UNITED STATES 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 quarterly period ended September 30, 2005
                                               ------------------

     [ ] TRANSITION REPORT UNDER SECTION 13 OR A5(d) OF THE SECURITIES  EXCHANGE
         ACT OF 1934


                         Commission file number 0-23544
                                                -------

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

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


     84 West Santa Clara Street, San Jose, California               95113
---------------------------------------------------------      -----------------
         (Address of principal executive offices)                 (Zip code)


                    Issuer's telephone number: (408) 938-3030
                                              ---------------

                                 Not applicable
       -------------------------------------------------------------------
          (Former name or former address, if changed since last report)


     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 [ ]

     Indicate  by a  checkmark  whether the  registrant  is a shell  company (as
defined in Rule 12-2 of the Exchange Act).
Yes [ ] No [X]

     State the number of shares  outstanding of each of the issuer's  classes of
common equity,  as of the latest  practicable  date:  4,151,954 shares of Common
Stock as of October 31, 2005.


                                       1
<PAGE>

                         HUMAN PHEROMONE SCIENCES, INC.

                                      INDEX
<TABLE>
<CAPTION>
                                                                                                             Page
                                                                                                             ----
PART I
FINANCIAL INFORMATION

         Item 1. Financial Statements
         ------  --------------------
<S>                                                                                                           <C>
                  Balance Sheets as of September 30, 2005 (Unaudited) and December 31, 2004  . . . . . . . . .  3

                  Statements of Operations (Unaudited) for the Three and Nine Months Ended
                  September 30, 2005 and 2004   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4

                  Statements of Cash Flows (Unaudited) for the Nine Months Ended
                  September 30, 2005 and 2004  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5

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

         Item 2. Management's Discussion and Analysis
         ------  ------------------------------------

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

         Item 3. Controls and Procedures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .11
         ------  -----------------------

PART II
OTHER INFORMATION

         Item 6. Exhibits   . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . .12
         ------  --------

SIGNATURES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .13
</TABLE>

                                       2
<PAGE>

                                     PART I
                              FINANCIAL INFORMATION

Item 1.  Financial Statements
                         Human Pheromone Sciences, Inc.
                                 Balance Sheets
<TABLE>
<CAPTION>

                                                                               September 30,  December 31,
(in thousands except share data)                                                    2005          2004
--------------------------------------------------------------------------------  --------      --------
                                                                                (unaudited)
<S>                                                                               <C>           <C>
Assets

Current assets:
  Cash and cash equivalents                                                       $    622      $  1,201
  Accounts receivable, net of allowances of $3,000 and $5,000, respectively             75           259
  Inventories, net                                                                      48            63
  Other current assets                                                                  35             8
                                                                                  --------      --------
Total current assets                                                                   780         1,531
Property and equipment, net                                                             11            17
                                                                                  --------      --------
                                                                                  $    791      $  1,548
                                                                                  ========      ========

Liabilities and Shareholders' Equity
Current liabilities:
 Accounts payable                                                                 $     56      $     41
 Accrued professional fees                                                              58            58
 Accrued employee benefits                                                              27            35
 Accrued sales returns                                                                  13            40
 Accrued income tax                                                                      2             3
 Other accrued expenses                                                                  9            18
                                                                                  --------      --------
    Total current liabilities                                                          165           195
                                                                                  --------      --------

Commitments and Contingencies

Shareholders' equity:
   Common stock, no par value, 13,333,333 shares authorized, 4,151,954 shares
    issued and outstanding at each date                                             20,809        20,809
  Accumulated deficit                                                              (20,183)      (19,456)
                                                                                  --------      --------
Total shareholders' equity                                                             626         1,353
                                                                                  --------      --------
                                                                                  $    791      $  1,548
                                                                                  ========      ========
</TABLE>

See accompanying notes to financial statements.

                                       3
<PAGE>

                         Human Pheromone Sciences, Inc.
                            Statements of Operations
                                   (unaudited)

<TABLE>
<CAPTION>
                                                           Three months ended        Nine months ended
                                                          --------------------      --------------------
                                                              September 30,            September 30,
                                                              -------------            -------------
(in thousands except per share data)                        2005        2004         2005         2004
                                                          -------      -------      -------      -------
<S>                                                       <C>              <C>      <C>              <C>
Net revenues                                              $    91          300      $   348          708
Cost of goods sold                                             12           44           70          117
                                                          -------      -------      -------      -------

Gross profit                                                   79          256          278          591

Operating Expenses:
   Research and development                                    38           27          132           43
   Selling, general and administrative                        242          364          887        1,053
                                                          -------      -------      -------      -------
Total operating expenses                                      280          391        1,019        1,096
                                                          -------      -------      -------      -------

Loss from operations                                         (201)        (135)        (741)        (505)

Other income
   Interest income, net                                         3            5           14           12
   Other expense                                             --             (1)        --             (1)
                                                          -------      -------      -------      -------
Total other income                                              3            4           14           11
                                                          -------      -------      -------      -------
Loss from on-going operations                                (198)        (131)        (727)        (494)

Net gain from sale of assets                                 --             21         --             22
                                                          -------      -------      -------      -------
Net loss                                                  $  (198)     $  (110)     $  (727)     $  (472)
                                                          =======      =======      =======      =======

Net loss per common share - basic and fully diluted
    From on-going operations                              $ (0.05)     $ (0.03)     $ (0.18)     $ (0.12)
    From assets sold                                      $ (0.00)     $  0.01      $ (0.00)     $  0.01
                                                          -------      -------      -------      -------
Net loss per common share - basic and fully diluted       $ (0.05)     $ (0.02)     $ (0.18)     $ (0.11)
                                                          =======      =======      =======      =======

Weighted average common shares outstanding -basic and
fully diluted                                               4,152        4,152        4,152        4,121
                                                          =======      =======      =======      =======
</TABLE>

See accompanying notes to financial statements.


                                       4
<PAGE>


                         Human Pheromone Sciences, Inc.
                            Statements of Cash Flows
                                   (unaudited)
<TABLE>
<CAPTION>

                                                            Nine months ended
                                                             September 30,
                                                          --------------------
(in thousands)                                             2005         2004
-------------------------------------------------------   -------      -------
<S>                                                       <C>          <C>
Cash flows from operating activities
Net loss from ongoing operations                          $  (727)     $  (494)

 Adjustments to reconcile net loss to net cash
 provided by (used in) operating activities:
  Depreciation and amortization                                 7            5
  Changes in operating assets and liabilities:
    Accounts receivable                                       183          (55)
    Inventories                                                15          (31)
    Other current assets                                      (26)         (25)
    Accounts payable and accrued liabilities                  (30)          28
                                                          -------      -------
Net cash used in operating activities                        (578)        (572)
                                                          -------      -------


Cash flows provided by (used in) investing activities
Acquisition of property and equipment                          (1)         (16)
Sale of Realm assets                                         --              1
                                                          -------      -------
Net cash used in investing activities                          (1)         (15)

Cash flows used in financing activities                      --           --
                                                          -------      -------
Net cash used in financing activities                        --           --
Net decrease in cash and cash equivalents                    (579)        (587)
Cash and cash equivalents at beginning of period            1,201        1,950
                                                          -------      -------
Cash and cash equivalents at end of period                $   622      $ 1,363
                                                          =======      =======
</TABLE>

See accompanying notes to financial statements.


                                       5
<PAGE>

                         Human Pheromone Sciences, Inc.
                          Notes to Financial Statements
                                   (unaudited)
                               September 30, 2005


1.  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Organization and Nature of Operations

     Human  Pheromone  Sciences,  Inc. (the  "Company") was  incorporated in the
State of  California  in 1989 under the name of EROX  Corporation.  The  Company
changed the name to Human Pheromone  Sciences,  Inc. in May 1998. The Company is
engaged in the research, development, manufacturing and marketing of synthesized
human pheromones and consumer products containing  synthetic human pheromones as
a component.  The Company  initiated  commercial  operations in late 1994 with a
line of fine fragrances and toiletries.  In April 2000, the Company licensed the
sale of its REALM(R)  fragrance  products and in April 2003 the Company sold the
REALM and innerREALM(R) brands and trademarks to Niche Marketing Group, Inc. The
Company's  strategic  focus is now on  expanding  the  market  for its  existing
patented pheromones to other consumer product and fragrance companies and to the
development of its internally developed brand of pheromone-based  products under
the Natural  Attraction(R)  brand,  and mood based  products  under the licensed
Demeter Natural  Attraction label. The Company will seek to add to this group of
products new,  patented  compounds that might be developed  through the research
efforts that the Company is now directly managing.

Basis of Presentation

     The  accompanying  unaudited  financial  statements  have been  prepared in
accordance with accounting principles generally accepted in the United States of
America for interim  financial  information  and with the  instructions  to Form
10-QSB and Item 310(b) of Regulation S-B.  Accordingly,  they do not include all
of the information  and footnotes  required by accounting  principles  generally
accepted in the United States of America 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 and nine months ended September 30, 2005 are not
necessarily indicative of the results that may be expected for the calendar year
ending  December  31,  2005.  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, 2004.

Revenue Recognition

     Revenue is recorded at the time of merchandise shipment,  net of provisions
for returns. The Company records revenues from sales, initiated by sales agents,
net of the  sales  commissions  earned  following  the  interpretative  guidance
provided  by FASB  Emerging  Issue Task Force  (EITF) EITF No.  99-19  Reporting
Revenue  Gross as a Principal  versus Net as an Agent.  License  fees are earned
over the license  period  according  to the terms of the license  agreement  and
interpretative  guidance provided by Staff Accounting Bulletin (SAB) No. 101 and
No. 104. The majority of the Company's sales are to distributors  and licensees,
and these distributors and licensees have no right to return products.

Inventories

     Inventories  are stated at the lower of cost  (first in - first out method)
or market. A summary of inventories follows (in thousands):

                                                   September 30,  December 31,
                                                       2005          2004
                                                    ----------    ----------
    Components (raw materials)                      $       37    $       62
    Finished goods                                          33            18
    Reserve for shrinkage and obsolescence                 (22)          (17)
                                                    ----------    ----------
                                                    $       48    $       63
                                                    ==========    ==========


                                       6
<PAGE>


Earnings (Loss) Per Share

     The Company  follows the  provisions  of SFAS No. 128,  Earnings Per Share.
SFAS No. 128 provides for the calculation of "Basic" and "Diluted"  earnings per
share.  Basic earnings  (loss) per share is computed using the  weighted-average
number  of common  shares  outstanding.  Diluted  earnings  (loss)  per share is
computed using the weighted-average  number of common shares and dilutive common
shares  outstanding  during the period.  For the nine months ended September 30,
2005 and 2004,  options to purchase  130,002 and 140,001 shares of common stock,
respectively,  were excluded from the computation of diluted  earnings per share
since their effect would be antidilutive.

As of September 30, 2005 and 2004, the unaudited components of basic and diluted
earnings per share are as follows (all amounts are in thousands):
<TABLE>
<CAPTION>
                                                                         2005            2004
                                                                       ---------      ---------
<S>                                                                    <C>            <C>
  Net income (loss) available to common shareholders                   $    (727)     $    (472)
                                                                       =========      =========

  Weighted-average common shares outstanding during the period             4,152          4,121
                                                                       =========      =========
</TABLE>

Capital Stock and Stock Options

     During  the three  months  ended  September  30,  2005 no  common  stock or
preferred stock was issued.  During the quarter options to purchase 60,000 share
of common  stock under the 2003  Non-Employee  Directors  Stock Option Plan were
granted, no issued options were exercised and no stock options expired under the
initial Non-Employee Directors Stock Option Plan.

     The Company  applies APB 25 and related  Interpretations  in accounting for
its stock options.  Had compensation expense been determined based upon the fair
value of the awards at the grant date and consistent  with the method under SFAS
No. 123, the Company's net income (loss) per share would have been  increased as
shown by the proforma amount indicated in the following table (in thousands):

<TABLE>
<CAPTION>

                                                                          Three months ended           Nine months ended
                                                                            September 30,                  December 31,
                                                                         2005           2004           2005           2004
                                                                       ---------      ---------      ---------      ---------
<S>                                                                    <C>            <C>            <C>            <C>
Net income (loss):
    As reported                                                        $    (198)     $    (110)     $    (727)     $    (472)
    Add stock based employee compensation expense
         Included in net income, net of tax                                   --             --             --             --
     Deduct total stock based employee compensation
          expense determined under fair value method for
           all awards, net of tax                                            (22)           (34)           (22)           (34)
                                                                       ---------      ---------      ---------      ---------
               Pro forma                                               $    (220)     $    (144)     $    (749)     $    (506)
                                                                       =========      =========      =========      =========

Basic and diluted loss per share:
    As reported                                                        $   (0.05)     $   (0.02)     $   (0.18)     $   (0.11)
    Pro forma                                                          $   (0.05)     $   (0.03)     $   (0.18)     $   (0.12)
</TABLE>

     For purposes of computing  the pro forma  disclosures  required by SFAS No.
123,  the fair  value of each  option  granted to  employees  and  directors  is
estimated  using  the  Black-Scholes  option-pricing  model  with the  following
weighted-average  assumptions  for the nine months ended  September 30, 2005 and
2004;


                                       7
<PAGE>

<TABLE>
<CAPTION>
                                                        2005 Option Grants        2004 Option Grants
                                                        ------------------        ------------------
<S>                                                           <C>                        <C>
Weighted Average Interest Rates                               3.8%                       3.3%
Dividend Yield                                                  0%                         0%
Volatility factor of the Company's common stock               159%                       177%
Weighted average expected life beyond each
         respective vesting period                          5 years                     5 years
</TABLE>


     The  weighted-average  fair value of options granted during the nine months
ended  September 30, 2005 and 2004 for which the exercise price was equal to the
market  price on the  grant  date was  $0.40 and  $0.60,  respectively,  and the
weighted-average  exercise  price was $0.40 and  $0.60,  respectively.  No stock
options were granted  during the nine months ended  September  30, 2005 and 2004
for which the  exercise  price was greater than or less than the market price on
the grant date.

The Black-Scholes option valuation model was developed for use in estimating the
fair value of traded  options  which do not have  vesting  restrictions  and are
fully  transferable.  In addition,  option valuation models require the input of
highly  subjective  assumptions,  including the expected stock price volatility.
Because the Company's employee stock options have characteristics  significantly
different from those of traded  options,  and because  changes in the subjective
input assumptions can materially affect the fair value estimate, in management's
opinion the existing models do not necessarily provide a reliable single measure
of the fair value of its employee stock options.

2.    SEGMENT INFORMATION

     Revenues  by  geographic  markets  for the  three  and  nine  months  ended
September 30, 2005 and 2004 were as follows:

                                  Three months ending       Nine months ending
                                     September 30,            September 30,
                                ----------------------    ----------------------
                                  2005         2004         2005          2004
                                ---------    ---------    ---------    ---------
 Markets:
  U.S Markets                   $      88    $     278    $     263    $     628
  International Markets                 3           22           85           80
                                ---------    ---------    ---------    ---------
  Net Revenues                  $      91    $     300    $     348    $     708
                                =========    =========    =========    =========

3.    SUBSEQUENT EVENT

     On  September  28,  2005 the  Company  signed a term sheet with  Rubinson &
Associates,  Inc. ("Rubinson") under which Rubinson will purchase 833,333 units,
each  consisting  of one  unregistered  share of  common  stock of the  Company,
together with five year warrants for the purchase of four  additional  shares of
common stock.  The amount to be initially  invested  will be $500,000.  If fully
exercised,  the warrants would result in an aggregate  additional  investment of
$2,416,666,  however there can be no assurance  that any of the warrants will be
exercised.

The terms agreed by the Company and Rubinson  are subject to the  completion  of
mutual due  diligence,  which is expected to be completed by the end of November
2005,  and  execution of  definitive  agreements  and  completion  of all legal,
corporate  and  securities  compliance  requirements.   The  understanding  with
Rubinson  also  provides  that  Mitchell   Rubinson,   Chairman  of  Rubinson  &
Associates,  Inc., will be employed by the Company at a base salary of $1.00 per
year, be eligible to receive the  Company's  benefits and elected as Chairman of
the Board of  Directors.  As the  closing  of the  agreement  is  subject to the
completion of certain due diligence  procedures,  the  transaction  has not been
recorded by the Company at September 30, 2005.


                                       8
<PAGE>

Item 2. Management's Discussion and Analysis of Financial Conditions and Results
------  ------------------------------------------------------------------------
        of Operations
        -------------

     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.

CRITICAL ACCOUNTING POLICIES

     Our  discussion  and analysis of our  financial  conditions  and results of
operations are based upon our financial statements,  which have been prepared in
accordance with accounting principles generally accepted in the United States of
America.  The  preparation of financial  statements  require  management to make
estimates  and  judgments  that  affect  the  reported  amounts  of  assets  and
liabilities,  revenues and expenses and disclosures on the date of the financial
statements. On an on-going basis, we evaluate our estimates,  including, but not
limited  to,  those  related to revenue  recognition  and license  fees.  We use
authoritative pronouncements, historical experience and other assumptions as the
basis for making judgments. Actual results could differ from those estimates. We
believe  that  the  following  critical  accounting  policies  affect  our  more
significant  judgments  and  estimates  in  the  preparation  of  our  financial
statements.

Revenue Recognition

     Revenue is recorded at the time of merchandise shipment,  net of provisions
for returns. The Company records revenues from sales, initiated by sales agents,
net of the  sales  commissions  earned  following  the  interpretative  guidance
provided  by FASB  Emerging  Issue Task Force  (EITF) EITF No.  99-19  Reporting
Revenue  Gross as a Principal  versus Net as an Agent.  License  fees are earned
over the license  period  according  to the terms of the license  agreement  and
interpretative  guidance provided by Staff Accounting Bulletin (SAB) No. 101 and
No. 104. The majority of the Company's sales are to distributors  and licensees,
and these distributors and licensees have no right to return products.

COMPANY OVERVIEW

     The  Company is engaged in the  research,  development,  manufacturing  and
marketing of consumer products  containing  synthetic human pheromones and other
mood enhancing compounds.  The Company initiated  commercial  operations in late
1994 with a line of fine fragrances and  toiletries.  Licensing of the Company's
technology is currently the core business of the Company while directly managing
the on-going development of identified compounds for potential new products. The
Company's  patented  compounds  are sold to licensed  customers  and included as
components  in their  fragranced  consumer  products.  The  Company  also offers
private label manufacturing services for third party consumer product licensees.

Results of Operations

Three  Months  ended  September  30,  2005  compared to the Three  Months  ended
--------------------------------------------------------------------------------
September 30, 2004
------------------

     Net revenues for the third quarter of 2005 were $91,000, representing a 70%
decrease from the prior year's revenues of $300,000. Domestically, revenues were
$190,000 less than the prior year,  attributable to decreased pheromone reorders
from existing licensees and established accounts. Sales were expected to decline


                                       9
<PAGE>


as established  fragrance lines mature and their life cycle shorten. The Demeter
Natural  Attraction(R) product line was launched in April 2004 and generated 14%
of the domestic revenues during the 2004 period which the Company did not expect
to maintain in 2005.  International  revenues  were  $19,000 less than the prior
year due to decreased private label production reorders this quarter.


         Net revenue for the quarters ended September 30, 2005 and 2004 were as
follows (in thousands):

                                                          2005        2004
                                                        --------    --------
        Markets:
           U.S Markets                                  $     88    $    278
           International Markets                               3          22
                                                        --------    --------
           Net Sales                                    $     91    $    300
                                                        ========    ========

     Gross  profit for the quarter  ended  September  30, 2005 of $79,000 is 69%
less than last year's gross profit of $256,000.  As a percentage of sales, gross
profit of 87% was higher than last year's of 85%. The increased gross margin was
caused by a favorable sales mix of higher margin products for the current period
compared to last year's sales mix. The decrease in gross profit is attributed to
the lower sales level.

     Research and Development  expenses for the second quarters of 2005 and 2004
were   $38,000  and  $27,000,   respectively.   The  increase  of  the  research
expenditures  was  the  result  of  the  Company  increasing  research  activity
operations  at the  University  of Utah.  The Company is directly  managing  and
conducting  all research and  development  efforts from this facility as well at
testing performed at another facility.

     Selling,  general and administrative expenses of $242,000 are $122,000 less
than last year's $364,000.  Selling,  marketing and  distribution  expenses were
$42,000  less than the prior year as the Company did not spend at the same level
as in 2004 to support the Natural  Attraction(R) from Demeter line of fragrances
in the U.S. marketplace. General and administrative and facility costs decreased
by $80,000,  a result of a reduction in  consulting  costs  associated  with the
Company's   efforts  to  expand  new  investment   potential  and  increase  its
shareholder base, reduction of payroll related costs and reduced legal expenses.

     The Company earned $3,000 and $5,000 in net interest  income in both of the
periods, respectively. The decrease is due to lower cash balances.

     The Company recorded no income tax provision in 2005 or 2004, due primarily
to a valuation  allowance on deferred tax assets being recorded and the expected
utilization of net operating  losses carried  forward from prior years to offset
any  significant  tax liability.  As of September 30, 2005, the Company's  gross
deferred tax asset,  which  relates  primarily to net operating  losses  carried
forward was $6,762,000.  However, a full valuation allowance is provided for the
gross  deferred  tax  asset  as  management  could  not  determine  whether  its
realization is more likely than not.


Nine Months  ended  September  30,  2005 as  compared  to the Nine Months  ended
--------------------------------------------------------------------------------
September 30, 2004
------------------

     Net revenues for the nine months ended  September  30, 2005 were  $348,000.
This was a 51% decrease  from net revenues of $708,000 for the first nine months
of  2004.  Domestically,  revenues  were  $365,000  less  than the  prior  years
$628,000.  Domestic  customers seem to have altered their historical  purchasing
patterns  which  resulted  in  increased  sales in the last  quarter of 2004 and
decreased  revenues in the current year. The Company's  domestic  fourth quarter
2004 sales were  $360,000,  a  $228,000,  173%,  increase  from the 2003  fourth
quarter  revenues.  . Since the  Company is not always  aware of its  customer's
manufacturing  and  marketing  plans  revenue  fluctuations  due to the customer
schedules will occur  periodically.  The Company has been  anticipating  that it
would see some sales  declines as established  fragrance  lines mature and their
life cycle  shorten.  International  revenues were $5,000 greater than the prior
year due to  increased  sales in the Asia and Latin  America  markets  two areas
targeted for future growth internationally.


                                       10
<PAGE>

     Net revenues for the nine months ended  September 30, 2005 and 2004 were as
follows:

--------------------------------------------------------------------------------
 Markets                                       2005            2004
--------------------------------------------------------------------------------
  U.S Markets                              $      263       $      628
  International Markets                            85               80
                                           ----------       ----------
  Net Revenues                             $      348       $      708
                                           ==========       ==========


     Gross  profit for the first nine months of 2005  decreased  53% to $278,000
from  $591,000 in 2004.  The decrease is the result of the reduced  sales due to
the  customer  ordering  patterns  noted above.  Gross  margin  decreased to 80%
compared to 83% in 2004 due to a slightly  unfavorable sales mix of lower margin
products.

     Research  and  Development  expenses  for the first nine months of 2005 and
2004 were  $132,000  and  $43,000,  respectively.  The  increase of the research
expenditures  was the  result  of the  Company  inaugurating  operations  at the
University  of  Utah  and  initiating  preliminary  testing  of a new  pheromone
compound at another facility.  The Company is now directly managing and actively
conducting all research and development efforts from this facility.

     Selling,  general and  administrative  expenses  for the first half of 2005
were  $887,000  and  $1,053,000  for the  comparable  period of 2004, a $166,000
reduction.  Selling,  marketing and distribution expenses are $111,000 less than
the prior year as the Company did not launch any new products  lines in 2005, as
it did in 2004. General, administrative and facility expenses were $ 55,000 less
than last year due to decreased payroll related costs, decreased consulting fees
and overall decreases in corporate related expenses.

     The Company's cash balances generated $14,000 in net interest income during
the first nine months of 2005,  as compared to $12,000 in 2004.  The increase is
due to increased interest rates.


LIQUIDITY AND CAPITAL RESOURCES

     At September 30, 2005, the Company had cash of $622,000 with no outstanding
bank  borrowings and working  capital of $615,000.  At December 31, 2004, it had
cash of $1,201,000  with no outstanding  bank  borrowings and working capital of
$1,336,000.  For the  first  nine  months  of 2005,  net cash  used in  on-going
activities  was  $578,000  comparable  to the prior  year's  $572,000 and is the
result of collections from the higher than usual accounts  receivable balance at
December 31, 2004.

     The Company did not renew its Business Loan  Agreement  with  Mid-Peninsula
Bank of Palo Alto,  California  which had been providing for a revolving line of
credit, secured primarily by the Company's trade receivables and inventory.  The
agreement which expired on May 3, 2005 was never drawn upon by the Company.

     Assuming the Company's  activities  proceed  substantially as planned,  the
Company's current cash position and projected results of operations for the next
twelve months are expected to require additional outside financing. On September
28,  2005 the  Company  signed a term sheet with  Rubinson  &  Associates,  Inc.
("Rubinson")  under which Rubinson will purchase 833,333 units,  each consisting
of one  unregistered  share of common stock of the Company,  together  with five
year warrants for the purchase of four  additional  shares of common stock.  The
amount to be  initially  invested  will be  $500,000.  If fully  exercised,  the
warrants  would  result in an aggregate  additional  investment  of  $2,416,666,
however there can be no assurance that any of the warrants will be exercised.

     The terms agreed by the Company and Rubinson are subject to the  completion
of  mutual  due  diligence,  which is  expected  to be  completed  by the end of
November 2005, execution of the definitive  agreements and the completion of all
legal, corporate and securities compliance requirements.  The understanding with
Rubinson  also  provides  that  Mitchell   Rubinson,   Chairman  of  Rubinson  &
Associates,  Inc., will be employed by the Company at a base salary of $1.00 per
year, be eligible to receive the  Company's  benefits and elected as Chairman of
the Board of Directors.

Risk Factors

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

     The Company has not had sustained  profitable  operations since 1997. Since
1997, the Company has incurred losses from  operations.  In May 2000 the Company
refocused its business model based on product  licensing  agreements.  While the
Company  anticipates  that this change in its business will result in profitable
operations,  it has not to date, and the Company's  license based business model
may not be successful in the future.


                                       11
<PAGE>

     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.
Consumer product and traditional  fragrance  companies may choose not to license
or private label the Company's products.

     The Company may 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.

     The  Company  may not be able to  develop  new  patentable  compounds.  The
Company's  success  substantially  depends upon developing and obtaining patents
for new mood and sensory  enhancing  compounds.  The Company  requires  that its
products  be  scientifically  tested  validating  the  human  responses  to  the
compounds.  The Company may not be  successful  in  validating  that the desired
human responses are obtained.

     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 and its distributors/licensees  rely upon other companies to manufacture
its pheromones,  supply components, and to blend, fill and package its fragrance
products. The Company and its  distributors/licensees  may not be able to obtain
or  retain   pheromone   manufacturers,   fragrance   suppliers,   or  component
manufacturers  on  acceptable  terms.  This  would  adversely  affect  operating
results.

Item 3.  Controls and Procedures
--------------------------------

     Evaluation of Disclosure Controls and Procedures. Based on their evaluation
as of the end of the period covered by this Quarterly Report on Form 10-QSB, our
chief  executive  officer and chief  financial  officer have  concluded that our
disclosure  controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e)
of the Securities Exchange Act of 1934) are effective to ensure that information
required  to be  disclosed  by us in  reports  that we file or submit  under the
Securities Exchange Act of 1934 is recorded, processed,  summarized and reported
within the time periods  specified in Securities and Exchange  Commission  rules
and forms.

     Changes in Internal Control Over Financial Reporting. There were no changes
in our internal control over financial  reporting  identified in connection with
our  evaluation  that  occurred  during  our  third  fiscal  quarter  that  have
materially affected, or are reasonably likely to materially affect, our internal
control over financial reporting.


                                       12
<PAGE>


                                     PART II
                                OTHER INFORMATION


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

   a.    Exhibits


               Exhibit 31.1  Certification   Pursuant  to  Section  302  of  the
                             Sarbanes-Oxley Act

               Exhibit 31.2  Certification   Pursuant  to  Section  302  of  the
                             Sarbanes-Oxley Act

               Exhibit 32    Certification of Chief Executive  Officer and Chief
                             Financial Officer Pursuant to 18 U.S.C. 1350


   b.    Reports on Form 8-K

               The Company  filed Form 8-K on September  28, 2005 in  connection
               with the  signing of the term sheet with  Rubinson &  Associates,
               Inc. for the future purchase of stock and warrants.



                                       13
<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.





Date:  November 9, 2005                    /s/ William P. Horgan
                                           -------------------------------------
                                           William P. Horgan
                                           Chairman and Chief Executive Officer




Date:  November 9, 2005                    /s/ Gregory S. Fredrick
                                           -------------------------------------
                                           Gregory S. Fredrick
                                           Chief Financial Officer



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