS’ EQUITY                                                                                                                                                                                                                                                                      |   |               | 6,051,938    |   |                  |   | 6,726,958 |   |
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY                                                                                                                                                                                                                                                      |   | $                  | 6,339,448    |   |                  | $      | 7,049,793 |   |

----

|                                               |   | Three Months Ended March 31, |        |
|----------------------------------------------------|--------|-----------------------------------|-------------|
|                                               |   | 2011                              |        |   | 2010 |   |
|                                               |   |                              |        |   |   |   |
| Revenue                                            |   | $                                 | -           |   |   | $ | 11,150 |   |
| Cost of revenue                               |   |                              | -           |   |   |   | 2,479 |   |
| Gross profit                                       |   |                              | -           |   |   |   | 8,671 |   |
|                                               |   |                              |        |   |   |   |   |   |
| Operating expenses:                                |   |                              |        |   |   |   |   |   |
| Research and development                           |   |                              | 211,679     |   |   |   | 224,392 |   |
| General and administrative                         |   |                              | 547,110     |   |   |   | 511,287 |   |
| Sales and marketing                                |   |                              | 95,899      |   |   |   | 92,104 |   |
| Total operating expenses                           |   |                              | 854,688     |   |   |   | 827,783 |   |
| Operating loss                                     |   |                              | (854,688    | ) |   |   | (819,112 | ) |
|                                               |   |                              |        |   |   |   |   |   |
| Other income (expense), net                        |   |                              | (157        | ) |   |   | (1,206 | ) |
| Net loss                                           |   |                              | (854,845    | ) |   |   | (820,318 | ) |
| Accumulated but unpaid dividend on preferred stock |   |                              | -           |   |   |   | (81,319 | )  |
| Net loss applicable to common shareholders         |   | $                                 | (854,845    | ) |   | $ | (901,637 | ) |
| Basic and diluted net loss per share               |   | $                                 | (0.01       | ) |   | $ | (0.01 | ) |
| Weighted average common shares outstanding         |   |                              | 108,019,251 |   |   |   | 74,805,948 |   |

----

|                                         |   | Preferred Stock |      |   | Common Stock |   |   | AdditionalPaid-In |   |   | Accumulated |   |   | TotalShareholders’ |      |
|----------------------------------------------|--------|----------------------|-----------|--------|-------------------|--------|--------|-------------------|--------|--------|-------------|--------|--------|--------------------------|-----------|
|                                         |   | Shares               |      |   | Amount            |   |   | Shares            |   |   | Amount      |   |   | Capital                  |      |   | Deficit |   |   | Equity |   |
| Balance, December 31, 2010                   |   |                 | 3,585,000 |   |              | $      | 35,850 |              |   |   | 107,994,529 |   |   | $                        | 1,079,945 |   |   | $ | 30,380,879 |   |   | $ | (24,769,716 | ) |   | $ | 6,726,958 |   |
|                                         |   |                 |      |   |              |   |   |              |   |   |        |   |   |                     |      |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Stock based compensation – consultants |   |                 |      |   |              |   |   |              |   |   |        |   |   |                     |      |   |   |   | 6,051 |   |   |   |   |   |   |   | 6,051 |   |
| Stock based compensation – employees   |   |                 |      |   |              |   |   |              |   |   |        |   |   |                     |      |   |   |   | 165,774 |   |   |   |   |   |   |   | 165,774 |   |
| Common stock issued for services             |   |                 |      |   |              |   |   |              |   |   | 42,222      |   |   |                     | 422       |   |   |   | 7,578 |   |   |   |   |   |   |   | 8,000 |   |
| Accrued dividend paid in common stock        |   |                 |      |   |              |   |   |              |   |   | 4,333       |   |   |                     | 44        |   |   |   | 1,689 |   |   |   | (1,733 | )  |   |   | - |   |
| Net loss                                     |   |                 |      |   |              |   |   |              |   |   |        |   |   |                     |      |   |   |   |   |   |   |   | (854,845 | ) |   |   | (854,845 | ) |
| Balance, March 31, 2011                      |   |                 | 3,585,000 |   |              | $      | 35,850 |              |   |   | 108,041,084 |   |   | $                        | 1,080,411 |   |   | $ | 30,561,971 |   |   | $ | (25,626,294 | ) |   | $ | 6,051,938 |   |

----

|                                                                    |   | Three Months Ended March 31, |      |
|-------------------------------------------------------------------------|--------|------------------------------|-----------|
|                                                                    |   | 2011                         |      |   | 2010 |   |
| OPERATING ACTIVITIES:                                                   |   |                         |      |   |   |   |
| Net loss                                                                |   | $                            | (854,845  | ) |   | $ | (820,318 | ) |
| Adjustments to reconcile net loss to cash used in operating activities: |   |                         |      |   |   |   |   |   |
| Depreciation and amortization                                           |   |                         | 79,968    |   |   |   | 83,878 |   |
| Stock-based compensation employees                                      |   |                         | 165,774   |   |   |   | 38,180 |   |
| Stock-based compensation consultants                                    |   |                         | 6,051     |   |   |   | 11,369 |   |
| Amortization of prepaid financing costs                                 |   |                         | 12,364    |   |   |   | 38,219 |   |
| Fair market value of common stock issued for services                   |   |                         | 8,000     |   |   |   | 39,900 |   |
| Changes in operating assets and liabilities:                            |   |                         |      |   |   |   |   |   |
| Accounts receivable                                                     |   |                         | -         |   |   |   | 16,603 |   |
| Inventory                                                               |   |                         | 5,251     |   |   |   | (16,658 | )  |
| Prepaid expenses and other assets                                       |   |                         | 36,616    |   |   |   | 11,976 |   |
| Accounts payable                                                        |   |                         | 42,961    |   |   |   | (37,132 | )  |
| Accrued expenses                                                        |   |                         | (78,286   | )  |   |   | (96,918 | )  |
| Net cash (used in) operating activities                                 |   |                         | (576,146  | ) |   |   | (730,901 | ) |
|                                                                    |   |                         |      |   |   |   |   |   |
| INVESTING ACTIVITIES:                                                   |   |                         |      |   |   |   |   |   |
| Redemption of certificates of deposit                                   |   |                         | 1,998,974 |   |   |   | - |   |
|                                                                    |   |                         |      |   |   |   |   |   |
| Net increase (decrease) in cash and cash equivalents                    |   |                         | 1,422,828 |   |   |   | (730,901 | )  |
|                                                                    |   |                         |      |   |   |   |   |   |
| CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD                        |   |                         | 1,764,803 |   |   |   | 3,408,237 |   |
|                                                                    |   |                         |      |   |   |   |   |   |
| CASH AND CASH EQUIVALENTS AT END OF PERIOD                              |   | $                            | 3,187,631 |   |   | $ | 2,677,336 |   |

----

----

----

|                    |   | 2011    |   |   | 2010          |   |
|-------------------------|--------|---------|--------|--------|---------------|--------|
| Expected life           |   | 5 Years |   |   |   - |   |
| Risk-free interest rate |   | 2.19%   |   |   | -             |   |
| Expected volatility     |   | 115%    |   |   | -             |   |
| Expected dividend yield |   | 0       |   |   | -             |   |

----

|                           |   |                      |       |   | Outstanding Options     |   |
|--------------------------------|--------|---------------------------|------------|--------|-------------------------|--------|
|                           |   | OptionsAvailable ForGrant |       |   | Plan OptionsOutstanding |   |   | WeightedAverageExercise PricePer Share |   |   | Weighted-AverageRemainingContractual Term(years) |   |   | AggregateIntrinsicValue |   |
| December 31, 2010              |   |                      | 1,504,179  |   |                    |   | 14,695,000 |   |   | $ | 0.37 |   |   |   | 8.66 |   |   |   |   |   |
| Options granted                |   |                      | (2,600,000 | )      |                    |   | 2,600,000 |   |   | $ | 0.11 |   |   |   | 9.92 |   |   |   |   |   |
| Options exercised              |   |                      | -          |   |                    |   | - |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Options forfeited              |   |                      | 2,000,000  |   |                    |   | (2,000,000 | ) |   | $ | 0.50 |   |   |   | 7.27 |   |   |   |   |   |
| Options expired under 2001 EIP |   |                      | (3,504,179 | )      |                    |   | - |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Additional options authorized  |   |                      | 5,000,000  |   |                    |   | - |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Outstanding at March 31, 2011  |   |                      | 2,400,000  |   |                    |   | 15,295,000 |   |   | $ | 0.20 |   |   |   | 8.82 |   |   |   |   |   |
| Exercisable at March 31, 2011  |   |                      |       |   |                    |   | 3,366,667 |   |   | $ | 0.47 |   |   |   | 7.88 |   |   |   |   |   |

|           |   | March 31,2011 |    |   | December 31,2010 |   |
|----------------|--------|---------------|---------|--------|------------------|--------|
| Raw materials  |   | $             | 186,953 |   |             | $      | 192,204 |   |
| Finished goods |   |          | 298,929 |   |             |   | 298,929 |   |
| Totals         |   |          | 485,882 |   |             |   | 491,133 |   |

----

----

|   | · | Continue selling the WavSTAT System in the international and U.S. for the detection and treatment of pre-cancer and cancer of the colon. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Complete WavSTAT System clinical trials related to the diagnosis of esophageal cancers. |
|--------|--------|-----------------------------------------------------------------------------------------|

|   | · | Continue the design and planning for the next generation of our fluorescence-based systems. |
|--------|--------|---------------------------------------------------------------------------------------------|

----

----

| PART II  | OTHER INFORMATION                                                                                                                                                                     |
|----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|     |                                                                                                                                                                                  |
| Item 1.  | Legal Proceedings                                                                                                                                                                     |
|     |                                                                                                                                                                                  |
|     | None                                                                                                                                                                                  |
|     |                                                                                                                                                                                  |
| Item 1A. | Risk Factors                                                                                                                                                                          |
|     |                                                                                                                                                                                  |
|     | There have been no material changes in our risk factors from those disclosed in Part I, Item 1A, of our Annual Report on Form 10-K for the fiscal year ended December 31, 2010.       |
|     |                                                                                                                                                                                  |
| Item 2.  | Unregistered Sales of Equity Securities and Use of Proceeds                                                                                                                           |
|     |                                                                                                                                                                                  |
|     | None                                                                                                                                                                                  |
|     |                                                                                                                                                                                  |
| Item 3.  | Defaults Upon Senior Securities                                                                                                                                                       |
|     |  None                                                                                                                                                                            |
|     |                                                                                                                                                                                  |
| Item 4.  | (Removed and Reserved)                                                                                                                                                                |
|     |                                                                                                                                                                                  |
| Item 5.  | Other Information                                                                                                                                                                     |
|     |                                                                                                                                                                                  |
| Item 6.  | Exhibits                                                                                                                                                                              |
|     |                                                                                                                                                                                  |
| 10.1*    | SpectraScience, Inc. 2011 Equity Incentive Plan (incorporated by reference to the same numbered exhibit in the registrant’s current report on Form 8-K, filed March 1, 2011)    |
|     |                                                                                                                                                                                  |
| 10.2*    | Form of Non-qualified Stock Option Award Agreement (incorporated by reference to the same numbered exhibit in the registrant’s current report on Form 8-K, filed March 1, 2011) |
|     |                                                                                                                                                                                  |
| 31.1     | Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.                                                                                   |
|     |                                                                                                                                                                                  |
| 31.2     | Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.                                                                                   |
|     |                                                                                                                                                                                  |
| 32.1     | Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.                                                                                   |
|     |                                                                                                                                                                                  |
| 32.2     | Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.                                                                                   |

----

|               | SpectraScience, Inc.(Registrant) |                                                           |
|--------------------|----------------------------------|----------------------------------------------------------------|
|               |                             |                                                           |   |
| Date: May 16, 2011 |                             | /s/ Michael P. Oliver                                          |   |
|               |                             | Michael P. Oliver                                              |
|               |                             | President and Chief Executive Officer                          |
|               |                             | (Principal executive officer)                                  |
|               |                             |                                                           |
|               |                             |                                                           |   |
| Date: May 16, 2011 |                             | /s/ James Dorst                                                |   |
|               |                             | James Dorst                                                    |
|               |                             | Chief Financial Officer and Chief Operating Officer            |
|               |                             | (Principal financial officer and principal accounting officer) |

----