**UNITED      STATES**

**SECURITIES      AND EXCHANGE COMMISSION**

**Washington,      D.C. 20549 **

**FORM      10-K **

**[X]      ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)**

**OF      THE SECURITIES EXCHANGE ACT OF 1934**

**[   ]      TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)**

**OF      THE SECURITIES EXCHANGE ACT OF 1934**

| Delaware                (State                or other jurisdictionof                incorporation or organization)                      | 22-2845714(I.R.S.                EmployerIdentification                No.) |
|------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------|
|                                                                                                                                     |                                                                        |
|                                                                                                                                     |                                                                        |
| 35                Northeast Industrial Road Branford,                Connecticut (Address                of principal executive offices) | 06405(Zip                Code)                                              |

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**NEUROGEN      CORPORATION **

**ANNUAL      REPORT ON FORM 10-K**

**For      the Year Ended December 31, 2005 **

**TABLE      OF CONTENTS **

| **                              ** | **PAGE**  |
|----------------------------------------------------------------------------|----------------|

| **PART                I** |
|---------------------------|

| Item                1.  | Business                                                      | 3  |
|-------------------------|--------------------------------------------------------------------|----|
| Item                1A. | Risk                Factors                                        | 14 |
| Item                1B. | Unresolved                Staff Comments                           | 23 |
| Item                2.  | Properties                                                         | 23 |
| Item                3.  | Legal                Proceedings                              | 23 |
| Item                4.  | Submission                of Matters to a Vote of Security Holders | 24 |
|                    |                                                               |

| **PART                II** |
|----------------------------|

| Item                5.                         | Market                for Registrant's Common Equity, Related Stockholder                Matters, and Issuer Purchase of Equity Securities | 25 |
|------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------|----|
| Item                6.                         | Selected                Financial Data                                                                                                     | 27 |
| Item                7.                         | Management's                Discussion and Analysis of Financial Condition                and Results of Operations                        | 27 |
| Item                7A.                        | Quantitative                and Qualitative Disclosures about Market Risk                                                                  | 43 |
| Item                8.                         | Financial                Statements and Supplementary                Data                                                                  | 43 |
| Item                9.     | Changes              in and Disagreements with Accountants on Accounting              and Financial Disclosure              | 68 |
| Item                9A.                        | Controls                and Procedures                                                                                                | 68 |
| Item                9B.                        | Other                Information                                                                                                           | 68 |
|                                           |                                                                                                                                       |

| **PART                III**  |
|-----------------------------------|

| Item                10. | Directors                and Executive Officers of the Registrant                            | 69 |
|-------------------------|----------------------------------------------------------------------------------------------|----|
| Item                11. | Executive                Compensation                                                   | 69 |
| Item                12. | Security                Ownership of Certain Beneficial Owners and                Management | 69 |
| Item                13. | Certain                Relationships and Related Transactions                                | 69 |
| Item                14. | Principal                Accountant Fees and Services                                        | 69 |

|                       |
|----------------------------|
| **PART                IV** |

|  Item                15. | Exhibits                and Financial Statement                Schedules | 70  |
|-------------------------------|--------------------------------------------------------------------------|----------|

**SIGNATURES**

**EXHIBIT      INDEX**

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**PART      I**

**ITEM      1. BUSINESS**

**Overview      **

**Background      on the Drug Discovery Industry **

----

**Neurogen's      Business Strategy **

| ·   | *Create                a risk-balanced drug portfolio*.                To increase the probability of successful drug discovery and development                efforts, Neurogen is pursuing drug targets representing a spectrum                of                development risk in neurological diseases, pain, inflammation, and                metabolic diseases. The Company is capitalizing on its ability to                rapidly                and efficiently produce multiple generations of drug candidates in                multiple programs through two basic approaches:  |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| o   | *Pursue                "fast follower" or best-in-class drug                targets* |
|---------------|--------------------------------------------------------------------------------------|

|   | Typically,              for these drug targets, industry efforts have indicated some positive              therapeutic benefit in human clinical trials for the biological target,              but drugs currently approved or in development demonstrate sub-optimal              side effect profiles, dosing regimens or routes of administration or              were              approved by the FDA with specific labeling issues. In these programs,              Neurogen’s goal is to develop drugs with more favorable properties than              competing drugs. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| o   | *Also                pursue "first-in-class" drug                targets* |
|---------------|---------------------------------------------------------------------------|

|   | Neurogen also evaluates more recently discovered              drug              targets possessing some degree of scientific validation, where a              successful drug would represent a new therapeutic category, but where              clinical utility has yet to be demonstrated. The Company believes these              targets to be somewhat higher in relative development risk and that              these              targets also represent significant revenue producing potential. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| ·   | *Independently                develop programs to optimal stages for partnering.*                Neurogen seeks to retain ownership and control of some programs -                taking                them further into human clinical testing - while partnering other                programs                at earlier stages, in order to balance the risks associated with                drug                discovery while seeking to maximize return for stockholders. Neurogen's                current cash position and its drug development capabilities enable                the                Company to pursue a flexible business model of partnering programs                when                competitively and economically advantageous. When Neurogen partners                programs, it seeks to collaborate with pharmaceutical leaders with                a                complementary set of demonstrated strengths and resources. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Neurogen's      Drug Discovery Platform **

**Neurogen      Drug Development Programs **

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**Insomnia      Program: GABA partial agonist **

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**Pain      Management Program: VR1 receptor antagonist **

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**Depression/Anxiety      Program: CRF1 receptor antagonist **

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**Obesity/Diabetes      Program: MCH1 receptor antagonist **

**Neurogen      Collaborations **

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| ·   | Merck                  purchased approximately 1.8 million shares of Neurogen common stock                  for                  $15 million                                                                                                                                                                                                                                                                                                                                                |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ·   | Merck                  paid Neurogen a $15 million license fee.                                                                                                                                                                                                                                                                                                                                                                                                                             |
| ·   | Neurogen                  has received to date $14.1 million and is scheduled to receive                  an                  additional $4.1 million in committed research funding and license                  fee                  payments for the three-year period ending in December                  2006.                                                                                                                                                                          |
| ·   | Merck                  has the option to extend the discovery and research effort for                  up to an                  additional two years, beyond December 2006.                                                                                                                                                                                                                                                                                                                |
| ·   | Neurogen                  will receive milestone payments if specified development and regulatory                  objectives are achieved. The Company has received to date $5 million                  in                  milestone payments and is eligible to receive additional milestone                  payments, if additional milestones are achieved, on all VR1 compounds                  discovered by either company prior to or during the                  collaboration. |
| ·   | Merck                  received the exclusive worldwide license to develop, manufacture,                  use, and                  sell VR1 receptor modulator products developed in the                  collaboration.                                                                                                                                                                                                                                                                   |
| ·   | Merck                  is required to pay Neurogen royalties based on net sales levels,                  if any,                  for such products. Neurogen is eligible to receive royalty payments                  on all                  VR1 compounds discovered by either company prior to or during the                  collaborative research                  program.                                                                                                          |

**Patents      and Proprietary Technology **

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**Competitive      Environment **

**Manufacturing      **

**Sales      and Marketing **

**Government      Regulation **

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| 1.   | Preclinical                  laboratory tests*,                  in vivo*                  preclinical studies and formulation studies;                                                                                                                              |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 2.   | The                  submission to the FDA of an Investigational New Drug Application                  ("IND")                  for human clinical testing, which must become effective before                  human                  clinical trials can commence; |
| 3.   | Adequate                  and well-controlled human clinical trials to establish the safety                  and                  efficacy of the drug;                                                                                                              |
| 4.   | The                  submission of a New Drug Application ("NDA") or Product License                  Application to the FDA; and                                                                                                                                    |
| 5.   | FDA                  approval of the NDA or Product License Application prior to any                  commercial                  sale or shipment of the drug.                                                                                                      |

----

| 1.   | Determine                  the efficacy of the drug for specific, targeted                  indications.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 2.   | Determine                  dosage tolerance and optimal dosage.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| 3.   | Identify                  possible adverse side effects and safety risks.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| 4.   | When                  a compound is found to be effective and to have an acceptable safety                  profile in Phase II evaluations, Phase III trials are undertaken                  to                  further evaluate clinical efficacy                  and to test for safety within an expanded patient population at                  geographically dispersed clinical study sites. Neurogen or the                  FDA may                  suspend clinical trials at any                  time if it is believed that the individuals participating in such                  trials                  are being exposed to unacceptable health                  risks. |

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**Employees      **

**Research      and Development Expenses **

**Available      Information **

**ITEM      1A. RISK FACTORS**

***The      testing process for the Company’s drug candidates is long, costly, and      uncertain, and most drug candidates do not get approved. Even if approved for      use in humans, the Company’s drug candidates may later prove to be unsafe or      ineffective***
*.*

----

***The      Company is subject to strict governmental regulation. If the Company cannot      obtain product approvals or if it cannot comply with ongoing governmental      regulations, its business could be adversely      affected.***

***The      Company faces vigorous competition in the areas of drug discovery and      development, which may result in others developing or commercializing products      before or more successfully than it does.***

----

***The      Company has limited experience in the clinical process and relies heavily on      its      collaborative partners for research and development funding and      commercialization.***

| ·   | that                a collaborator will halt, delay, or repeat clinical                trials; |
|--------------------|------------------------------------------------------------------------------------------------|

| ·   | that                a collaborator will alter the amount or timing of resources dedicated                to                the Company’s collaboration; |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| ·   | that                a collaborator will dispute the Company’s rights under an                agreement; |
|--------------------|---------------------------------------------------------------------------------------------------------------|

| ·   | that                a collaborator will attempt to independently develop a competing                drug on                its own or in conjunction with a third                party; |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | that                existing collaboration agreements will not be                extended; |
|--------------------|--------------------------------------------------------------------------------------------|

| ·   | that                a collaborator will not continue to develop a drug candidate after                a                collaboration agreement has ended;                and |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | that                a collaborator will breach or terminate an agreement with the                Company. |
|--------------------|-----------------------------------------------------------------------------------------------------------|

***A      consequence of entering into collaborative arrangements is that the Company’s      potential upside is smaller if a successful product emerges than if it      successfully commercialized a product on its own.***

***The      Company periodically explores new alliances that may never materialize or may      fail.***

----

***Developing      the Company’s drug candidates, particularly its unpartnered product candidates,      will require significant additional expenditures. The Company is not certain      how      much capital it may need, and it may have difficulty raising needed capital      in      the future on favorable terms or at all.***

| ·   | continued                progress of its research and development                programs; |
|--------------------|--------------------------------------------------------------------------------------------|

| ·   | the                Company’s                ability to market and distribute any products it develops and to                establish                new collaborative and licensing                arrangements; |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | changes                in its existing collaborative                relationships; |
|--------------------|------------------------------------------------------------------------------------|

| ·   | progress                with preclinical studies and clinical                trials; |
|--------------------|--------------------------------------------------------------------------------------|

| ·   | the                time and costs involved in pursuing regulatory                clearance; |
|--------------------|---------------------------------------------------------------------------------------------|

| ·   | the                costs involved in preparing, filing, prosecuting, maintaining and                enforcing patent claims; and |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------|

| ·   | competing                technological and market                developments. |
|--------------------|--------------------------------------------------------------------------------|

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***The      Company’s patents, trade secrets and confidentiality agreements with      collaborators, employees and others may be invalidated or inadequate to protect      its intellectual property.***

***The      Company is subject to uncertainties regarding healthcare reimbursement and      reform. In the event that it is successful in bringing any products to market,      its revenues may be adversely affected if it fails to obtain acceptable prices      or adequate reimbursement for the cost of its products from third-party      payors.***

----

***The      Company may be unable to attract and retain qualified management and technical      personnel.***

***The      Company***
***relies      upon third parties for its manufacturing requirements, and it cannot assure      the      reader that it will be able to manufacture products on a timely and competitive      basis.***

***The      Company***
***lacks      marketing and sales experience.***

----

***The      Company’s business exposes it to clinical trial and product liability      claims.***

***The      Company’s business involves hazardous materials and the risk of environmental      liability.***

***The      price of the Company’s common stock may be volatile.***

| ·   | the                results of preclinical testing and clinical trials by the                Company                or                its competitors; |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | technological                innovations or new therapeutic                products; |
|--------------------|--------------------------------------------------------------------------------------|

----

| ·   | changes                in governmental regulation; |
|--------------------|----------------------------------------------------|

|   |   |
|--------|--------|

| ·   | developments                or disputes concerning the Company's proprietary                rights; |
|--------------------|-----------------------------------------------------------------------------------------------------|

| ·   | litigation; |
|--------------------|-------------|

| ·   | public                concern as to the safety of products developed by the                Company                or                others; |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | the                Company’s                ability to raise capital; |
|--------------------|-----------------------------------------------------------------------------|

| ·   | comments                by securities analysts; and |
|--------------------|-----------------------------------------------------|

| ·   | general                market conditions in the                Company's industry. |
|--------------------|----------------------------------------------------------------------------------------------|

***The      Company’s existing stockholders have significant control of its management and      affairs.***

***If      the Company’s stockholders sell substantial amounts of its common stock, the      market price of its common stock may fall.***

***The      Company does not expect to pay dividends on its common      stock.***

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***The      Company anticipates future losses and may never become      profitable.***

***Accounting      pronouncements may affect the Company’s future financial position and results of      operations.***

**ITEM      1B. UNRESOLVED STAFF COMMENTS**

**ITEM      2. PROPERTIES **

**ITEM      3. LEGAL PROCEEDINGS **

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**ITEM      4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS**

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**PART      II**

**ITEM      5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND      ISSUER PURCHASES OF EQUITY SECURITIES**

|                          |   | HIGH   |   | LOW    |   |
|-------------------------------|--------|--------|--------|--------|--------|
| FISCAL                2005:   |   |   |   |   |   |
| First                Quarter  |   | $      | 10.04  |   | $      | 6.90 |   |
| Second                Quarter |   |   | 7.82   |   |   | 5.85 |   |
| Third                Quarter  |   |   | 7.80   |   |   | 6.01 |   |
| Fourth                Quarter |   |   | 8.83   |   |   | 6.04 |   |
|                          |   |   |   |   |   |   |   |
| FISCAL                2004:   |   |   |   |   |   |   |   |
| First                Quarter  |   | $      | 10.08  |   | $      | 6.58 |   |
| Second                Quarter |   |   | 11.43  |   |   | 6.90 |   |
| Third                Quarter  |   |   | 7.74   |   |   | 6.05 |   |
| Fourth                Quarter |   |   | 10.10  |   |   | 6.19 |   |

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**Equity      Compensation Plan Information **

|  Plan                category                                   |   | Number                of securities to be issued upon exercise of outstanding                options |      |   Weighted-average                exercise price ofoutstanding                options |   | Number                of securities remaining available for future issuance under equity                compensation plans (excluding securities reflected in column                (a)) |   |
|---------------------------------------------------------------------------|--------|------------------------------------------------------------------------------------------------------|-----------|-------------------------------------------------------------------------------------------------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                      |   | (a)                                                                                                  |      | (b)                                                                                             |   | (c)                                                                                                                                                                                      |   |
|                                                                      |   |                                                                                                 |      |                                                                                            |   |                                                                                                                                                                                     |   |
| Equity                compensation plans approved by security holders     |   |                                                                                                 | 5,641,642 |                                                                                            | $      | 12.67                                                                                                                                                                                    |   |   | 490,387 |   |
| Equity                compensation plans not approved by security holders |   |                                                                                                 | 16,500    |                                                                                            |   | 33.38                                                                                                                                                                                    |   |   | - |   |
|                                                                      |   |                                                                                                 |      |                                                                                            |   |                                                                                                                                                                                     |   |   |   |   |
| Total                                                                     |   |                                                                                                 | 5,658,142 |                                                                                            | $      | 12.73                                                                                                                                                                                    |   |   | 490,387 |   |

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**Equity      Offering **

**ITEM      6. SELECTED FINANCIAL DATA**

|                                                                           |   | For                the Year Ended December 31(in                thousands, except per share data) |    |
|--------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------|---------|
|                                                                           |   |                                                                                              |    |   |   |   |   |   |   |   |   |
|                                                                           |   | 2005                                                                                              |    | 2004 |   | 2003 |   | 2002 |   | 2001 |   |
| Total                operating revenues                                        |   | $                                                                                                 | 7,558   |   | $ | 19,180 |   | $ | 6,788 |   | $ | 15,725 |   | $ | 11,514 |   |
| Total                operating expenses                                        |   | $                                                                                                 | 48,115  |   |   | 40,394 |   | $ | 39,697 |   | $ | 41,382 |   | $ | 42,577 |   |
| Net                loss                                                        |   | $                                                                                                 | (37,120 | ) | $ | (18,593 | ) | $ | (31,576 | ) | $ | (23,692 | ) | $ | (25,362 | ) |
| Net                loss per share-basic and diluted                            |   | $                                                                                                 | (1.08   | ) | $ | (0.63 | ) | $ | (1.78 | ) | $ | (1.35 | ) | $ | (1.45 | ) |
| Total                assets                                                    |   | $                                                                                                 | 146,764 |   | $ | 183,823 |   | $ | 95,369 |   | $ | 115,779 |   | $ | 145,956 |   |
| Long-term                debt                                                  |   | $                                                                                                 | 10,430  |   | $ | 11,864 |   | $ | 13,278 |   | $ | 19,650 |   | $ | 21,029 |   |
| Stockholders’                equity                                      |   | $                                                                                                 | 114,508 |   | $ | 150,722 |   | $ | 53,439 |   | $ | 83,297 |   | $ | 105,383 |   |
| Weighted                average number of shares outstanding-basic and diluted |   |                                                                                              | 34,318  |   |   | 29,703 |   |   | 17,711 |   |   | 17,614 |   |   | 17,441 |   |

**ITEM      7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION      AND RESULTS OF OPERATIONS **

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**FORWARD-LOOKING      STATEMENTS**

| ·   | risks                inherent in discovery, research, development, testing, regulatory                approval, production and marketing of any of the Company’s drug                candidates; |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | competitive                factors; |
|--------------------|-------------------------------------|

| ·   | risks                deriving from in-licensing of drug candidates, acquisitions or business                combinations; |
|--------------------|---------------------------------------------------------------------------------------------------------------------------|

| ·   | the                Company’s dependence on its current or future corporate partners with                respect to research and development funding, preclinical evaluation                of                drug candidates, human clinical trials of drug candidates, regulatory                filings and manufacturing and marketing                expertise; |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | risks                deriving from collaborations, alliances or other transactions; |
|--------------------|-------------------------------------------------------------------------------------|

| ·   | the                risk that actual research and development costs and associated general                and                administrative costs may exceed budgeted amounts; |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|

| ·   | the                risk that drug targets pursued by the Company may prove to be invalid                after substantial investments by the                Company; |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | inability                to obtain sufficient funds through future collaborative arrangements,                equity or debt financings or other sources to continue the operation                of                the Company’s business; |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| ·   | uncertainty                regarding the Company’s patents and trade secrets and confidentiality                agreements with collaborators, employees, consultants or                vendors; |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | the                risk that the Company may be prohibited or otherwise restricted from                working on certain targets relevant to the Company’s                business; |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | dependence                upon third parties for the manufacture of the Company’s potential products                and the Company’s inexperience in manufacturing if the Company establishes                internal manufacturing                capabilities; |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | dependence                on third parties to market potential products and the Company’s lack of                sales and marketing capabilities; |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | unavailability                or inadequacy of medical insurance or other third-party reimbursement                for                the cost of purchases of the Company’s                products; |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | inability                to attract or retain scientific, management and other personnel;                and |
|--------------------|--------------------------------------------------------------------------------------------------------------|

| ·   | risks                associated with the fact that a majority of the Company’s common stock is                held by a limited number of                stockholders. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**OVERVIEW**

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**CRITICAL      ACCOUNTING POLICIES **

**Revenue      Recognition **

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**Research      and Development Costs **

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**Stock-Based      Compensation **

**Marketable      Securities **

----

**Income      Taxes **

**Long-lived      Assets **

**RESULTS      OF OPERATIONS **

**Years      Ended December 31, 2005 and 2004**

----

----

**Years      Ended December 31, 2004 and 2003**

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**LIQUIDITY      AND CAPITAL RESOURCES**

**Cash      and Marketable Securities **

**Debt      Arrangements **

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**Evaluation      of Investments for Other-Than-Temporary Impairment **

**Financing      Activities **

----

----

**Tax      Benefits**

**Contractual      Obligations **

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|                                           |   | Payment                    Due by Period |   |
|------------------------------------------------|--------|------------------------------------------|--------|
|                                           |   |                                     |   |   |   |   |   |   |   |   |   |
| Contractual                    Obligations     |   | Total                                    |   | Less                    than 1 Year |   | 1-3                    Years |   | 3-5                    Years |   | More                    than 5                    Years |   |
|                                           |   |                                     |   |   |   |   |   |   |   |   |   |
| Long-term                    Debt              |   | $                                        | 15,398 |   | $ | 2,221 |   | $ | 4,202 |   | $ | 3,882 |   | $ | 5,093 |   |
| Operating                    Lease Obligations |   |                                     | 70     |   |   | 25 |   |   | 42 |   |   | 3 |   |   | - |   |
|                                           |   |                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total                                          |   | $                                        | 15,468 |   | $ | 2,246 |   | $ | 4,244 |   | $ | 3,885 |   | $ | 5,093 |   |

**RESEARCH      COLLABORATIONS**

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**RECENTLY      ISSUED ACCOUNTING PRONOUNCEMENTS **

----

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**ITEM      7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**

*Interest      rate risk*

| Fair                value of investments with expected maturities in the following years                (in                thousands): |   |
|----------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                   |   | 2006 |   | 2007 |   | 2008 |   | 2009 |   | Total |   |
|                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |
| Fixed                Rate Investments                                                                                                  |   | $ | 41,997 |   | $ | 26,648 |   | $ | 18,176 |   | $ | 6,798 |   | $ | 93,619 |   |
|                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Weighted                Average Interest                                                                                               |   |   | 3.2 | % |   | 3.4 | % |   | 4.3 | % |   | 4.0 | % |   | 3.5 | % |

*Capital      market risk*

**ITEM      8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA**

**INDEX      TO CONSOLIDATED FINANCIAL STATEMENTS **

Consolidated      Balance Sheets at December 31, 2005 and 2004

Consolidated      Statements of Operations for the years ended      December 31, 2005, 2004 and 2003 

Consolidated      Statements of Stockholders' Equity for      the years ended December 31, 2005, 2004 and 2003 

Consolidated      Statements of Cash Flows for the years ended      December 31, 2005, 2004 and 2003 

Notes      to Consolidated Financial Statements

Report      of Independent Registered Public Accounting      Firm

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| **NEUROGEN                CORPORATION**                                                                                                                            |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| **CONSOLIDATED                BALANCE SHEETS**                                                                                                                     |   |
| (In                thousands)                                                                                                                                      |   |
|                                                                                                                                                               |   |   |   |   |   |
|                                                                                                                                                               |   | **December                31****2005** |   | **December                31****2004** |   |
|                                                                                                                                                               |   |   |   |   |   |
| **Assets**                                                                                                                                                         |   |   |   |   |   |
| **Current                assets:**                                                                                                                                 |   |   |   |   |   |
| Cash                and cash equivalents                                                                                                                           |   | $ | 11,241 |   | $ | 14,831 |   |
| Marketable                securities                                                                                                                               |   |   | 104,119 |   |   | 136,954 |   |
| Receivables                from corporate partners                                                                                                                 |   |   | 157 |   |   | 286 |   |
| Other                current assets                                                                                                                                |   |   | 2,892 |   |   | 2,524 |   |
|                                                                                                                                                               |   |   |   |   |   |   |   |
| Total                current assets                                                                                                                                |   |   | 118,409 |   |   | 154,595 |   |
|                                                                                                                                                               |   |   |   |   |   |   |   |
| **Property,                plant and equipment:**                                                                                                                  |   |   |   |   |   |   |   |
| Land,                building and improvements                                                                                                                     |   |   | 31,309 |   |   | 31,300 |   |
| Equipment                and furniture                                                                                                                             |   |   | 18,146 |   |   | 16,717 |   |
| Construction                in progress                                                                                                                            |   |   | 140 |   |   | - |   |
|                                                                                                                                                               |   |   |   |   |   |   |   |
|                                                                                                                                                               |   |   | 49,595 |   |   | 48,017 |   |
| Less                accumulated depreciation and amortization                                                                                                      |   |   | 21,327 |   |   | 19,109 |   |
|                                                                                                                                                               |   |   |   |   |   |   |   |
| Net                property, plant and equipment                                                                                                                   |   |   | 28,268 |   |   | 28,908 |   |
|                                                                                                                                                               |   |   |   |   |   |   |   |
| **Other                assets**                                                                                                                                    |   |   | 87 |   |   | 320 |   |
|                                                                                                                                                               |   |   |   |   |   |   |   |
| **Total                assets**                                                                                                                                    |   | $ | 146,764 |   | $ | 183,823 |   |
|                                                                                                                                                               |   |   |   |   |   |   |   |
| **Liabilities                and Stockholders’ Equity**                                                                                                      |   |   |   |   |   |   |   |
| **Current                liabilities:**                                                                                                                            |   |   |   |   |   |   |   |
| Accounts                payable and accrued expenses                                                                                                               |   | $ | 6,354 |   | $ | 4,303 |   |
| Unearned                revenue from corporate partners, current portion                                                                                           |   |   | 5,158 |   |   | 4,675 |   |
| Current                portion of loans payable                                                                                                                    |   |   | 1,434 |   |   | 1,414 |   |
|                                                                                                                                                               |   |   |   |   |   |   |   |
|  Total                current                liabilities                                                                                                      |   |   | 12,946 |   |   | 10,392 |   |
|                                                                                                                                                               |   |   |   |   |   |   |   |
| **Unearned                revenue from corporate partners, net of current                portion**                                                                 |   |   | 8,880 |   |   | 10,845 |   |
| **Loans                payable, net of current portion**                                                                                                           |   |   | 10,430 |   |   | 11,864 |   |
|                                                                                                                                                               |   |   |   |   |   |   |   |
|   Total                liabilities                                                                                                                       |   |   | 32,256 |   |   | 33,101 |   |
|                                                                                                                                                               |   |   |   |   |   |   |   |
| **Commitments                and contingencies (Note 8)**                                                                                                          |   |   |   |   |   |   |   |
|                                                                                                                                                               |   |   |   |   |   |   |   |
| **Stockholders’                equity:**                                                                                                                     |   |   |   |   |   |   |   |
| Preferred                stock, par value $.025 per share                                                                                                          |   |   |   |   |   |   |   |
| Authorized                2,000 shares; none issued                                                                                                                |   |   |   |   |   |   |   |
| Common                stock, par value $.025 per share                                                                                                             |   |   |   |   |   |   |   |
| Authorized                50,000 shares; issued and outstanding 34,617 and 34,493 shares at                December                31, 2005 and 2004, respectively |   |   | 865 |   |   | 862 |   |
| Additional                paid-in capital                                                                                                                          |   |   | 294,436 |   |   | 293,527 |   |
|    Accumulated              deficit                                                                                                                      |   |   | (178,666)  |   |   | (141,546)  |   |
|                  Deferred              compensation                                                                                                 |   |   | (483)  |   |   | (1,260) |   |
|                 Accumulated              other comprehensive loss                                                                                        |   |   |  (1,644) |   |   | (861) |   |
|                                                                                                                                                               |   |   |   |   |   |   |   |
|      Total              stockholders’ equity                                                                                        |   |   | 114,508  |   |   | 150,722  |   |
|                                                                                                                                                               |   |   |   |   |   |   |   |
|   **Total              liabilities and stockholders’ equity**                                                                                      |   |   | $146,764  |   |   | $183,823  |   |

|                                                                                       |
|--------------------------------------------------------------------------------------------|
| See                accompanying notes to consolidated financial                statements. |

----

| **NEUROGEN                CORPORATION**                                                    |   |
|--------------------------------------------------------------------------------------------|--------|
| **CONSOLIDATED                STATEMENTS OF                OPERATIONS**                    |   |
| (In                thousands, except per share data)                                       |   |
|                                                                                       |   |
|                                                                                       |   | **For                the Years Ended December 31** |   |
|                                                                                       |   |   |   |   |   |   |   |
|                                                                                       |   | **2005** |   | **2004** |   | **2003** |   |
|                                                                                       |   |   |   |   |   |   |   |
| Operating                revenues:                                                         |   |   |   |   |   |   |   |
| License                fees                                                                |   | $ | 3,632 |   | $ | 8,890 |   | $ | 2,025 |   |
| Research                and development                                                    |   |   | 3,926 |   |   | 10,290 |   |   | 4,763 |   |
|                                                                                       |   |   |   |   |   |   |   |   |   |   |
| Total                operating revenues                                                    |   |   | 7,558 |   |   | 19,180 |   |   | 6,788 |   |
|                                                                                       |   |   |   |   |   |   |   |   |   |   |
| Operating                expenses:                                                         |   |   |   |   |   |   |   |   |   |   |
| Research                and development:                                                   |   |   |   |   |   |   |   |   |   |   |
| Stock                compensation                                                          |   |   | 511 |   |   | 371 |   |   | 348 |   |
| Other                research and development                                              |   |   | 37,976 |   |   | 30,908 |   |   | 31,839 |   |
|                                                                                       |   |   |   |   |   |   |   |   |   |   |
| Total                research and development                                              |   |   | 38,487 |   |   | 31,279 |   |   | 32,187 |   |
|                                                                                       |   |   |   |   |   |   |   |   |   |   |
| General                and administrative:                                                 |   |   |   |   |   |   |   |   |   |   |
| Stock                compensation                                                          |   |   | 540 |   |   | 627 |   |   | 642 |   |
| Other                general and administrative                                            |   |   | 9,088 |   |   | 8,488 |   |   | 6,868 |   |
|                                                                                       |   |   |   |   |   |   |   |   |   |   |
| Total                general and administrative                                            |   |   | 9,628 |   |   | 9,115 |   |   | 7,510 |   |
|                                                                                       |   |   |   |   |   |   |   |   |   |   |
| Total                operating expenses                                                    |   |   | 48,115 |   |   | 40,394 |   |   | 39,697 |   |
|                                                                                       |   |   |   |   |   |   |   |   |   |   |
| Operating                loss                                                              |   |   | (40,557 | ) |   | (21,214 | ) |   | (32,909 | ) |
|                                                                                       |   |   |   |   |   |   |   |   |   |   |
| Other                income (expense):                                                     |   |   |   |   |   |   |   |   |   |   |
| Investment                and other income                                                 |   |   | 3,839 |   |   | 3,029 |   |   | 1,869 |   |
| Interest                expense                                                            |   |   | (795 | ) |   | (716 | ) |   | (883 | ) |
|                                                                                       |   |   |   |   |   |   |   |   |   |   |
| Total                other income, net                                                     |   |   | 3,044 |   |   | 2,313 |   |   | 986 |   |
|                                                                                       |   |   |   |   |   |   |   |   |   |   |
| Loss                before income taxes                                                    |   |   | (37,513 | ) |   | (18,901 | ) |   | (31,923 | ) |
|                                                                                       |   |   |   |   |   |   |   |   |   |   |
| Income                tax benefit                                                          |   |   | 393 |   |   | 308 |   |   | 347 |   |
|                                                                                       |   |   |   |   |   |   |   |   |   |   |
| Net                loss                                                                    |   | $ | (37,120 | ) | $ | (18,593 | ) | $ | (31,576 | ) |
|                                                                                       |   |   |   |   |   |   |   |   |   |   |
| Basic                and diluted loss per share                                            |   | $ | (1.08 | ) | $ | (0.63 | ) | $ | (1.78 | ) |
|                                                                                       |   |   |   |   |   |   |   |   |   |   |
| Shares                used in calculation of loss per share:                               |   |   |   |   |   |   |   |   |   |   |
| Basic                and diluted                                                           |   |   | 34,318 |   |   | 29,703 |   |   | 17,711 |   |
|                                                                                       |
| See                accompanying notes to consolidated financial                statements. |

----

| **NEUROGEN                  CORPORATION**                                                                                                       |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| **CONSOLIDATED                  STATEMENTS OF STOCKHOLDERS’                  EQUITY**                                                     |   |
|                                                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **For                  the Years Ended December 31, 2005, 2004 and 2003**                                                                       |   |
| **(In                  thousands)**                                                                                                             |   |
|                                                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                            |   |   |   |   |   |   |   |   |   |   |   | Accumulated |   |   |   |
|                                                                                                                                            |   |   |   | Additional |   |   |   |   |   | Other |   |   |   |
|                                                                                                                                            |   | Common                  Stock |   | Paid-in |   | Accumulated |   | Deferred |   | Comprehensive |   |   |   |
|                                                                                                                                            |   | Shares |   | Amount |   | Capital |   | Deficit |   | Compensation |   | Income                  (Loss) |   | Total |   |
| Balance                  at December 31, 2002                                                                                                   |   |   | 17,919 |   | $ | 443 |   | $ | 176,615 |   | $ | (91,377 | ) | $ | (3,257 | ) | $ | 868 |   | $ | 83,297 |   |
| Cancellation                  of restricted stock                                                                                               |   |   | (40 | ) |   | (1 | ) |   | (479 | ) |   | - |   |   | 390 |   |   | - |   |   | (90 | ) |
| Recognition                  of deferred compensation                                                                                           |   |   | - |   |   | - |   |   | 149 |   |   | - |   |   | 881 |   |   | - |   |   | 1,030 |   |
| Issuance                  of stock options to consultants                                                                                       |   |   | - |   |   | - |   |   | 50 |   |   | - |   |   | - |   |   | - |   |   | 50 |   |
| Exercise                  of stock options                                                                                                      |   |   | 114 |   |   | 3 |   |   | 738 |   |   | - |   |   | - |   |   | - |   |   | 741 |   |
| Stock                  issued in 401(k) match                                                                                                   |   |   | 102 |   |   | 2 |   |   | 432 |   |   | - |   |   | - |   |   | - |   |   | 434 |   |
|                                                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Comprehensive                  loss                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net                  loss                                                                                                                       |   |   | - |   |   | - |   |   | - |   |   | (31,576 | ) |   | - |   |   | - |   |   | (31,576 | ) |
| Change                  in unrealized loss on marketable securities                                                                             |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | (447 | ) |   | (447 | ) |
| Total                  comprehensive loss                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (32,023 | ) |
|                                                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance                  at December 31, 2003                                                                                                   |   |   | 18,095 |   | $ | 452 |   | $ | 177,505 |   | $ | (122,953 | ) | $ | (1,986 | ) | $ | 421 |   | $ | 53,439 |   |
|                                                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Stock                  issued in private placements, net of offering expenses of $0.8                  million                                  |   |   | 14,286 |   |   | 357 |   |   | 98,842 |   |   | - |   |   | - |   |   | - |   |   | 99,199 |   |
| Issuance                  of share for cash pursuant to corporate partner agreement, net                  of offering                  expenses |   |   | 1,783 |   |   | 45 |   |   | 14,913 |   |   | - |   |   | - |   |   | - |   |   | 14,958 |   |
| Issuance                  of restricted stock                                                                                                   |   |   | 50 |   |   | 1 |   |   | 474 |   |   | - |   |   | (475 | ) |   | - |   |   | - |   |
| Cancellation                  of restricted stock                                                                                               |   |   | (30 | ) |   | (1 | ) |   | (221 | ) |   | - |   |   | 85 |   |   | - |   |   | (137 | ) |
| Recognition                  of deferred compensation                                                                                           |   |   | - |   |   | - |   |   | 19 |   |   | - |   |   | 1,068 |   |   | - |   |   | 1,087 |   |
| Issuance                  of stock options to consultants                                                                                       |   |   | - |   |   | - |   |   | - |   |   | - |   |   | 48 |   |   | - |   |   | 48 |   |
| Exercise                  of stock options                                                                                                      |   |   | 258 |   |   | 6 |   |   | 1,597 |   |   | - |   |   | - |   |   | - |   |   | 1,603 |   |
| Stock                  issued in 401(k) match                                                                                                   |   |   | 51 |   |   | 2 |   |   | 398 |   |   | - |   |   | - |   |   | - |   |   | 400 |   |
|                                                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Comprehensive                  loss:                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net                  loss                                                                                                                       |   |   | - |   |   | - |   |   | - |   |   | (18,593 | ) |   | - |   |   | - |   |   | (18,593 | ) |
| Change                  in unrealized loss on marketable securities                                                                             |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | (1,282 | ) |   | (1,282 | ) |
| Total                  comprehensive loss                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (19,875 | ) |
|                                                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance                  at December 31, 2004                                                                                                   |   |   | 34,493 |   | $ | 862 |   | $ | 293,527 |   | $ | (141,546 | ) | $ | (1,260 | ) | $ | (861 | ) | $ | 150,722 |   |
|                                                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Issuance                  of restricted stock                                                                                                   |   |   | 25 |   |   | - |   |   | 155 |   |   | - |   |   | (155 | ) |   | - |   |   | - |   |
| Recognition                  of deferred compensation                                                                                           |   |   | - |   |   | - |   |   | - |   |   | - |   |   | 929 |   |   | - |   |   | 929 |   |
| Issuance                  of stock options to consultants                                                                                       |   |   | - |   |   | - |   |   | 119 |   |   | - |   |   | 3 |   |   | - |   |   | 122 |   |
| Exercise                  of stock options                                                                                                      |   |   | 22 |   |   | 1 |   |   | 85 |   |   | - |   |   | - |   |   | - |   |   | 86 |   |
| Stock                  issued in 401(k) match                                                                                                   |   |   | 77 |   |   | 2 |   |   | 508 |   |   | - |   |   | - |   |   | - |   |   | 510 |   |
| Tax                  benefit from stock option exercises                                                                                        |   |   | - |   |   | - |   |   | 42 |   |   | - |   |   | - |   |   | - |   |   | 42 |   |
|                                                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Comprehensive                  loss:                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net                  loss                                                                                                                       |   |   | - |   |   | - |   |   | - |   |   | (37,120 | ) |   | - |   |   | - |   |   | (37,120 | ) |
| Change                  in unrealized loss on marketable securities                                                                             |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | (783 | ) |   | (783 | ) |
| Total                  comprehensive loss                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (37,903 | ) |
|                                                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance                  at December 31, 2005                                                                                                   |   |   | 34,617 |   | $ | 865 |   | $ | 294,436 |   | $ | (178,666 | ) | $ | (483 | ) | $ | (1,644 | ) | $ | 114,508 |   |
|                                                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| See                  accompanying notes to consolidated financial                  statements.                                                  |

----

| **NEUROGEN                CORPORATION**                                                                                                                       |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| **CONSOLIDATED                STATEMENTS OF CASH                FLOWS**                                                                                       |   |
| (In                thousands)                                                                                                                                 |   |
|                                                                                                                                                          |   |
|                                                                                                                                                          |   | **For                the Years ended December 31** |   |
|                                                                                                                                                          |   |   |   |
|                                                                                                                                                          |   | **2005** |   | **2004** |   | **2003** |   |
|                                                                                                                                                          |   |   |   |   |   |   |   |
| Cash                flows from operating activities:                                                                                                          |   |   |   |   |   |   |   |
| Net                loss                                                                                                                                       |   | $ | (37,120 | ) | $ | (18,593 | ) | $ | (31,576 | ) |
| Adjustments                to reconcile net loss to net cash used in operating activities:                                                                    |   |   |   |   |   |   |   |   |   |   |
|    Depreciation                expense                                                                                                         |   |   | 2,493 |   |   | 2,511 |   |   | 2,906 |   |
|    Amortization                of investment premium/discount                                                                                  |   |   | 1,161 |   |   | 1,133 |   |   | 1,100 |   |
|    Stock                compensation expense                                                                                                   |   |   | 1,051 |   |   | 998 |   |   | 990 |   |
|    Loss                on disposal of assets                                                                                                   |   |   | 7 |   |   | 94 |   |   | 112 |   |
|    Other                non-cash expense                                                                                                       |   |   | 604 |   |   | 527 |   |   | 476 |   |
|                   Changes in operating assets and liabilities:                                                                                      |   |   |   |   |   |   |   |   |   |   |
|                  Increase (decrease) in accounts payable and accrued                expenses                                                             |   |   | 2,051 |   |   | (517 | ) |   | 1,272 |   |
|   Increase                (decrease) in unearned revenue from corporate partners                                                                    |   |   | (1,482 | ) |   | (5,340 | ) |   | 12,955 |   |
|   Decrease                (increase) in receivables from corporate partners                                                                         |   |   | 129 |   |   | 16,676 |   |   | (15,629 | ) |
|                  Decrease in other assets, net                                                                                                           |   |   | (229 | ) |   | (618 | ) |   | (145 | ) |
|   Income                tax benefits from exercise of stock options                                                                                 |   |   | 42 |   |   | - |   |   | - |   |
|                                                                                                                                                          |   |   |   |   |   |   |   |   |   |   |
|                  Net cash used in operating activities                                                                                                   |   |   | (31,293 | ) |   | (3,129 | ) |   | (27,539 | ) |
|                                                                                                                                                          |   |   |   |   |   |   |   |   |   |   |
| Cash                flows from investing activities:                                                                                                          |   |   |   |   |   |   |   |   |   |   |
| Purchases                of property, plant and equipment                                                                                                     |   |   | (1,860 | ) |   | (1,419 | ) |   | (390 | ) |
| Purchases                of marketable securities                                                                                                             |   |   | (21,303 | ) |   | (164,135 | ) |   | (9,624 | ) |
| Maturities                and sales of marketable securities                                                                                                  |   |   | 52,194 |   |   | 61,284 |   |   | 38,724 |   |
| Proceeds                from sales of assets                                                                                                                  |   |   | - |   |   | 51 |   |   | 11 |   |
|                                                                                                                                                          |   |   |   |   |   |   |   |   |   |   |
| Net                cash provided by (used in) investing activities                                                                                            |   |   | 29,031 |   |   | (104,219 | ) |   | 28,721 |   |
|                                                                                                                                                          |   |   |   |   |   |   |   |   |   |   |
| Cash                flows from financing activities:                                                                                                          |   |   |   |   |   |   |   |   |   |   |
| Principal                payments under loans payable                                                                                                         |   |   | (1,414 | ) |   | (2,972 | ) |   | (4,780 | ) |
| Exercise                of employee stock options                                                                                                             |   |   | 86 |   |   | 1,603 |   |   | 741 |   |
| Proceeds                from sale of common stock                                                                                                             |   |   | - |   |   | 114,157 |   |   | - |   |
|                                                                                                                                                          |   |   |   |   |   |   |   |   |   |   |
| Net                cash (used in) provided by financing activities                                                                                            |   |   | (1,328 | ) |   | 112,788 |   |   | (4,039 | ) |
|                                                                                                                                                          |   |   |   |   |   |   |   |   |   |   |
| Net                (decrease) increase in cash and cash equivalents                                                                                           |   |   | (3,590 | ) |   | 5,440 |   |   | (2,857 | ) |
| Cash                and cash equivalents at beginning of year                                                                                                 |   |   | 14,831 |   |   | 9,391 |   |   | 12,248 |   |
|                                                                                                                                                          |   |   |   |   |   |   |   |   |   |   |
| Cash                and cash equivalents at end of year                                                                                                       |   | $ | 11,241 |   | $ | 14,831 |   | $ | 9,391 |   |
| See                accompanying notes to consolidated financial statements. See                Note 11 for supplemental cash flow                information. |

----

**NEUROGEN      CORPORATION **

**       NOTES TO CONSOLIDATED FINANCIAL      STATEMENTS  **

**1.      SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES **

**BUSINESS**

**USE      OF ESTIMATES**

**CASH      EQUIVALENTS AND MARKETABLE SECURITIE**

----

**PROPERTY,      PLANT AND EQUIPMENT**

| Land,                building and improvements: |                                              |
|-------------------------------------------------|---------------------------------------------------|
|                                            | Building                and building improvements | 40                years |
|                                            | Land                improvements                  | 15                years |
|                                            | Building                renovations               | 7                years |
|                                            | Equipment                and furniture            | 3                to 7 years |

**LONG-LIVED      ASSETS**

**REVENUE      RECOGNITION**

----

**RESEARCH      AND DEVELOPMENT**

----

**PRINCIPLES      OF CONSOLIDATION**

**SEGMENT      INFORMATION**

**STOCK-BASED      COMPENSATION**

|                                                                                                                                             |   | 2005   |    | 2004   |   | 2003    |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|---------|--------|--------|---------|--------|
|                                                                                                                                             |   |   |    |   |   |    |   |
| Net                loss as reported                                                                                                              |   | $      | (37,120 | )      | $      | (18,593 | )      | $ | (31,576 | ) |
| Total                stock-based compensation expense determined under fair value-based                method                for employee awards |   |   | (6,449  | )      |   | (6,636  | )      |   | (6,516 | ) |
|                                                                                                                                             |   |   |    |   |   |    |   |   |   |   |
| Net                loss pro forma                                                                                                                |   | $      | (43,569 | )      | $      | (25,229 | )      | $ | (38,092 | ) |
|                                                                                                                                             |   |   |    |   |   |    |   |   |   |   |
| Basic                and diluted loss per share as reported                                                                                      |   | $      | (1.08   | )      | $      | (0.63   | )      | $ | (1.78 | ) |
| Basic                and diluted loss per share - pro forma                                                                                      |   | $      | (1.27   | )      | $      | (0.85   | )      | $ | (2.15 | ) |

----

**INCOME      TAXES**

**EARNINGS      (LOSS) PER SHARE ("EPS")**

**FAIR      VALUE OF FINANCIAL INSTRUMENTS**
** **

**RECLASSIFICATIONS**

**RECENTLY      ISSUED ACCOUNTING PRONOUNCEMENTS**

----

----

**2.      RESEARCH COLLABORATIONS **

**MERCK**

**AVENTIS**

----

**COLLABORATION      COSTS **

**3.      MARKETABLE SECURITIES **

| December                31, 2005         |   |  AmortizedCost |    | GrossUnrealizedGain |   | GrossUnrealizedLoss |   |  FairValue |   |
|------------------------------------------|--------|---------------------|---------|---------------------|--------|---------------------|--------|-----------------|--------|
|                                     |   |                |    |                |   |                |   |            |   |
| U.S.                Government notes     |   | $                   | 29,492  |                | $      | 0                   |   | $               | (462   | ) | $ | 29,030 |   |
| Corporate                notes and bonds |   |                | 76,272  |                |   | 37                  |   |            | (1,220 | ) |   | 75,089 |   |
|                                     |   |                |    |                |   |                |   |            |   |   |   |   |   |
| Total                                    |   | $                   | 105,764 |                | $      | 37                  |   | $               | (1,682 | ) | $ | 104,119 |   |

----

| December                31, 2004         |   |  AmortizedCost |    | GrossUnrealizedGain |   | GrossUnrealizedLoss |   |  FairValue |   |
|------------------------------------------|--------|---------------------|---------|---------------------|--------|---------------------|--------|-----------------|--------|
|                                     |   |                |    |                |   |                |   |            |   |
| U.S.                Government notes     |   | $                   | 41,500  |                | $      | 8                   |   | $               | (343   | ) | $ | 41,165 |   |
| Corporate                notes and bonds |   |                | 96,315  |                |   | 22                  |   |            | (548   | ) |   | 95,789 |   |
|                                     |   |                |    |                |   |                |   |            |   |   |   |   |   |
| Total                                    |   | $                   | 137,815 |                | $      | 30                  |   | $               | (891   | ) | $ | 136,954 |   |

|                                    |   | Amortized                Cost |    | Fair                Value |   |
|-----------------------------------------|--------|-------------------------------|---------|---------------------------|--------|
|                                    |   |                          |    |                      |   |
| Less                than one year       |   | $                             | 52,763  |                      | $      | 52,497 |   |
| Due                in 1 to 4 years |   |                          | 53,001  |                      |   | 51,622 |   |
|                                    |   |                          |    |                      |   |   |   |
| Total                                   |   | $                             | 105,764 |                      | $      | 104,119 |   |

----

|                                                                      |   | Less                than 12 Months |   | 12                Months or More |   | Total                     |   |
|---------------------------------------------------------------------------|--------|------------------------------------|--------|----------------------------------|--------|---------------------------|--------|
| Description                of Securities                                  |   | Fair                Value          |   | UnrealizedLosses                 |   | Fair                Value |   | Unrealized                Losses |   | Fair                Value |   | UnrealizedLosses |   |
|                                                                      |   |                               |   |                             |   |                      |   |   |   |   |   |   |   |
| U.S.                Government Obligations and Direct Obligations of U.S. |   | $                                  | 980    |                             | $      | (20                       | )      | $ | 28,050 |   | $ | (442 | ) | $ | 29,030 |   | $ | (462 | ) |
| Asset                Backed Securities                                    |   |                               | 1,604  |                             |   | (8                        | )      |   | 13,823 |   |   | (173 | ) |   | 15,427 |   |   | (181 | ) |
| Corporate                Bonds                                            |   |                               | 10,060 |                             |   | (152                      | )      |   | 38,841 |   |   | (887 | ) |   | 48,901 |   |   | (1,039 | ) |
|                                                                      |   |                               |   |                             |   |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total                Temporarily Impaired Debt                Securities  |   | $                                  | 12,644 |                             | $      | (180                      | )      | $ | 80,714 |   | $ | (1,502 | ) | $ | 93,358 |   | $ | (1,682 | ) |

**4.      ACCOUNTS PAYABLE AND ACCRUED EXPENSES **

|                                                       |   | 2005   |   | 2004   |   |
|------------------------------------------------------------|--------|--------|--------|--------|--------|
|                                                       |   |   |   |   |   |
| Accounts                payable and other accrued expenses |   | $      | 4,025  |   | $      | 2,209 |   |
| Accrued                employee compensation               |   |   | 2,329  |   |   | 2,094 |   |
|                                                       |   |   |   |   |   |   |   |
|                                                       |   | $      | 6,354  |   | $      | 4,303 |   |

----

**5.      LOANS PAYABLE**

|       |   | In                Thousands |   |
|------------|--------|-----------------------------|--------|
|       |   |                        |   |
| 2006       |   | $                           | 1,434  |   |
| 2007       |   |                        | 1,453  |   |
| 2008       |   |                        | 1,477  |   |
| 2009       |   |                        | 1,501  |   |
| 2010       |   |                        | 1,527  |   |
| Thereafter |   |                        | 4,472  |   |
|       |   |                        |   |   |
|       |   | $                           | 11,864 |   |

----

**6.      STOCK OPTIONS AND RESTRICTED STOCK**

**Stock      Options **

|                                              |   | 2005    |       | 2004                                         |   | 2003    |   |
|---------------------------------------------------|--------|---------|------------|----------------------------------------------|--------|---------|--------|
|                                              |   | Options |       | WeightedAverage                ExercisePrice |   | Options |   | WeightedAverage                ExercisePrice |   | Options |   | WeightedAverage                ExercisePrice |   |
|                                              |   |    |       |                                         |   |    |   |   |   |   |   |   |   |
| Outstanding                at January 1           |   |    | 5,712,863  |                                         | $      | 15.94   |   |   | 5,110,779 |   | $ | 17.16 |   |   | 5,019,913 |   | $ | 17.75 |   |
| Granted                                           |   |    | 961,540    |                                         |   | 7.60    |   |   | 1,285,926 |   |   | 9.04 |   |   | 596,054 |   |   | 7.87 |   |
| Exercised                                         |   |    | (21,769    | )                                            |   | 3.92    |   |   | (261,680 | ) |   | 6.25 |   |   | (113,613 | ) |   | 6.52 |   |
| Canceled                                          |   |    | (1,184,492 | )                                            |   | 22.19   |   |   | (422,162 | ) |   | 15.71 |   |   | (391,575 | ) |   | 13.62 |   |
|                                              |   |    |       |                                         |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Outstanding                at December 31         |   |    | 5,468,142  |                                         | $      | 13.17   |   |   | 5,712,863 |   | $ | 15.94 |   |   | 5,110,779 |   | $ | 17.16 |   |
|                                              |   |    |       |                                         |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Options                exercisable at December 31 |   |    | 3,431,916  |                                         | $      | 15.72   |   |   | 3,587,641 |   | $ | 19.14 |   |   | 3,458,912 |   | $ | 18.76 |   |

----

|     Range                of Exercise Prices |   |    NumberOutstanding |      | Weighted                AverageRemainingContractual                Life(Yrs.) |   |   WeightedAverage                ExercisePrice |   |    NumberExercisable |   |   WeightedAverage                ExercisePrice |   |
|-----------------------------------------------------------------|--------|-------------------------------------|-----------|-------------------------------------------------------------------------------|--------|----------------------------------------------------------|--------|-------------------------------------|--------|----------------------------------------------------------|--------|
|                                                            |   |                                |      |                                                                          |   |                                                     |   |                                |   |                                                     |   |
| Less                than $4.99                                  |   |                                | 426,969   |                                                                          |   | 5.3                                                      |   | $                                   | 3.96   |                                                     |   | 306,148 |   | $ | 3.99 |   |
| $5.00                - $7.49                                    |   |                                | 522,740   |                                                                          |   | 9.2                                                      |   |                                | 6.87   |                                                     |   | 165,967 |   |   | 6.64 |   |
| $7.50                - $9.99                                    |   |                                | 1,993,994 |                                                                          |   | 6.5                                                      |   |                                | 8.87   |                                                     |   | 591,972 |   |   | 9.10 |   |
| $10.00                - $14.99                                  |   |                                | 526,310   |                                                                          |   | 2.6                                                      |   |                                | 13.11  |                                                     |   | 506,110 |   |   | 13.18 |   |
| $15.00                - $19.99                                  |   |                                | 1,502,782 |                                                                          |   | 3.5                                                      |   |                                | 18.19  |                                                     |   | 1,373,272 |   |   | 18.15 |   |
| $20.00                - $24.99                                  |   |                                | 165,850   |                                                                          |   | 2.9                                                      |   |                                | 21.55  |                                                     |   | 160,850 |   |   | 21.58 |   |
| $25.00                - $29.99                                  |   |                                | 44,850    |                                                                          |   | 3.7                                                      |   |                                | 27.74  |                                                     |   | 44,750 |   |   | 27.74 |   |
| $30.00                - $34.99                                  |   |                                | 48,350    |                                                                          |   | 3.2                                                      |   |                                | 32.60  |                                                     |   | 46,550 |   |   | 32.64 |   |
| $35.00                - $39.99                                  |   |                                | 236,297   |                                                                          |   | 4.3                                                      |   |                                | 35.64  |                                                     |   | 236,297 |   |   | 35.64 |   |
|                                                            |   |                                |      |                                                                          |   |                                                     |   |                                |   |                                                     |   |   |   |   |   |   |
|                                                            |   |                                | 5,468,142 |                                                                          |   | 5.2                                                      |   | $                                   | 13.17  |                                                     |   | 3,431,916 |   | $ | 15.72 |   |

|                                   |   | 2005   |                   | 2004   |   | 2003                   |   |
|----------------------------------------|--------|--------|------------------------|--------|--------|------------------------|--------|
|                                   |   |   |                   |   |   |                   |   |
| Expected                life           |   |   | 5                years |   |   | 5                years |   |   | 5                years |   |
| Risk-free                interest rate |   |   | 3.8-4.4                | %      |   | 2.8-3.9                | %      |   | 2.2-3.3 | % |
| Volatility                             |   |   | 77-81                  | %      |   | 87                     | %      |   | 84-88 | % |
| Expected                dividend yield |   |   | 0                      | %      |   | 0                      | %      |   | 0 | % |

----

**Restricted      Stock **

|                                      |   | 2005   |     | 2004   |   | 2003    |   |
|-------------------------------------------|--------|--------|----------|--------|--------|---------|--------|
|                                      |   |   |     |   |   |    |   |
| Outstanding                at January 1   |   |   | 265,000  |   |   | 245,000 |   |   | 285,000 |   |
| Granted                                   |   |   | 25,000   |   |   | 50,000  |   |   | - |   |
| Vested                                    |   |   | (100,000 | )      |   | -       |   |   | - |   |
| Cancelled                                 |   |   | -        |   |   | (30,000 | )      |   | (40,000 | ) |
|                                      |   |   |     |   |   |    |   |   |   |   |
| Outstanding                at December 31 |   |   | 190,000  |   |   | 265,000 |   |   | 245,000 |   |

**Non-Cash      Stock Compensation Expense**

|                                                   |   |  2005 |   |  2004 |   |  2003 |   |
|--------------------------------------------------------|--------|------------|--------|------------|--------|------------|--------|
|                                                   |   |       |   |       |   |       |   |
| Restricted                stock (net of cancellations) |   | $          | 929    |       | $      | 1,000      |   | $ | 748 |   |
| Options                granted to consultants          |   |       | 122    |       |   | 48         |   |   | 98 |   |
| 1997                options (net of cancellations)     |   |       | -      |       |   | (50        | )      |   | 144 |   |
|                                                   |   |       |   |       |   |       |   |   |   |   |
| Total                non-cash compensation expense     |   | $          | 1,051  |       | $      | 998        |   | $ | 990 |   |

**Grants      Approved by Stockholders**

----

**7.      INCOME TAXES **

|                                                    |   | 2005   |    | 2004   |   | 2003   |   |
|---------------------------------------------------------|--------|--------|---------|--------|--------|--------|--------|
|                                                    |   |   |    |   |   |   |   |
| Expected                tax benefit at 34%              |   | $      | (12,754 | )      | $      | (6,427 | )      | $ | (10,854 | ) |
| State                tax benefit net of federal benefit |   |   | (2,580  | )      |   | (707   | )      |   | (1,736 | ) |
| R                & D credit                         |   |   | (1,438  | )      |   | (1,258 | )      |   | (1,141 | ) |
| Other                                                   |   |   | 14      |   |   | 137    |   |   | 80 |   |
| Change                in valuation allowance            |   |   | 16,365  |   |   | 7,947  |   |   | 13,304 |   |
|                                                    |   |   |    |   |   |   |   |   |   |   |
| Tax                benefit                              |   | $      | (393    | )      | $      | (308   | )      | $ | (347 | ) |

----

|                                                           |   | 2005   |    | 2004   |   |
|----------------------------------------------------------------|--------|--------|---------|--------|--------|
|                                                           |   |   |    |   |   |
| DEFERRED                TAX ASSETS:                            |   |   |    |   |   |
| Federal                tax operating loss carryforwards        |   | $      | 65,202  |   | $      | 52,201 |   |
| State                tax operating loss carryforwards          |   |   | 7,663   |   |   | 5,777 |   |
| Research                & development credit carryforwards |   |   | 15,070  |   |   | 13,143 |   |
| Alternative                minimum tax credit carryforwards    |   |   | 233     |   |   | 233 |   |
| Deferred                revenue                                |   |   | 5,468   |   |   | 6,045 |   |
| Deferred                compensation                           |   |   | 2,114   |   |   | 1,705 |   |
| Unrealized                loss (gain) on investments           |   |   | 640     |   |   | 335 |   |
| Other                                                          |   |   | 270     |   |   | 257 |   |
|                                                           |   |   |    |   |   |   |   |
| Gross                deferred asset                            |   |   | 96,660  |   |   | 79,696 |   |
| Valuation                allowance                             |   |   | (95,932 | )      |   | (78,953 | ) |
|                                                           |   |   |    |   |   |   |   |
| Net                deferred asset                              |   |   | 728     |   |   | 743 |   |
| DEFERRED                TAX LIABILITY:                         |   |   |    |   |   |   |   |
| Depreciation                                                   |   |   | (728    | )      |   | (743 | ) |
|                                                           |   |   |    |   |   |   |   |
| Net                asset/liability                             |   | $      | -       |   | $      | - |   |

----

|                                      |   |  2005 |   |  2004 |   |
|-------------------------------------------|--------|------------|--------|------------|--------|
|                                      |   |       |   |       |   |
| Income                tax provision       |   | $          | 84,274 |       | $      | 67,604 |   |
| Additional                paid-in capital |   |       | 11,658 |       |   | 11,349 |   |
|                                      |   |       |   |       |   |   |   |
|                                      |   | $          | 95,932 |       | $      | 78,953 |   |

**8.      COMMITMENTS AND CONTINGENCIES **

----

**9.      BENEFIT PLANS **

**10.      RELATED PARTIES **

**11.      SUPPLEMENTAL CASH FLOW INFORMATION **

----

**12.      QUARTERLY FINANCIAL DATA      (UNAUDITED)**

**(in      thousands except per share data) **

|                                                |   | FirstQuarter |   | SecondQuarter |   | ThirdQuarter |   | FourthQuarter |   |
|-----------------------------------------------------|--------|--------------|--------|---------------|--------|--------------|--------|---------------|--------|
| **2005**                                            |   |         |   |          |   |         |   |          |   |
|                                                |   |         |   |          |   |         |   |          |   |
| Total                revenue                        |   | $            | 1,956  |          | $      | 1,956        |   | $             | 1,956  |   | $ | 1,690 |   |
| Total                expenses                       |   |         | 10,816 |          |   | 11,644       |   |          | 12,665 |   |   | 12,990 |   |
| Other                income, net                    |   |         | 794    |          |   | 817          |   |          | 769    |   |   | 664 |   |
| Income                tax benefit                   |   |         | -      |          |   | -            |   |          | 393    |   |   | - |   |
| Net                loss                             |   |         | (8,066 | )             |   | (8,871       | )      |          | (9,547 | ) |   | (10,636 | ) |
| Basic                and diluted earnings per share |   |         | (0.24  | )             |   | (0.26        | )      |          | (0.28  | ) |   | (0.31 | ) |
|                                                |   |         |   |          |   |         |   |          |   |   |   |   |   |
| **2004**                                            |   |         |   |          |   |         |   |          |   |   |   |   |   |
|                                                |   |         |   |          |   |         |   |          |   |   |   |   |   |
| Total                revenue                        |   | $            | 3,152  |          | $      | 6,089        |   | $             | 4,212  |   | $ | 5,727 |   |
| Total                expenses                       |   |         | 10,684 |          |   | 10,815       |   |          | 9,531  |   |   | 9,364 |   |
| Other                income, net                    |   |         | 468    |          |   | 547          |   |          | 561    |   |   | 737 |   |
| Income                tax benefit                   |   |         | -      |          |   | -            |   |          | 308    |   |   | - |   |
| Net                loss                             |   |         | (7,064 | )             |   | (4,179       | )      |          | (4,450 | ) |   | (2,900 | ) |
| Basic                and diluted earnings per share |   |         | (0.36  | )             |   | (0.13        | )      |          | (0.13  | ) |   | (0.09 | ) |

----

**REPORT      OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM **

*Internal      Control - Integrated Framework*
*Internal      Control - Integrated Framework*

----

**ITEM        9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL        DISCLOSURE**

**ITEM      9A. CONTROLS AND PROCEDURES**

**Disclosure      Controls and Procedures. **

** **

**Management's      Annual Report on Internal Control over Financial Reporting.**

**Changes      in Internal Control over Financial Reporting. **

**ITEM      9B. OTHER INFORMATION**

----

**PART      III **

**ITEM      10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT**

**ITEM      11. EXECUTIVE COMPENSATION**

**ITEM      12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT**

**ITEM      13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS**

**ITEM      14. PRINCIPAL ACCOUNTING FEES AND SERVICES**

----

**PART      IV**

**ITEM      15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES**

**SIGNATURES**

|                                                                                                                                                                                                                                                                      |   | NEUROGEN                CORPORATION                                                                              |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------------------------------------------------------------------------------------|
| Date:                March 14, 2006                                                                                                                                                                                                                                       |   |                                                                                                             |
|                                                                                                                                                                                                                                                                      |   | By:                /s/ STEPHEN R. DAVIS                                                                          |
| Pursuant                to the requirements of the Securities Exchange Act of 1934, this                report                has been signed below by the following persons on behalf of the registrant                and in the capacities and on the dates indicated: |   | Stephen                R. DavisExecutive                Vice President andChief                Operating Officer |

----

| SIGNATURE                                                                               |   | TITLE                                                                         |   | DATE                          |
|-----------------------------------------------------------------------------------------|--------|-------------------------------------------------------------------------------|--------|-------------------------------|
|                                                                                    |   |                                                                          |   |                          |
|                                                                                    |   |                                                                          |   |                          |
| *                                                                                       |   |                                                                          |   |                          |
| Craig                Saxton                                                             |   | Chairman                of the Board and Director                             |   | March                14, 2006 |
|                                                                                    |   |                                                                          |   |                          |
|                                                                                    |   |                                                                          |   |                          |
| /s/                WILLIAM H. KOSTER                                                    |   |                                                                          |   |                          |
| William                H. Koster                                                        |   | President,                Chief Executive Officer and Director                |   | March                14, 2006 |
| (Principal                Executive Officer)                                            |   |                                                                          |   |                          |
|                                                                                    |   |                                                                          |   |                          |
|                                                                                    |   |                                                                          |   |                          |
| /s/                STEPHEN R. DAVIS                                                     |   |                                                                          |   |                          |
| Stephen                R. Davis                                                         |   | Executive                Vice President, Chief Operating Officer and Director |   | March                14, 2006 |
| (Principal                Financial and Accounting Officer)                             |   |                                                                          |   |                          |
|                                                                                    |   |                                                                          |   |                          |
|                                                                                    |   |                                                                          |   |                          |
| *                                                                                       |   |                                                                          |   |                          |
| Felix                J. Baker                                                           |   | Director                                                                      |   | March                14, 2006 |
|                                                                                    |   |                                                                          |   |                          |
| *                                                                                       |   |                                                                          |   |                          |
| Julian                C. Baker                                                          |   | Director                                                                      |   | March                14, 2006 |
|                                                                                    |   |                                                                          |   |                          |
| *                                                                                       |   |                                                                          |   |                          |
| Eran                Broshy                                                              |   | Director                                                                      |   | March                14, 2006 |
|                                                                                    |   |                                                                          |   |                          |
| *                                                                                       |   |                                                                          |   |                          |
| Robert                N. Butler, M.D.                                                   |   | Director                                                                      |   | March                14, 2006 |
|                                                                                    |   |                                                                          |   |                          |
| *                                                                                       |   |                                                                          |   |                          |
| Stewart                Hen                                                              |   | Director                                                                      |   | March                14, 2006 |
|                                                                                    |   |                                                                          |   |                          |
| *                                                                                       |   |                                                                          |   |                          |
| Jonathan                S. Leff                                                         |   | Director                                                                      |   | March                14, 2006 |
|                                                                                    |   |                                                                          |   |                          |
| *                                                                                       |   |                                                                          |   |                          |
| Mark                Novitch                                                             |   | Director                                                                      |   | March                14, 2006 |
|                                                                                    |   |                                                                          |   |                          |
| *                                                                                       |   |                                                                          |   |                          |
| John                Simon                                                               |   | Director                                                                      |   | March                14, 2006 |
|                                                                                    |   |                                                                          |   |                          |
| *                                                                                       |   |                                                                          |   |                          |
| Suzanne                H. Woolsey                                                       |   | Director                                                                      |   | March                14, 2006 |
|                                                                                    |   |                                                                          |   |                          |
|                                                                                    |   |                                                                          |   |                          |
| By:                * /s/ WILLIAM H. KOSTER and STEPHEN R. DAVIS                         |
| William                H. Koster and Stephen R. Davis,                Attorneys-in-Fact |

----

| **EXHIBIT                INDEX** |   |                                                                                                                                                                                                                                                                                                                                                                              |
|----------------------------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| **EXHIBIT****NUMBER**            |   | **DESCRIPTION**                                                                                                                                                                                                                                                                                                                                                                   |
|                             |   |                                                                                                                                                                                                                                                                                                                                                                              |
| 3.1                              |   | Restated                Certificate of Incorporation, filed July 7, 1994 (incorporated by                reference to Exhibit 4.1 to Registration Statement No. 33-81268 on                form                S-8).                                                                                                                                                              |
|                             |   |                                                                                                                                                                                                                                                                                                                                                                              |
| 3.2                              |   | By-Laws,                as amended (incorporated by reference to Exhibit 3.6 to the Company's                Form                10-K for the fiscal year ended December 31, 1993).                                                                                                                                                                                               |
|                             |   |                                                                                                                                                                                                                                                                                                                                                                              |
| 10.1                             |   | Neurogen                Corporation Stock Option Plan, as amended (incorporated by reference                to                Exhibit 10.1 to the Company's Form 10-K for the fiscal year ended                December                31, 1991).                                                                                                                                 |
|                             |   |                                                                                                                                                                                                                                                                                                                                                                              |
| 10.2                             |   | Form                of Stock Option Agreement currently used in connection with the grant                of                options under Neurogen Corporation Stock Option Plan (incorporated                by                reference to Exhibit 10.2 to the Company's Form 10-K for the fiscal                year                ended December 31, 1992).                   |
|                             |   |                                                                                                                                                                                                                                                                                                                                                                              |
| 10.3                             |   | Neurogen                Corporation 1993 Omnibus Incentive Plan, as amended (incorporated                by                reference to Exhibit 10.3 to the Company's Form 10-K for the fiscal                year                ended December 31, 1993).                                                                                                                       |
|                             |   |                                                                                                                                                                                                                                                                                                                                                                              |
| 10.4                             |   | Form                of Stock Option Agreement currently used in connection with the grant                of                options under Neurogen Corporation 1993 Omnibus Incentive Plan                (incorporated by reference to Exhibit 10.4 to the Company's Form                10-K for                the fiscal year ended December 31, 1993).                        |
|                             |   |                                                                                                                                                                                                                                                                                                                                                                              |
| 10.5                             |   | Neurogen                Corporation 1993 Non-Employee Directors Stock Option Program (incorporated                by reference to Exhibit 10.5 to the Company's Form 10-K for the fiscal                year ended December 31, 1993).                                                                                                                                            |
|                             |   |                                                                                                                                                                                                                                                                                                                                                                              |
| 10.6                             |   | Form                of Stock Option Agreement currently used in connection with the grant                of                options under Neurogen Corporation 1993 Non-Employee Directors Stock                Option Program (incorporated by reference to Exhibit 10.6 to the                Company's                Form 10-K for the fiscal year ended December 31, 1993).   |
|                             |   |                                                                                                                                                                                                                                                                                                                                                                              |
| 10.7                             |   | Employment                Contract between the Company and Harry H. Penner, Jr., dated as of                October                12, 1993 (incorporated by reference to Exhibit 10.7 to the Company's                Form                10-K for the fiscal year ended December 31, 1993).                                                                                     |
|                             |   |                                                                                                                                                                                                                                                                                                                                                                              |
| 10.8                             |   | Employment                Contract between the Company and John F. Tallman, dated as of December                1,                1993 (incorporated by reference to Exhibit 10.25 to the Company's                Form                10-Q for the quarterly period ended September 30,                1994).                                                                    |
|                             |
| 10.9                             |   | Form                of Proprietary Information and Inventions Agreement (incorporated                by                reference to Exhibit 10.31 to Registration Statement No. 33-29709                on Form                S-1).                                                                                                                                              |
|                             |   |                                                                                                                                                                                                                                                                                                                                                                              |
| 10.10                            |   | Collaborative                Research Agreement and License and Royalty Agreement between the                Company                and Pfizer Inc, dated as of January 1, 1992 (CONFIDENTIAL TREATMENT                REQUESTED) (incorporated by reference to Exhibit 10.35 to the Company's                Form 10-K for the fiscal year ended December 31, 1991).             |
|                             |   |                                                                                                                                                                                                                                                                                                                                                                              |
| 10.11                            |   | Letter                Agreement between the Company and Barry M. Bloom, dated January 12,                1994                (incorporated by reference to Exhibit 10.25 to the Company's Form                10-K for                the fiscal year ended December 31, 1993).                                                                                                   |
|                             |   |                                                                                                                                                                                                                                                                                                                                                                              |
| 10.12                            |   | Letter                Agreement between the Company and Robert H. Roth, dated April14,                1994                (incorporated by reference to Exhibit 10.26 to the Company's Form                10-K for                the fiscal year ended December 31, 1994).                                                                                                      |
|                             |   |                                                                                                                                                                                                                                                                                                                                                                              |
| 10.13                            |   | Collaborative                Research Agreement and License and Royalty Agreement between the                Company                and Pfizer Inc, dated as of July 1, 1994 (CONFIDENTIAL TREATMENT                REQUESTED) (incorporated by reference of Exhibit 10.1 to the Company's                Form 10-Q for the quarterly period ended June 30,                1994). |

| 10.14  |   | Stock                Purchase Agreement between the Company and Pfizer dated as of July                1, 1994                (incorporated by reference to Exhibit 10.2 to the Company's Form                10-Q for                the quarterly period ended June 30, 1994).                                                                                                                                           |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 10.15  |   | Collaboration                and License Agreement and Screening Agreement between the Company                and                Schering-Plough Corporation (CONFIDENTIAL TREATMENT REQUESTED)                (incorporated by reference to Exhibit 10.1 to the Company's Form                8-K dated                July 28, 1995).                                                                                    |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 10.16  |   | Lease                Agreement between the Company and Commercial Building Associates                dated as                of August 30, 1995 (incorporated by reference to Exhibit 10.27 to                the                Company's Form 10-Q for the quarterly period ended September 30,                1995).                                                                                                    |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 10.17  |   | Collaborative                Research Agreement between the Company and Pfizer dated as of November                1,                1995 (CONFIDENTIAL TREATMENT REQUESTED) (incorporated by reference                to                Exhibit 10.1 of the Company's Form 8-K dated November 1,                1995).                                                                                                    |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 10.18  |   | Development                and Commercialization Agreement between the Company and Pfizer dated                as of                November 1, 1995 (incorporated by reference to Exhibit 10.2 of the                Company's Form 8-K dated November 1, 1995).                                                                                                                                                          |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 10.19  |   | Stock                Purchase Agreement between the Company and Pfizer dated as of November                1,                1995 (incorporated by reference to Exhibit 10.3 of the Company's                Form 8-K                dated November 1, 1995).                                                                                                                                                              |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 10.20  |   | Stock                Purchase Agreement dated as of November 25, 1996 between American                Home                Products Corporation, acting through its Wyeth-Ayerst Laboratories                Division, and Neurogen Corporation (CONFIDENTIAL TREATMENT REQUESTED)                (incorporated by reference to Exhibit 10.1 of the Company's Form                8-K dated                March 31, 1997). |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 10.21  |   | Technology                agreement between the Company and Pfizer Inc, dated as of June 15,                1999                (CONFIDENTIAL TREATMENT REQUEST) (Incorporated by reference to Exhibit                10.27 to the Company's Form 10-Q for the quarterly period ended June                30,                1999).                                                                                        |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 10.22  |   | Employment                Contract between the Company and Alan J. Hutchison, dated as of December                1, 1997 (incorporated by reference to Exhibit 10.28 to the Company's                Form                10-K for the fiscal year ended December 31, 1999).                                                                                                                                               |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 10.23  |   | Employment                Contract between the Company and Stephen R. Davis, dated as of December                1,                1997 (incorporated by reference to Exhibit 10.29 to the Company's                Form                10-K for the fiscal year ended December 31, 1999).                                                                                                                                 |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 10.24  |   | Employment                Contract between the Company and Kenneth R. Shaw, dated as of December                1,                1999 (incorporated by reference to Exhibit 10.30 to the Company's                Form                10-K for the fiscal year ended December 31, 1999).                                                                                                                                  |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 10.25  |   | Neurogen                Corporation 2000 Non-Employee Directors Stock Option Program (incorporated                by reference to Exhibit 10.31 to the Company's Form 10-Q for the                quarterly                period ended June 30, 2000).                                                                                                                                                                    |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 10.26  |   | Form                of the Non-Qualified Stock Option Agreement currently used in connection                with the grant of options under the Neurogen Corporation 2000 Non-Employee                Directors Stock Option Program (incorporated by reference to Exhibit                10.32                to the Company's Form 10-Q for the quarterly period ended June 30,                2000).                    |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 10.27  |   | Registration                Rights Agreement dated as of June 26, 2000 between the Company and                the                Purchasers listed on Exhibit A thereto (incorporated by reference                to                Exhibit 10.33 to the Company's Form 10-Q for the quarterly period                ended                June 30, 2000).                                                                  |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 10.28  |   | Severance                Agreement between the Company and John F. Tallman, dated as of January                15,                2001 (incorporated by reference to Exhibit 10.28 to the Company's                Form                10-Q for the quarterly period ended March 31, 2001).                                                                                                                                |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 10.29  |   | Amended                and Restated Neurogen Corporation 2001 Stock Option Plan, as amended                and                restated effective September 4, 2001 (incorporated by reference to                Exhibit                10.29 to the Company's Form 10-Q for the quarterly period ended September                30, 2001).                                                                                 |

| 10.30  |   | Form                of Incentive Stock Option Agreement currently used in connection                with the                grant of options under the Amended and Restated Neurogen Corporation                2001                Stock Option Plan (incorporated by reference to Exhibit 10.30 to                the                Company's Form 10-Q for the quarterly period ended September 30,                2001). |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                          |
| 10.31  |   | Form                of the Non-Qualified Stock Option Agreement currently used in connection                with the grant of options under the Amended and Restated Neurogen                Corporation 2001 Stock Option Plan (incorporated by reference to                Exhibit                10.31 to the Company's Form 10-Q for the quarterly period ended September                30, 2001).                       |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                          |
| 10.32  |   | Form                of Neurogen Special Committee Stock Option Plan (incorporated by                reference                to Exhibit 10.32 to the Company's Form 10-Q for the quarterly period                ended                September 30, 2001).                                                                                                                                                                    |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                          |
| 10.33  |   | Employment                Agreement between the Company and William H. Koster, dated as of                September                4, 2001 (incorporated by reference to Exhibit 10.33 to the Company's                Form                10-Q for the quarterly period ended September 30,                2001).                                                                                                            |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                          |
| 10.34  |   | Severance                Agreement between the Company and Harry H. Penner, Jr., dated as                of                September 7, 2001 (incorporated by reference to Exhibit 10.34 to                the                Company's Form 10-Q for the quarterly period ended September 30,                2001).                                                                                                          |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                          |
| 10.35  |   | Collaboration                and License Agreement dated as of December 11, 2001 between the Company                and Aventis Pharmaceuticals Inc. (CONFIDENTIAL TREATMENT REQUESTED)                (incorporated by reference to Exhibit 10.35 to the Company's Form                10-K/A2                for the period ended December 31, 2001).                                                                       |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                          |
| 10.36  |   | Modification                Agreement dated as of December 1, 2000 between Neurogen Properties                LLC and                Connecticut Innovations, Incorporated (incorporated by reference                to                Exhibit 10.36 to the Company's Form 10-KA/3 for the period ended                December                31, 2001).                                                                     |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                          |
| 10.37  |   | Construction                Loan Agreement dated as of October 22, 1999 between Neurogen Properties                LLC and Connecticut Innovations, Incorporated (incorporated by reference                to Exhibit 10.37 to the Company's Form 10-KA/3 for the period ended                December 31, 2001).                                                                                                             |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                          |
| 10.38  |   | Commercial                Term Note dated as of December 21, 2001 held by the Company and payable                to                Webster Bank (incorporated by reference to Exhibit 10.38 to the Company's                Form 10-KA/3 for the period ended December 31, 2001).                                                                                                                                             |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                          |
| 10.39  |   | Commercial                Loan Agreement dated as of December 21, 2001 between Webster Bank                and the                Company (incorporated by reference to Exhibit 10.39 to the Company's                Form                10-KA/3 for the period ended December 31, 2001).                                                                                                                                    |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                          |
| 10.40  |   | Employment                Agreement between the Company and Edmund P. Harrigan, dated as of                May 13,                2002 (incorporated by reference to Exhibit 10.1 to the Company's                Form 10-Q                for the quarterly period ended June 30, 2002).                                                                                                                                     |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                          |
| 10.41  |   | Form                of Proprietary Information and Inventions Agreement (incorporated                by                reference to Exhibit 10.2 to the Company's Form 10-Q for the quarterly                period ended June 30, 2002).                                                                                                                                                                                     |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                          |
| 10.42  |   | Amendments                to the Neurogen Corporation Non-Employee Directors Stock Option Program                (incorporated by reference to Exhibit 10.1 to the Company's Form                10-Q for                the quarterly period ended September 30, 2002).                                                                                                                                                      |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                          |
| 10.43  |   | Collaboration                and License Agreement dated as of November 24, 2003 between the Company                and Merck Sharp & Dohme Limited (CONFIDENTIAL TREATMENT REQUESTED)                (incorporated by reference to Exhibit 10.43 to the Company's Form                10-K for                the period ended December 31, 2003).                                                                       |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                          |
| 10.44  |   | Stock                Purchase Agreement dated as of November 24, 2003 between the Company                and                Merck Sharp & Dohme Limited (CONFIDENTIAL TREATMENT REQUESTED)                (incorporated by reference to Exhibit 10.43 to the Company's Form                10-K for                the period ended December 31,                2003).                                                    |

| 10.45  |   | Securities                Purchase Agreement by and between Neurogen Corporation, Warburg Pincus                Private Equity VIII, L.P., entities affiliated with Baker Brothers                Investments and entities affiliated with the Tisch family (incorporated                by                reference to Exhibit 99.1 of the Company's Form 8-K dated March 26,                2004).                                                                                                     |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| 10.46  |   | Letter                Agreement dated as of March 26, 2004, amending the securities purchase                dated March 19, 2004, by and between Neurogen Corporation, Warburg                Pincus                Private Equity VIII, L.P., entities affiliated with Baker Brothers                Investments and entities affiliated with the Tisch family (incorporated                by                reference to Exhibit 99.1 of the Company's Form 8-K dated March 26,                2004). |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| 10.47  |   | Neurogen                Corporation Code of Business Conduct and Ethics, April 27, 2004                (incorporated by reference to Exhibit 14.1 of the Company's Form                10-K/A                dated April 29, 2004).                                                                                                                                                                                                                                                                      |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| 10.48  |   | Neurogen                Corporation 2000 Non-Employee Directors Stock Option Program, as                amended                (incorporated by reference to Appendix B of the Registrant's Definitive                Proxy Statement on Schedule 14A (File No. 000-18311) filed on July                12,                2004).                                                                                                                                                                        |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| 10.49  |   | Amended                and Restated Neurogen Corporation 2001 Stock Option Plan, as amended                (incorporated by reference to Appendix D of the Registrant's Definitive                Proxy Statement on Schedule 14A (File No. 000-18311) filed on July                12,                2004).                                                                                                                                                                                            |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| 10.50  |   | Neurogen                Corporation Audit Committee Charter (May 19, 2004) (incorporated                by                reference to Appendix E of the Company's Form DEF 14A dated July                12,                2004).                                                                                                                                                                                                                                                                      |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| 10.51  |   | Form                of Non-Qualified Stock Option Agreement for the Neurogen Corporation                2000                Non-Employee Directors Stock Option Program (incorporated by reference                to                Exhibit 10.1 of the Company's Form 8-K dated December 20,                2004).                                                                                                                                                                                      |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| 10.52  |   | Form                of Incentive Stock Option Agreement for the Amended and Restated                Neurogen                Corporation 2001 Stock Option Plan (incorporated by reference to                Exhibit                10.2 of the Company's Form 8-K dated December 20,                2004).                                                                                                                                                                                               |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| 10.53  |   | Form                of Non-Qualified Stock Option Agreement for the Amended and Restated                Neurogen Corporation 2001 Stock Option Plan (incorporated by reference                to                Exhibit 10.3 of the Company's Form 8-K dated December 20,                2004).                                                                                                                                                                                                          |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| 10.54  |   | Form                of Restricted Share Award Agreement for the Amended and Restated                Neurogen                Corporation 2001 Stock Option Plan (incorporated by reference to                Exhibit                10.4 of the Company's Form 8-K dated December 20,                2004).                                                                                                                                                                                               |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| 10.55  |   | Amended                and Restated Neurogen Corporation 2001 Stock Option Plan (as proposed                to                be amended and restated) (incorporated by reference to Appendix B                of the                Registrant's Definitive Proxy Statement on Schedule 14A (File No.                000-18311) filed on May 19, 2005).                                                                                                                                                 |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| 10.56  |   | Neurogen                Corporation Audit Committee Charter (As Amended on July 20, 2004)                (incorporated by reference to Appendix C of the Company's Form DEF                14A                dated May 19, 2005).                                                                                                                                                                                                                                                                       |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| 10.57  |   | Employment                Agreement between Neurogen Corporation and Stephen Uden dated as                of June                27, 2005 (incorporated by reference to Exhibit 10.1 of the Company's                Form                8-K dated June 30, 2005).                                                                                                                                                                                                                                       |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| 21.1   |   | Subsidiary                of the registrant (incorporated by reference to Exhibit 21.1 to the                Company's Form 10-K for the fiscal year ended December 31,                1999).                                                                                                                                                                                                                                                                                                            |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| 23.1   |   | Consent                of PricewaterhouseCoopers LLP,                Independent Registered Public Accounting Firm.                                                                                                                                                                                                                                                                                                                                                                                      |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| 24.1   |   | Powers                of Attorney of Felix J. Baker,                Julian C. Baker, Eran Broshy, Robert N. Butler, Stewart Hen, Jonathan                S.                Leff, Mark Novitch, Craig Saxton, John Simon, and Suzanne H. Woolsey.                                                                                                                                                                                                                                                         |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| 31.1   |   | Certification                Pursuant to Section 302 of                the Sarbanes-Oxley Act of 2002.                                                                                                                                                                                                                                                                                                                                                                                                   |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| 31.2   |   | Certification                Pursuant to Section 302 of                the Sarbanes-Oxley Act of 2002.                                                                                                                                                                                                                                                                                                                                                                                                   |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| 32.1   |   | Certification                Pursuant to Section 906 of                the Sarbanes-Oxley Act of 2002.                                                                                                                                                                                                                                                                                                                                                                                                   |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| 32.2   |   | Certification                Pursuant to Section 906 of                the Sarbanes-Oxley Act of 2002.                                                                                                                                                                                                                                                                                                                                                                                                   |