U.S. SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 10-QSB

       (MARK ONE)

        [ X ]     QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
                  EXCHANGE ACT OF 1934

                      For the quarter ended March 31, 1999

         [  ]     TRANSITION REPORT UNDER SECTION 13 OR A5(d) OF THE SECURITIES
                  EXCHANGE ACT OF 1934  (no fee required)



                         Commission file number 0-23544

                         HUMAN PHERONONE SCIENCES, INC.
                 ----------------------------------------------
                 (Name of small business issuer in its charter)

          California                                        94-3107202
 ------------------------------                        -------------------
(State or other jurisdiction of                        (I.R.S. employee
 incorporation or organization)                        Identification No.)


4034 Clipper Court, Fremont, California                       94538
----------------------------------------                    ----------
(Address of principal executive offices)                    (Zip code)


                    Issuer's telephone number: (510) 226-6874
                                               --------------


         Check whether the Issuer (1) filed all reports  required to be filed by
Section 13 or 15(d) of the  Exchange  Act during the past 12 months (or for such
shorter period that the  registrant was required to file such reports),  and (2)
has been subject to such filing  requirements for the past 90 days. Yes [ X ] No
[ ]



                   (APPLICABLE ONLY TO CORPORATE REGISTRANTS)

         State the number of shares  outstanding of each of the issuer's classes
of common equity, as of the latest practicable date.  3,429,839 shares of Common
Stock as of May 10, 1999 (Post 1 for 3 reverse stock split  effective  April 13,
1999).


                                                                 Total Pages: 13
<PAGE>
<TABLE>

                         HUMAN PHEROMONE SCIENCES, INC.

                                      INDEX
<CAPTION>
                                                                                                                Page
                                                                                                                ----
<S>                                                                                                              <C>
PART I
FINANCIAL INFORMATION

         Item 1. Financial Statements

                  Condensed Balance Sheets (Unaudited) as of March 31, 1999
                  and December 31, 1998...........................................................................3

                  Statements of Operations (Unaudited) for the Three Months Ended
                  March 31, 1999 and 1998.........................................................................4

                  Condensed Statements of Cash Flows (Unaudited) for the Three Months
                  Ended March 31, 1999 and 1998...................................................................5

                  Notes to Condensed Financial Statements (Unaudited).............................................6

         Item 2. Management's Discussion and Analysis

                  Management's Discussion and Analysis of Financial Condition and Results of Operations...........7

PART II
OTHER INFORMATION

         Item 6. Exhibits and Reports on Form 8-K................................................................10

SIGNATURES.......................................................................................................11

</TABLE>


<PAGE>



                                     PART I
                              FINANCIAL INFORMATION


Item 1.  Financial Statements



<PAGE>


                         Human Pheromone Sciences, Inc.

                                 Balance Sheets

                                                      March 31, 
                                                       1999         December 31,
                                                    (unaudited)        1998
                                                   ------------    ------------
Assets

Current assets:
  Cash and cash equivalents                        $    110,927    $     76,696
  Accounts receivable, net of allowances              1,694,193       2,051,574
   of $406,953 and $677,735 in 1999
   and 1998, respectively
  Inventory                                           2,853,180       2,894,541
  Other current assets                                  192,532         113,635
                                                   ------------    ------------
Total current assets                                  4,850,832       5,136,446

Property and equipment, net                              46,331          58,596
                                                   ------------    ------------

                                                   $  4,897,163    $  5,195,042
                                                   ============    ============


Liabilities and shareholders' equity



  Loan payable, bank                               $    900,000    $    773,534
  Accounts payable                                      583,881         691,674
  Accrued advertising                                   380,451         553,926
  Accrued commissions                                   357,300         448,051
  Other accrued expenses                                310,078         318,228
                                                   ------------    ------------
Total current liabilities                             2,531,710       2,785,413


Shareholders' equity:
  Convertible  preferred  stock,
    issuable in series,  no par value,
    10,000,000 shares authorized,
    1,445,716 and 1,439,333 shares
    issued and outstanding at
    March 31, 1999 and
    December 31, 1998, respectively                   3,045,535       2,745,535
  Common stock, no par value, 40,000,000
    shares  authorized, 3,429,839 shares
    issued and outstanding at March 31, 1999
    and December 31, 1998, respectively              17,667,024      17,667,024
  Accumulated deficit                               (18,310,059)    (18,002,930)

  Accumulated other comprehensive income:
    Foreign currency translation                        (37,047)           --
                                                   ------------    ------------
Total shareholders' equity                            2,365,453       2,409,629
                                                   ------------    ------------

                                                   $  4,897,163    $  5,195,042
                                                   ============    ============




See accompanying notes.
<PAGE>

                         Human Pheromone Sciences, Inc.

                            Statements of Operations
                                   (unaudited)


                                                     Quarter ended March 31,
                                                     -----------------------

                                                   -----------      -----------
                                                      1999             1998
                                                   -----------      -----------

Net sales                                          $ 2,239,093      $ 3,363,161
Cost of goods sold                                     778,821        1,044,199
                                                   -----------      -----------

Gross profit                                         1,460,272        2,318,962

Expenses:
   Research and development                             84,032           82,132
   Selling, general and administrative               1,663,116        2,999,595
                                                   -----------      -----------

Total expenses                                       1,747,148        3,081,727
                                                   -----------      -----------

Loss from operations                                  (286,876)        (762,765)

Interest expense, net                                  (22,457)         (10,899)
Other income                                             2,203              594
                                                   -----------      -----------

Loss before income taxes                              (307,130)        (773,070)

Income taxes                                              --               --
                                                   -----------      -----------

Net loss                                           $  (307,130)     $  (773,070)
                                                   ===========      ===========

Net loss per common share                          $      (.09)     $      (.23)
                                                   ===========      ===========

Weighted average shares used in
  calculation of earnings per share                  3,429,839        3,429,839
                                                   ===========      ===========


See accompanying notes.

<PAGE>

                         Human Pheromone Sciences, Inc.

                            Statements of Cash Flows
                                   (unaudited)



                                                        Quarter ended March 31,
                                                        ---------------------

                                                          1999         1998
                                                      -----------   -----------

Cash flows from operating activities
Net loss                                              $  (307,130)  $  (773,070)

Adjustments to reconcile net loss to net
  cash used in operating activities:
  Depreciation and amortization                            12,265        15,125

  Changes in operating assets and liabilities:
    Accounts receivable                                   357,381       414,334
    Inventory                                              41,361       205,885
    Other current assets                                  (78,897)      (17,459)
 Accounts payable and accrued liabilities                (380,168)     (125,964)
                                                      -----------   -----------
Net cash used in operating activities                    (355,188)     (281,149)

Cash flows from financing activities
Proceeds from bank borrowings                             500,000     1,476,462
Repayment of bank borrowings                             (373,534)   (1,410,000)
Proceeds from issuance of convertible
  preferred stock                                         300,000          --
                                                      -----------   -----------
Net cash provided by financing activities                 426,466        66,462

Effect of exchange rate changes on cash                   (37,047)         --
                                                      -----------   -----------

Net increase/(decrease) in cash and cash equivalents       34,231      (214,687)
Cash and cash equivalents at beginning of the year         76,696       248,617
                                                      -----------   -----------
Cash and cash equivalents at end of the year          $   110,927   $    33,930
                                                      ===========   ===========


See accompanying notes.

<PAGE>



                         Human Pheromone Sciences, Inc.

                     Notes to Condensed Financial Statements
                                   (unaudited)

                                 March 31, 1999

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

         The accompanying  unaudited  condensed  financial  statements have been
prepared in accordance with generally accepted accounting principles for interim
financial information and with the instructions to Form 10-QSB and Rule 10-01 of
Regulation  S-X.  Accordingly,  they do not include all of the  information  and
footnotes  required by generally  accepted  accounting  principles  for complete
financial statements. In the opinion of management,  all adjustments (consisting
of normal recurring accruals)  considered necessary for a fair presentation have
been included.  Operating  results for the three months ended March 31, 1999 are
not necessarily  indicative of the results that may be expected for the calendar
year ending December 31, 1999. For further  information,  refer to the financial
statements and footnotes thereto included in the Company's annual report on Form
10-KSB for the year ended December 31, 1998.

Reverse Stock Split

         The  Company's  shareholders  approved  a 1 for 3 reverse  stock  split
effective April 13, 1999. All share and per share amounts have been adjusted for
the effects of the reverse split for all periods presented.

Inventory

         Inventories  are  stated  at the  lower of cost  (first  in - first out
method) or market.  The inventory at March 31, 1998  consists of finished  goods
inventory  valued at $1,158,930 work in process of $245,323 and raw materials of
$1,448,927.  At December 31, 1998, these balances were $1,114,443,  $264,599 and
$1,515,499, respectively.

Comprehensive Loss

         Comprehensive  loss for the quarter  ended March 31, 1999 was  $344,177
compared to $773,070 for the quarter ended March 31, 1998.




<PAGE>



Item 2. Management's Discussion and Analysis

         This report contains  forward-looking  statements within the meaning of
Section 27A of the  Securities  Act of 1933, as amended,  and Section 21E of the
Securities  Exchange  Act  of  1934,  as  amended.  Except  for  the  historical
information contained in this discussion and analysis of financial condition and
results  of  operations,  the  matters  discussed  herein  are  forward  looking
statements.  These forward looking statements include but are not limited to the
Company's  plans for sales  growth and  expansion  into new  channels  of trade,
expectations  of gross  margin,  expenses,  new  product  introduction,  and the
Company's   liquidity  and  capital  needs.  These  matters  involve  risks  and
uncertainties  that could cause  actual  results to differ  materially  from the
statements made. In addition to the risks and  uncertainties  described in "Risk
Factors",  below,  these risks and  uncertainties  may include  consumer trends,
business cycles,  scientific  developments,  changes in governmental  policy and
regulation,  currency  fluctuations,  economic  trends in the United  States and
inflation. These and other factors may cause actual results to differ materially
from those anticipated in forward-looking statements.  Readers are cautioned not
to place undue reliance on these forward-looking statements, which speak only as
of the date hereof.

Risk Factors

         The  Company's  future  results  may be affected to a greater or lesser
degree by the following factors among others:

         The  Company  may  not be  able  to  effectively  compete  with  larger
companies  or with new  products.  The  prestige  fragrance  market is extremely
competitive.  Many  fragrance  products  are  better  known  than the  Company's
products and compete for  advertising and retail shelf space.  Many  competitors
have  significantly  greater  resources  that will  allow  them to  develop  and
introduce new competing products or increase the promotion of current products.

         The  product  life cycle of a  fragrance  can be very  short.  Changing
fashions  and fads can  dramatically  shift  consumer  preferences  and demands.
Traditional  fragrance  companies  introduce a new  fragrance  every year or so.
Changing  fashions and new products may reduce the chance of creating  long term
brand loyalty to the Company's products.

         The Company's marketing strategy may not be successful. The Company may
not be able to  establish  and  maintain the  necessary  sales and  distribution
channels.  Retail  outlets and  catalogs  may choose not to carry the  Company's
products.  The Company may not have sufficient funds to successfully  market its
products if the current marketing strategy is not successful.

         The  current  retail  environment  may cause  pricing  and  promotional
pressures. Four companies,  Federated Department Stores, The May Company, Dayton
Hudson/Marshall  Fields and Dillard Department Stores, own the majority of upper
end  department  stores.  Because of their market share,  each company will have
significant power to determine the price and promotional terms which the Company
must meet in order to sell its products in the company's department stores.

         Upper end  department  stores face  increasing  competition by discount
perfumeries,  drug  chains  and  lower  priced  department  stores  for sales of
fragrances  and  cosmetics.  To compete,  upper end  department  stores have cut
inventories,  reduced co-op advertising, and increased promotions. These tactics
may  force  the  Company  to  reduce  its  prices  or  increase  the cost of its
promotions.

         Seasonality  in sales  may cause  significant  variation  in  quarterly
results.  Sales in the  fragrance  industry are  generally  seasonal  with sales
higher in the second half of the year  because of  Christmas.  This  seasonality
could  cause  a  significant  variation  in the  Company's  quarterly  operating
results.

         The Company not be able to protect its technology or trade secrets. The
Company's  patents  and  patent  applications  may  not  protect  the  Company's
technology or ensure that the Company's  technology does not infringe  another's
valid  patent.  Others  may  independently   develop  substantially   equivalent
proprietary information.  The Company may not be able to protect its technology,
proprietary information or trade secrets.
<PAGE>

         The Company may not be able to recruit  and retain key  personnel.  The
Company's  success  substantially  depends upon  recruiting  and  retaining  key
employees and  consultants  with  research,  product  development  and marketing
experience.  The Company may not be successful in recruiting and retaining these
key people.


         The Company relies upon other  companies to  manufacture  its products.
The  Company  relies  upon  Pherin  and  other   companies  to  manufacture  its
pheromones,  supply  components,  and to blend,  fill and package its  fragrance
products.   The  Company  may  not  be  able  to  obtain  or  retain  pheromones
manufacturers,  fragrance  suppliers,  or component  manufacturers on acceptable
terms.  If not, the Company may not be able to obtain  commercial  quantities of
its products. This would adversely affect operating results.

Results of Operations

Three  Months  ended March 31, 1999 as compared to the Three  Months ended March
31, 1998

         Net sales for the first quarter of 1999 were $2,239,093  representing a
decrease  of 33%  from  sales  of  $3,363,161  for  the  prior  year's  quarter.
Approximately  11% of the decrease is due to the  department  stores the Company
ceased doing  business with in late 1998. The remaining  department  store sales
decline was  consistent  with the Company's  stated goal to more directly  focus
selling and marketing  efforts in a reduced  number of  department  stores which
have the  potential  to be of  profitable  partners  in the  Realm(R)  fragrance
business.  International and secondary market shipments  declined slightly since
pipeline  sales were made into new markets in 1998;  there were no such sales in
1999. During the quarter the Company realized is first revenue from the shipment
of its patented pheromones to its first licensee, a multi national cosmetics and
fragrance company.

         Net  sales  for the  quarters  ended  March  31,  1999 and 1998 were as
follows. In 1999 a U.S. distributor,  which is considered a domestic customer of
the Company began selling to  international  markets  previously  being serviced
directly  by the  Company,  thereby  causing a  decrease  in  reported  sales to
international markets.

                -----------------------------------------------
                Markets                       1999         1998
                -----------------------------------------------

                U.S. Markets            $2,113,789   $3,952,227
                International Markets      125,304      410,934
                                        ----------   ----------

                Net Sales               $2,239,093   $3,363,161


         Gross  margin for the  quarter  ended March 31,  1999  declined  37% to
$1,460,272  from $2,318,962 in the prior year primarily due to the reduced sales
volume.  Also contributing to the margin shortfall was an increased sales mix to
lower gross margin distribution and international sales channels,  however these
sales do not require the large selling and advertising  expenses that the higher
margin accounts incur.

         Research and  Development  expenses for the first  quarters of 1999 and
1998 were $84,032 and $82,132,  respectively.  These costs  principally  reflect
payments and costs under the Company's contract with Pherin Pharmaceuticals.

         Operating  expenses  decreased  $1,336,479  to  $1,663,116 in the first
quarter of 1999 from $2,999,595 in the first quarter of 1998.  While  $1,292,055
of this decrease was  attributable to lower  advertising,  selling and marketing
costs,  all operational  areas  decreased.  The 45% reduction in spending is the
result  of the  Company's  plan  to  have a more  focused  sales  and  marketing
strategy, working with the department stores with the potential to be profitable
partners in our  Realm(R)  fragrance  business.  The first  quarter  results are
consistent with the Company's 1999 sales and marketing strategy that anticipated
the decrease in sales and gross margin, with offsetting savings in spending.

         The Company  incurred  $22,457 in net interest expense during the first
quarter of 1999  compared to $10,899 net  interest  expense in 1998.  During the
first quarter of 1999, the Company was in an increased net borrowing position as
compared to the same period in 1998.

<PAGE>


LIQUIDITY

         At March 31,  1999,  the  Company  had  borrowed  $900,000  against its
$3,000,000 line of credit and working  capital was  $2,319,122.  At December 31,
1998  the  Company  had net  borrowings  of  $773,534  and  working  capital  of
$2,351,033. For the first quarter of 1999, net cash used in operating activities
was $355,188  compared to $281,149 for the prior  year's  quarter.  Assuming the
Company's  activities  proceed  substantially as planned,  the Company's line of
credit and  anticipated  revenues  from product sales should be adequate to meet
its  working  capital  needs  over  the  next  twelve  months.  Working  capital
requirements  will  primarily  be for  the  supply  of  inventory  and  accounts
receivable financing.

         Additional  working  capital may be required should the Company fail to
generate  anticipated  consumer  response  levels at comparable  levels to 1998.
Furthermore,  additional  working  capital  may be  required  should the Company
experience a greater than planned success with its products,  potential  product
line extensions,  and department store marketing efforts.  Funds would be needed
for inventory build, accounts receivable financing and staffing purposes. If the
Company  fails  to  achieve  revenues  from its 1999  marketing  efforts,  or if
expansion  proves to be more capital  intensive  than  planned,  the Company may
require additional funding.

         On March 15, 1999, the Company renewed its Business Loan Agreement with
Mid-Peninsula  Bank  of Palo  Alto,  California  (the  "Bank")  providing  for a
continued line of credit. The Company may borrow up to $3,000,000 at an interest
rate equal to the Bank's prime rate plus 1.0% with borrowings  secured primarily
by the Company's trade receivables and inventory.  The agreement,  which expires
in April 1, 2000, contains certain debt-to-equity and working capital covenants.

         On March 26, 1999,  the Company  obtained  $300,000  additional  equity
capital from a current  shareholder by issuing  shares of convertible  preferred
stock.


Impact of Year 2000

         The  Company  has  completed  a  comprehensive  review of its  internal
computer systems to identify the issues expected to arise in connection with the
Year  2000.  The  Company  is in the  process  of  reviewing  the  status of its
customers  and  suppliers  with  regard to this issue and  assess the  potential
impact of non-compliance by such parties on the Company's operations.

         The Company utilizes a server-based system for its material management,
manufacturing,  EDI  interface,  and  financial  systems.  Year  2000  compliant
software  upgrades  from the  vendors  have  been  installed,  and  tested  with
satisfactory  results.  The total cost to upgrade  and test the systems was less
than $20,000.

         The Company has also  completed its review of non-server  based systems
and equipment (telephone system, fax machines, and off-the-shelf software). This
review found that hardware was Year 2000 compliant, and that only a few software
titles contained non-compliant Year 2000 date calculation errors. These software
titles will be upgraded to more recent Year 2000 compliant versions later in the
year if it is determined  that the software is still needed by the Company.  The
financial impact is minimal.

         The Company is in the process of determining the extent to which it may
be impacted by third party systems,  which may not be Year 2000  compliant.  The
Year 2000  computer  issue  creates risk for the Company from third parties with
whom the  Company  deals on  financial  transactions.  To date we have  received
assurances from our the key customers, and suppliers that they will be Year 2000
compliant.  While the Company is receiving  reassurance  from it's customers and
suppliers,  there can be no assurance  that the systems of other  companies that
the Company deals with or on which the Company's  systems rely on will be timely
converted, or that any such failure to convert by another company could not have
an adverse effect on the Company.

         Contingency plans for suppliers, or customers that may not be compliant
are part of our material planning process and sales planning for the second half
of 1999. Failure to complete any necessary remediation by the Year 2000 may have
a material adverse impact on the operations of the Company.


<PAGE>



                                     PART II
                                OTHER INFORMATION


Item 6.  Exhibits and Reports on Form 8-K

         (a)  Exhibit 10.18 Business Loan Agreement dated March 15, 1999 
              Exhibit 27.01-Financial Data Schedule

         (b)  The  Company  filed  Form  8-K  January  28,  1999  containing  an
              Unaudited Balance Sheet as of December 31, 1999.


<PAGE>


                                   SIGNATURES


         Pursuant to the  requirements  of the Securities  Exchange Act of 1934,
the  registrant  had duly  caused  this  Report  to be  signed  on behalf by the
undersigned thereunto duly authorized.


                                            HUMAN PHEROMONE SCIENCES, INC.
                                            Registrant




Date:  May 14, 1999                         /s/ William P. Horgan
                                            ------------------------------------
                                                     William P. Horgan
                                            Chairman and Chief Executive Officer




Date:  May 14, 1999                         /s/ Gregory S. Fredrick
                                            ------------------------------------
                                                     Gregory S. Fredrick
                                            Vice President, Controller