<PAGE>

                                 UNITED STATES
                      SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, DC 20549
                                   FORM 10-Q

(Mark One)

(X)  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
     ACT OF 1934

     For the quarterly period ended   September 30, 2001
                                    ---------------------

                                      or

( )  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
     EXCHANGE ACT OF 1934

     For the transition period from  ____________________ to ___________________

Commission File Number                      0-6533
                       ---------------------------------------------------------

                          BOSTON LIFE SCIENCES, INC.
--------------------------------------------------------------------------------
            (Exact name of registrant as specified in its charter)

     Delaware                                                     87-0277826
--------------------------------------------------------------------------------
     (State or other jurisdiction of                            (IRS Employer
     incorporation or organization)                          Identification No.)

     137 Newbury Street, 8th Floor, Boston, Massachusetts         02116
--------------------------------------------------------------------------------
     (Address of principal executive offices)                     (Zip code)


                                (617) 425-0200
--------------------------------------------------------------------------------
             (Registrant's telephone number, including area code)

                                Not Applicable
--------------------------------------------------------------------------------
  (Former name, former address and former fiscal year, if changed since last
                                    report)

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.

                          (X)  Yes            ( )  No

As of November 9, 2001 there were 20,726,638 shares of Common Stock outstanding.

                                       1
<PAGE>

                          BOSTON LIFE SCIENCES, INC.

                              INDEX TO FORM 10-Q


<TABLE>
<CAPTION>
                                                                           Page (s)
                                                                           --------
<S>                                                                     <C>
Part I - Financial Information

  Item 1 - Financial Statements (Unaudited)

     Consolidated Balance Sheets as of September 30, 2001                     1
     and December 31, 2000

     Consolidated Statements of Operations for the three and                  2
     nine months ended September 30, 2001 and 2000, and for the
     period from inception (October 16, 1992) to September 30, 2001

     Consolidated Statements of Cash Flows for the nine months                3
     ended September 30, 2001 and 2000, and for the period from
     inception (October 16, 1992) to September 30, 2001

     Notes to Consolidated Financial Statements                           4 - 7

  Item 2 - Management's Discussion and Analysis of Financial             8 - 11
           Condition and Results of Operations

  Item 3 - Quantitative and Qualitative Disclosures about Market Risk        11

Part II - Other Information

  Item 1 - Legal Proceedings                                                 12

  Item 2 - Changes in Securities                                             12

  Item 3 - Defaults Upon Senior Securities                                   12

  Item 4 - Submission of Matters to a Vote of Security Holders               12

  Item 5 - Other Information                                                 12

  Item 6 - Exhibits and Reports on Form 8-K                                  12

Signatures                                                                   13
</TABLE>
<PAGE>

Part I - Financial Information
Item 1 - Financial Statements

                           Boston Life Sciences, Inc.
                        (A Development Stage Enterprise)

                          Consolidated Balance Sheets
                                  (Unaudited)

<TABLE>
<CAPTION>
                                                                          September 30,         December 31,
                                                                             2001                  2000
                                                                          -------------         -------------
<S>                                                                       <C>                   <C>
Assets
Current assets:
  Cash and cash equivalents                                               $   2,388,721         $    407,327
  Short-term investments                                                     11,011,482           19,361,838
  Other current assets                                                          265,884              703,867
                                                                          -------------         ------------
          Total current assets                                               13,666,087           20,473,032
Fixed assets, net                                                               233,274               42,034
Other assets                                                                    195,926              197,043
                                                                          -------------         ------------
          Total assets                                                    $  14,095,287         $ 20,712,109
                                                                          -------------         ------------

Liabilities and Stockholders' Equity
Current liabilities:
   Accounts payable and accrued expenses                                  $   2,264,375         $  1,661,293


Stockholders' equity:
   Convertible preferred stock, $.01 par value; 525,000 and 15,000
   shares authorized at September 30, 2001 and December 31, 2000,
   respectively; no shares issued and outstanding                                     -                    -
Common stock, $.01 par value; 40,000,000 shares authorized;
   20,726,638 shares issued and outstanding                                     207,266              207,266
Additional paid-in capital                                                   84,027,177           83,605,297
Accumulated other comprehensive income                                          224,922               20,497
Deficit accumulated during development stage                                (72,628,453)         (64,782,244)
                                                                          -------------         ------------
         Total stockholders' equity                                          11,830,912           19,050,816
                                                                          -------------         ------------
         Total liabilities and stockholders' equity                       $  14,095,287         $ 20,712,109
                                                                          =============         ============
</TABLE>

   The accompanying notes are an integral part of the consolidated financial
                                  statements.

                                       1
<PAGE>

                           Boston Life Sciences, Inc.
                           --------------------------
                        (A Development Stage Enterprise)

                     Consolidated Statements of Operations
                                  (Unaudited)

<TABLE>
<CAPTION>
                                                                                                                           From
                                                                                                                         Inception
                                                                                                                       (October 16,
                                               Three Months Ended                         Nine Months Ended              1992) to
                                                 September 30,                              September 30,              September 30,
                                            2001                 2000                2001                 2000             2001
                                       -------------         -----------          -----------         ------------    -------------
<S>                                    <C>                   <C>                  <C>                 <C>             <C>
Revenues                               $           -         $         -          $         -         $          -    $     900,000
Operating expenses:
  Research and development                 1,973,858           2,608,037            5,868,485            7,230,012       46,549,248
  General and administrative                 758,876             692,068            2,427,966            2,364,902       18,169,906
  Purchased in-process
    research and development                       -                   -                    -                    -       12,146,544
                                       -------------         -----------          -----------         ------------    -------------
      Total operating expenses             2,732,734           3,300,105            8,296,451            9,594,914       76,865,698
                                       -------------         -----------          -----------         ------------    -------------
      Loss from operations                (2,732,734)         (3,300,105)          (8,296,451)          (9,594,914)     (75,965,698)
Other expenses                                     -                   -             (396,880)                   -         (396,880)
Interest expense                                   -                   -                    -             (344,870)      (2,252,457)
Interest income                              242,609             379,868              847,122              740,198        5,986,582
                                       -------------         -----------          -----------         ------------    -------------
      Net loss                         $  (2,490,125)        $(2,920,237)         $(7,846,209)        $ (9,199,586)   $ (72,628,453)
                                       -------------         -----------          -----------         ------------    -------------
      Basic and diluted net loss
      per share                        $       (0.12)        $     (0.14)         $     (0.38)        $      (0.48)
                                       -------------         -----------          -----------         ------------
Weighted average shares outstanding       20,726,638          20,618,442           20,726,638           19,041,358
                                       =============         ===========          ===========         ============
</TABLE>


   The accompanying notes are an integral part of the consolidated financial
                                  statements.

                                       2
<PAGE>

                           Boston Life Science, Inc.
                       (A Development Stage Emterprise)

                     Consolidated Statements of Cash Flows
                                  (Unaudited)

<TABLE>
<CAPTION>
                                                                                                From Inception
                                                                                                 (October 16,
                                                                   Nine Months Ended               1992) to
                                                                     September 30,               September 30,
                                                                2001               2000              2001
                                                            -----------       ------------      --------------
<S>                                                         <C>               <C>               <C>
Cash flows from operating activities:
 Net loss                                                   $(7,846,209)      $ (9,199,586)      $(72,628,453)
 Adjustments to reconcile net loss to net cash used
  for operating activities:
   Purchased in-process research and development                      -                  -         12,146,544
   Write-off of acquired technology                                   -                  -          3,500,000
   Non-cash expense related to warrants                         396,880                  -            396,880
   Non-cash interest expense                                          -            332,493            579,685
   Compensation charge related to options and
     warrants                                                    25,000            320,993          2,105,321
   Amortization and depreciation                                 31,673             21,884          1,547,964
   Changes in current assets and liabilities:
     Decrease in other current assets                           437,983            243,387            397,941
     Increase in accounts payable and accrued
        expenses                                                603,082            346,337          1,491,710
                                                            -----------       ------------       ------------
Net cash used for operating activities                       (6,351,591)        (7,934,492)       (50,462,408)

Cash flows from investing activities:
 Cash acquired through Merger                                         -                  -          1,758,037
 Purchases of fixed assets                                     (222,913)           (43,770)          (535,763)
 Decrease (increase) in other assets                              1,117             (2,903)          (354,423)
 Purchases of short term investments                         (6,180,347)       (15,563,293)       (84,418,019)
 Sales and maturities of short term investments              14,735,128         10,413,596         73,631,459
                                                            -----------       ------------       ------------
Net cash provided by (used for) investing activities          8,332,985         (5,196,370)        (9,918,709)

Cash flows from financing activities:
 Proceeds from issuance of common stock                               -         14,476,925         31,249,182
 Proceeds from issuance of preferred stock                            -                  -         27,022,170
 Preferred stock conversion inducement                                -                  -           (600,564)
 Proceeds from issuance of notes payable                              -                  -          2,585,000
 Proceeds from issuance of convertible debentures                     -                  -          9,000,000
 Principal payments of notes payable                                  -                  -         (2,796,467)
Payments of financing costs                                           -            (79,423)        (3,689,483)
                                                            -----------       ------------       ------------
Net cash provided by financing activities                             -         14,397,502         62,769,838
                                                            -----------       ------------       ------------
Net increase in cash and cash equivalents                     1,981,394          1,266,640          2,388,721
Cash and cash equivalents, beginning of period                  407,327            260,134                  -
                                                            -----------       ------------       ------------
Cash and cash equivalents, end of period                    $ 2,388,721       $  1,526,774       $  2,388,721
                                                            ===========       ============       ============

Supplemental cash flow disclosures:
 Non cash transactions (see note 3 and note 5)
</TABLE>

   The accompanying notes are an integral part of the consolidated financial
                                  statements.

                                       3
<PAGE>

                          Boston Life Sciences, Inc.
                       (A Development Stage Enterprise)

            Notes to Consolidated Financial Statements (Unaudited)
                              September 30, 2001



1. Basis of Presentation

   The accompanying unaudited consolidated financial statements have been
   prepared in accordance with accounting principles generally accepted in the
   United States of America for interim financial information and pursuant to
   the rules and regulations of the Securities and Exchange Commission.
   Accordingly, these financial statements do not include all of the information
   and footnotes required by accounting principles generally accepted in the
   United States of America for complete financial statements.

   The interim unaudited consolidated financial statements contained herein
   include, in management's opinion, all adjustments (consisting of normal
   recurring adjustments) necessary for a fair presentation of the financial
   position, results of operations, and cash flows for the periods presented.
   The results of operations for the interim period shown on this report are not
   necessarily indicative of results for a full year.  These financial
   statements should be read in conjunction with the Company's consolidated
   financial statements and notes for the year ended December 31, 2000 included
   in the Company's Annual Report on Form 10-K.

2. Net Loss Per Share

   Basic and diluted net loss per share available to common stockholders has
   been calculated by dividing net loss by the weighted average number of common
   shares outstanding during the period. All potential common shares have been
   excluded from the calculation of weighted average common shares outstanding
   since their inclusion would be anti-dilutive.

   Stock options and warrants to purchase approximately 8.0 million and 6.9
   million shares of common stock were outstanding at September 30, 2001 and
   2000, respectively, but were not included in the computation of diluted net
   loss per common share because they were anti-dilutive.  The exercise of those
   stock options and warrants outstanding at September 30, 2001, which could
   generate proceeds to the Company of up to $39.3 million, could potentially
   dilute earnings per share in the future.

                                       4
<PAGE>

                          Boston Life Sciences, Inc.
                       (A Development Stage Enterprise)

            Notes to Consolidated Financial Statements (Unaudited)


3. Supplemental Disclosure of Non-Cash Investing and Financing Activities

   During the nine months ended September 30, 2000, the Company issued 87,121
   and 300,614 shares of common stock resulting from the conversion of 4,983 and
   53,669 shares of Series A and Series C preferred stock, respectively. During
   the nine months ended September 30, 2000, the Company also issued 1,585,416
   shares of common stock resulting from the conversion of convertible
   debentures with a face value of $8 million and the payment of accrued
   interest of approximately $318,000 in the form of shares of common stock. The
   carrying value of the debentures plus the accrued interest thereon, net of
   deferred financing costs of approximately $307,000, was reclassified to
   additional paid-in capital upon conversion of the debentures and the payment
   of accrued interest.

4. Comprehensive Loss

   The Company had total comprehensive loss of $2,353,135 and $2,728,246 for the
   three months ended September 30, 2001 and 2000, respectively. For the nine
   months ended September 30, 2001 and 2000, total comprehensive loss was
   $7,641,784 and $8,866,440, respectively.

5. Stockholders' Equity

   In the second quarter of 2001, the Company entered into an agreement with a
   significant securityholder whereby the exercise price of certain warrants
   held by the securityholder were reduced. The exercise price of 720,000
   warrants previously exercisable at $8.25 per share were reduced to $4.625 and
   the exercise price of 970,000 warrants previously exercisable at $5.75 per
   share were also reduced to $4.625. In return, the securityholder agreed to
   significant restrictions (based on daily trading volume) on the number of
   shares of common stock that it could sell through May 2002. In connection
   with the transaction, the Company recorded a charge of $396,880 which is
   included in Other Expenses in the Consolidated Statement of Operations. The
   amount of the charge is based upon the difference between the fair value (as
   determined under the Black Scholes pricing model) of the 1,690,000 warrants
   currently exercisable at $4.625 per share compared to the fair value of the
   720,000 warrants previously exercisable at $8.25 per share and the 970,000
   warrants previously exercisable at $5.75 per share.

                                       5
<PAGE>

                          Boston Life Sciences, Inc.
                       (A Development Stage Enterprise)

            Notes to Consolidated Financial Statements (Unaudited)


   In the second quarter of 2001, the Company also entered into an agreement
   with a second significant securityholder whereby the securityholder agreed to
   defer the effective date of the reset provision contained in its 500,000
   warrants (300,000 exercisable at $8.00 per share and 200,000 exercisable at
   $10.00 per share) until June 30, 2002, at which time the exercise price will
   be reset to the lower of (x) the weighted average sales price per share for
   the 20 trading days ending on June 1, 2001 and (y) the greater of (i) the
   weighted average sales price per share of common stock for the 20 trading
   days ending on June 30, 2002 and (ii) $3.00. In addition, these agreements
   provide that in the event of any reorganization, reclassification,
   consolidation, merger or similar transaction involving the Company prior to
   June 30, 2002, the exercise price of the warrants will be deemed to be $3.00
   per share. In return, the Company issued 160,000 additional new warrants
   exercisable at $3.40 per share to the securityholder. The securityholder was
   also granted piggyback registration rights with respect to the shares of
   common stock issuable upon exercise of the new warrant. The Company was not
   required to record any charge in connection with the transaction because the
   fair value (as determined under the Black Scholes pricing model) of the
   160,000 new warrants being issued was equivalent to the net decrease in the
   fair value of the existing warrants resulting from the one year deferral in
   the reset provision.

   In June 2000, the Company completed a private placement of 1,405,956 shares
   of common stock, which raised approximately $9.9 million in net proceeds. In
   connection with the financing, the Company issued 200,000 warrants to
   purchase common stock at $10.00 per share and 300,000 warrants to purchase
   common stock at $8.00 per share.

6. Accounting Pronouncements

   In January 2001, the Company adopted Statement of Financial Accounting
   Standards ("SFAS") No. 133, "Accounting for Derivative Instruments and
   Hedging Activities", which was amended by SFAS No. 137 and SFAS No. 138. The
   statement requires that all derivative investments be recorded in the balance
   sheet at fair value. Changes in the fair value of derivatives are recorded
   each period in current earnings or comprehensive income depending on whether
   a derivative is designated as part of a hedge transaction, and the type of
   hedge transaction. The Company's adoption of the statement did not have a
   material effect on its financial statements.

                                       6
<PAGE>

                          Boston Life Sciences, Inc.
                       (A Development Stage Enterprise)

            Notes to Consolidated Financial Statements (Unaudited)


  In July 2001, the Company adopted SFAS No. 141, "Business Combinations", which
  requires that all business combinations be accounted for under the purchase
  method only and that certain acquired intangible assets in a business
  combination be recognized as assets apart from goodwill.  The Company's
  adoption of the statement did not effect its financial statements.

  In July 2001, the Financial Accounting Standards Board  ("FASB") issued SFAS
  No. 142, "Goodwill and Other Intangible Assets."  SFAS No. 142 requires that
  ratable amortization of goodwill be replaced with periodic tests of the
  goodwill's impairment and that intangible assets other than goodwill be
  amortized over their useful lives.  The provisions of SFAS No. 142 will be
  effective for fiscal years beginning after December 15, 2001, and will thus be
  adopted by the Company, as required, in fiscal year 2002.  The Company does
  not expect the adoption of SFAS No. 142 to have a material effect on its
  financial statements.

                                       7
<PAGE>

Item 2.              Management's Discussion and Analysis
               of Financial Condition and Results of Operations
                              September 30, 2001


     This Quarterly Report on Form 10-Q contains forward-looking statements.
Specifically, any statements contained herein that are not statements of
historical fact may be deemed to be forward-looking statements.  Without
limiting the foregoing, the words "believes," "anticipates," "plans," "expects,"
and similar expressions are intended to identify forward-looking statements.
There are a number of meaningful factors that could cause the Company's actual
results to differ materially from those indicated by any such forward-looking
statements.  These factors include, without limitation, the duration and results
of clinical trials and their effect on the Food & Drug Administration ("FDA")
regulatory process, uncertainties regarding receipt of approvals for any
possible products and any commercial acceptance of such products, possible
difficulties with obtaining necessary patent protection, and uncertainties
regarding the outcome of any of the Company's collaborations or alliances with
third parties.  Other factors include those set forth under the caption
"Forward-Looking Statements" in the Company's Annual Report on Form 10-K for the
year ended December 31, 2000 and the documents referred to under such caption.

Results of Operations

 Overview

     The Company is a biotechnology company engaged in the research and
development of novel therapeutic and diagnostic products to treat chronic
debilitating diseases such as cancer, central nervous system disorders and
autoimmune diseases.  The Company expects that its research and development
costs will continue to increase as the Company attempts to gain regulatory
approval for commercial introduction of its proposed products.  At September 30,
2001, the Company is considered a "development stage enterprise" as defined in
Statement of Financial Accounting Standards No. 7.

 Three Months Ended September 30, 2001 and 2000

     The Company's net loss was $2,490,125 during the three months ended
September 30, 2001 as compared with $2,920,237 during the three months ended
September 30, 2000.  Net loss per common share equaled $0.12 per share for the
2001 period as compared to $0.14 per share for the 2000 period.  The lower net
loss in the 2001 period was primarily due to decreased research and development
costs.

     Research and development expenses were $1,973,858 during the three months
ended September 30, 2001 as compared with $2,608,037 during the three months
ended September 30, 2000. The decrease was primarily attributable to
expenditures related to the Phase III clinical trial for the Altropane(TM)
imaging agent for the diagnosis of Parkinson's Disease and the Phase II clinical
trial for the Altropane(TM) imaging agent for the diagnosis of Attention Deficit
Hyperactivity Disorder that completed trial enrollment in September 2000.

     General and administrative expenses were $758,876 during the three months
ended September 30, 2001 as compared with $692,068 during the three months ended
September 30, 2000.  The increase was primarily attributable to higher
professional service costs.

     Interest income was $242,609 during the three months ended September 30,
2001 as compared with $379,868 during the three months ended September 30, 2000.
The decrease was due to lower average cash, cash equivalent, and short-term
investment balances during the 2001 period as compared to the 2000 period.

                                       8
<PAGE>

Nine Months Ended September 30, 2001 and 2000

     The Company's net loss was $7,846,209 during the nine months ended
September 30, 2001 as compared with $9,199,586 during the nine months ended
September 30, 2000.  Net loss per common share equaled $0.38 per share for the
2001 period as compared to $0.48 per share for the 2000 period.  The lower net
loss in the 2001 period was primarily due to decreased research and development
costs.

     Research and development expenses were $5,868,485 during the nine months
ended September 30, 2001 as compared with $7,230,012 during the nine months
ended September 30, 2000. The decrease was primarily attributable to
expenditures related to the Phase III clinical trial for the Altropane(TM)
imaging agent for the diagnosis of Parkinson's Disease and the Phase II clinical
trial for the Altropane(TM) imaging agent for the diagnosis of Attention Deficit
Hyperactivity Disorder that completed trial enrollment in September 2000. The
decrease in these expenditures were partially offset by higher product
manufacturing costs in the 2001 period related to the establishment of a GMP
manufacturing process for one technology and higher pre-clinical manufacturing
scale-up costs for another technology.

     General and administrative expenses were $2,427,966 during the nine months
ended September 30, 2001 as compared with $2,364,902 during the nine months
ended September 30, 2000.

     Other expenses were $396,880 during the nine months ended September 30,
2001 as compared with zero during the nine months ended September 30, 2000.  The
increase was due to a non-cash charge related to an agreement the Company
entered into with a significant securityholder whereby the exercise price of
certain warrants held by the securityholder were reduced.  The charge represents
the increase in the fair value (as determined under the Black Scholes pricing
model) of the warrants as a result of the decrease in the exercise price.

     Interest income was $847,122 during the nine months ended September 30,
2001 as compared with $740,198 during the nine months ended September 30, 2000.
The increase was due to higher average cash, cash equivalent, and short-term
investment balances during the 2001 period as compared to the 2000 period.
Interest expense was zero during the nine months ended September 30, 2001 as
compared with $344,870 during the nine months ended September 30, 2000.  In
September 1999, the Company issued $8 million of 8% convertible debentures which
were converted into common stock in February and March 2000.

                                       9
<PAGE>

Liquidity and Capital Resources

     Since its inception, the Company has primarily satisfied its working
capital requirements from the sale of the Company's securities through private
placements. These private placements have included the sale of preferred stock
and common stock, as well as notes payable and convertible debentures. Each
private placement has included the issuance of warrants to purchase common
stock. A summary of financings completed during the three years ended September
30, 2001 is as follows:

Date                   Net Proceeds Raised         Securities Issued
----                   -------------------         -----------------
June 2000              $9.9 million                Common stock

September 1999         $7.4 million                Convertible debentures

February 1999          $2.3 million                Common stock

February 1999          $5.6 million                Preferred stock

     In the future, the Company's working capital and capital requirements will
depend on numerous factors, including the progress of the Company's research and
development activities, the level of resources that the Company devotes to the
developmental, clinical, and regulatory aspects of its products, and the extent
to which the Company enters into collaborative relationships with pharmaceutical
and biotechnology companies.

     At September 30, 2001, the Company had available cash, cash equivalents and
short-term investments of approximately $13.4 million and working capital of
approximately $11.4 million.  The Company believes that the level of financial
resources available at September 30, 2001 will provide sufficient working
capital to meet its anticipated expenditures for more than the next twelve
months.  The Company may raise additional capital in the future through
collaborative agreements with other pharmaceutical or biotechnology companies,
debt financings, or equity offerings.  There can be no assurance, however, that
the Company will be successful or that additional funds will be available on
acceptable terms, if at all.

Accounting Pronouncements

     In January 2001, the Company adopted Statement of Financial Accounting
Standards ("SFAS") No. 133, "Accounting for Derivative Instruments and Hedging
Activities", which was amended by SFAS No. 137 and SFAS No. 138.  The statement
requires that all derivative investments be recorded in the balance sheet at
fair value.  Changes in the fair value of derivatives are recorded each period
in current earnings or comprehensive income depending on whether a derivative is
designated as part of a hedge transaction, and the type of hedge transaction.
The Company's adoption of the statement did not have a material effect on its
financial statements.

     In July 2001, the Company adopted SFAS No. 141, "Business Combinations",
which requires that all business combinations be accounted for under the
purchase method only and that certain acquired intangible assets in a business
combination be recognized as assets apart from goodwill.  The Company's adoption
of the statement did not effect its financial statements.

     In July 2001, the Financial Accounting Standards Board  ("FASB") issued
SFAS No. 142, "Goodwill and Other Intangible Assets."  SFAS No. 142 requires
that ratable amortization of goodwill be replaced with periodic tests of the
goodwill's impairment and that intangible assets other than goodwill be
amortized over their useful lives.  The provisions of SFAS No. 142 will be
effective for fiscal years beginning after December 15, 2001, and will thus be
adopted by the Company, as required, in fiscal year

                                       10
<PAGE>

2002. The Company does not expect the adoption of SFAS No. 142 to have a
material effect on its financial statements.

Item 3 - Quantitative and Qualitative Disclosures about Market Risk

     There have been no material changes in the market risks reported in the
Company's Annual Report on Form 10-K for the year ended December 31, 2000.

                                       11
<PAGE>

                          PART II -- OTHER INFORMATION
                          ----------------------------


ITEM 1:  LEGAL PROCEEDINGS.
         -----------------

         None.

ITEM 2:  CHANGES IN SECURITIES.
         ---------------------

         None.

ITEM 3:  DEFAULTS UPON SENIOR SECURITIES.
         -------------------------------

         None.

ITEM 4:  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
         ---------------------------------------------------

         None.

ITEM 5:  OTHER INFORMATION.
         -----------------

         (a)  Exhibits.

              None.

ITEM 6:  EXHIBITS AND REPORTS ON FORM 8-K.
         --------------------------------

         (a)  Exhibits.

              None.

         (b)  Reports on Form 8-K:  The Registrant filed the following reports
              on Form 8-K during the quarter ended September 30, 2001:

                    Date of Report             Item Reported
                    --------------             -------------
                    September 11, 2001              5,7

                                       12
<PAGE>

                                  SIGNATURES
                                  ----------


     Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.


                                      BOSTON LIFE SCIENCES, INC.
                                      --------------------------
                                         (Registrant)


DATE:  November 13, 2001              /s/ S. David Hillson
                                      --------------------
                                      S. David Hillson
                                      President and Chief Executive Officer
                                      (Principal Executive Officer)

                                      /s/ Joseph Hernon
                                      ------------------
                                      Joseph Hernon
                                      Chief Financial Officer
                                      (Principal Financial and Accounting
                                        Officer)

                                       13