<PAGE>   1


                       SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549

                                    FORM 10-Q

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

         For the quarterly period ended March 31, 1998

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

            For the transition period from __________ to __________

Commission file number 0-26758

                        ALKERMES CLINICAL PARTNERS, L.P.
             ------------------------------------------------------
             (Exact name of registrant as specified in its charter)

                   DELAWARE                                 043-145043
----------------------------------------------     -----------------------------
       (State or other jurisdiction of                  (I.R.S. Employer
        incorporation or organization)                 Identification No.)

       64 Sidney Street, Cambridge, MA                      02139-4136
----------------------------------------------     -----------------------------
   (Address of principal executive offices)                 (Zip Code)

Registrant's telephone number including area code: (617) 494-0171
                                                   -----------------------------

                                 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. Yes  X   No
                                             -----   -----

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                        ALKERMES CLINICAL PARTNERS, L.P.

                                      INDEX

                                                                        Page No.
                                                                        --------

PART I - FINANCIAL INFORMATION

          Item 1. Financial Statements

                  Balance Sheets                                           3
                  -March 31, 1998 and December 31, 1997

                  Statements of Operations                                 4
                  -Three months ended March 31, 1998 and 1997

                  Statements of Cash Flows                                 5
                  -Three months ended March 31, 1998 and 1997

                  Notes to Financial Statements                            6

          Item 2. Management's Discussion and Analysis of                  7
                  Financial Condition and Results of Operations

PART II - OTHER INFORMATION

          Item 6. Exhibits, Financial Statement Schedules and Reports     10
                  on Form 8-K

SIGNATURES                                                                11

EXHIBIT INDEX                                                             12



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ITEM 1.  FINANCIAL STATEMENTS:

                        ALKERMES CLINICAL PARTNERS, L.P.
                             (A LIMITED PARTNERSHIP)

                                 BALANCE SHEETS
                                   (Unaudited)



                                                      March 31,   December 31,
                                                        1998          1997
                                                      ---------   ------------

                                     ASSETS

Total Assets                                            $ --          $ --
                                                        ====          ====

                        LIABILITIES AND PARTNERS' CAPITAL

                                                        ----          ----
Total Liabilities and Partners' Capital                 $ --          $ --
                                                        ====          ====






See notes to financial statements.

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                        ALKERMES CLINICAL PARTNERS, L.P.
                             (A LIMITED PARTNERSHIP)


                            STATEMENTS OF OPERATIONS
                                   (Unaudited)


                                                  Three Months     Three Months
                                                     Ended             Ended
                                                    March 31,        March 31,
                                                      1998              1997
                                                  ------------     ------------


Revenue:
    Interest income                                   $ --           $   155
                                                      ----           -------

Expenses:
    General and administrative                          --             2,056
                                                      ----           -------
                                                        --             2,056
                                                      ----           -------

Net loss                                              $ --           $(1,901)
                                                      ====           =======

Net Loss Per Class A and B Unit                       $ --           $    --
                                                      ====           =======

Average Units Outstanding                              921               921
                                                      ====           =======






See notes to financial statements.



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<PAGE>   5


                        ALKERMES CLINICAL PARTNERS, L.P.
                             (A LIMITED PARTNERSHIP)

                            STATEMENTS OF CASH FLOWS
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                              Three Months         Three Months
                                                                 Ended                 Ended
                                                                March 31,            March 31,
                                                                  1998                  1997
                                                              ------------         ------------

<S>                                                               <C>                <C>      
Cash flows from operating activities:
   Net loss                                                       $ --               $ (1,901)
   Adjustment to reconcile net loss to net cash used for          
        operating activities:                                     
        Changes in assets and liabilities:                        
             Accrued expenses                                       --                (11,278)
                                                                  ----               --------
                                                                  
                  Net cash used for operating activities            --                (13,179)
                                                                  ----               --------
                                                                  
Net decrease in cash and cash equivalents                           --                (13,179)
                                                                  
Cash and cash equivalents, beginning of period                      --                 32,804
                                                                  
                                                                  ====               ========
Cash and cash equivalents, end of period                          $ --               $ 19,625
                                                                  ====               ========
</TABLE>












See notes to financial statements.



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<PAGE>   6


                        ALKERMES CLINICAL PARTNERS, L.P.

                          NOTES TO FINANCIAL STATEMENTS

1.  BASIS OF PRESENTATION

The financial statements for Alkermes Clinical Partners, L.P. (the
"Partnership") for the three month period ended March 31, 1998 and 1997, are
unaudited and include all adjustments which, in the opinion of management, are
necessary to present fairly the results of operations for the periods then
ended. All such adjustments are of a normal recurring nature. These financial
statements should be read in conjunction with the Partnership's Annual Report on
Form 10-K for the year ended December 31, 1997, which includes financial
statements and notes thereto for the years ended December 31, 1997, 1996 and
1995.

The results of the Partnership's operations for any interim period are not
necessarily indicative of the results of the Partnership's operations for any
other interim period or for a full year.

2.  NET LOSS PER CLASS A AND B LIMITED PARTNERSHIP INTEREST

Net loss per Class A and B limited partnership interest is calculated with the
net loss attributable only to the limited partners of the partnership (each, a
"Limited Partner" and collectively, the "Limited Partners") and excludes the
loss attributable to the General Partner. There were no losses attributable to
the Limited Partners for the three months ended March 31, 1998. In February
1997, the Financial Accounting Standards Board released Statement of Financial
Accounting Standards No. 128 ("SFAS No. 128"), "Earnings per Share," which the
Partnership adopted in the fourth quarter of 1997. The adoption of SFAS No. 128
did not have any impact on the Partnership's financial statements because the
Partnership does not have, and is not expected to have, any common stock
equivalents.

3.  COMPLETION OF SCHEDULED FUNDING

For the three months ended March 31, 1998, the Partnership incurred no research
and development expenses related to the RMP(TM) program, notwithstanding the
continuing development of such product candidate. The Partnership was providing
funding to Alkermes, Inc. ("Alkermes") for research and development expenses for
Cereport(TM), formerly known as RMP-7, from capital contributions received from
Partners. Funding to Alkermes ended during the quarter ended June 30, 1996 when
such capital contributions were substantially depleted. None of the Partners of
the Partnership is obligated to make any further capital contributions. Since
the funding was not sufficient for Alkermes to complete clinical trials and seek
regulatory approval of Cereport, Alkermes has used its own resources, and
intends to continue to use its own resources, to develop Cereport. Alkermes has
obtained and intends to continue to obtain such resources through equity
offerings, bank borrowings and its collaborative arrangements. Alkermes is
required to fund the development of Cereport to maintain its purchase option
with the Limited Partners.

Alkermes is also obligated, through the General Partner, to perform
administrative services for the Partnership, such as preparing financial
statements, tax returns and reports to Partners. Alkermes intends to continue to
cause the General Partner to perform such services at its expense since the
Partnership's current assets are depleted, unless it exercises its Purchase
Option and thereby acquires all the interests in the Partnership. The services
performed by Alkermes and the General Partner constitute all of the activities
undertaken by or on behalf of the Partnership.

After March 31, 1998, the Partnership is expected to have no future liquidity or
capital resources requirements other than those funded by Alkermes.




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<PAGE>   7


ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS

INTRODUCTION

Alkermes Clinical Partners, L.P. (the "Partnership") was formed on February 7,
1992, and is managed by its general partner, Alkermes Development Corporation II
(the "General Partner"), a wholly owned subsidiary of Alkermes, Inc.
("Alkermes"). The Partnership was organized to fund the further development and
clinical testing of a family of molecules, designated by Alkermes as
Receptor-Mediated Permeabilizers(TM) ("RMPs(TM)"), for human pharmaceutical use
in the United States and Canada.

IMPORTANT FACTORS REGARDING FORWARD-LOOKING STATEMENTS

Any statements set forth below or otherwise made in writing or orally by the
Partnership or the General Partner with regard to its expectations as to
financial results and other aspects of its business may constitute
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. Although the General Partner believes that its
expectations are based on reasonable assumptions within the bounds of its
knowledge of its business and operations, the Partnership's or the Company's
business is subject to significant risks and there can be no assurance that
actual results of the Partnership's or the Company's development activities and
its results of operations will not differ materially from its expectations.
Accordingly, the Partnership hereby identifies the following important factors,
among others, which could cause its results to differ from any results which
might be projected, forecasted or estimated by the Partnership or the General
Partner in any such forward-looking statements: (i) the Partnership and the
Company could not be permitted by regulatory authorities to undertake additional
clinical trials for Cereport or clinical trials could be delayed or regulatory
authorities could require additional clinical trials; (ii) Cereport could be
ineffective or unsafe during clinical trials; (iii) the Company could incur
difficulties or set-backs in obtaining the substantial additional funding
required to continue research and development programs and clinical trials; (iv)
even if Cereport appears promising at its current stage of development, it could
fail to receive necessary regulatory approvals, be difficult to manufacture on a
large scale, be uneconomical, fail to achieve market acceptance, be precluded
from commercialization by proprietary rights of third parties or experience
substantial competition in the marketplace; and (v) technological change in the
biotechnology or pharmaceutical industries could render Cereport obsolete or
noncompetitive.

RESULTS OF OPERATIONS

            Revenues

The Partnership's sole source of revenue for the three months ended March 31,
1997 was the interest earned on the investments made with the capital
contributions made by the General Partner and the limited partners of the
Partnership (the "Limited Partners") prior to their disbursement to Alkermes for
research and development and/or other Partnership expenses. There was no
interest income for the three months ended March 31, 1998, as compared to $155
for the corresponding period of the prior year. Interest income for the three
months ended March 31, 1998 as compared to the same period in 1997 decreased as
a result of the decrease in cash. The Partnership anticipates that it will have
no interest income in the foreseeable future as the Partnership's assets were
depleted during the quarter ended September 30, 1997. The decrease in the cash
of the Partnership is a result of the completion of the payment of the
development funding to Alkermes during the quarter ended June 30, 1996. The
development funding to Alkermes was made pursuant to the product development
agreement between Alkermes and the Partnership (the "Product Development
Agreement").



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<PAGE>   8

            Expenses

There were no research and development expenses for the three months ended March
31, 1998 and 1997 as a result of the completion of the development funding to
Alkermes pursuant to the Product Development Agreement.

There were no general and administrative expenses for the three months ended
March 31, 1998, as compared to $2,056 for the three months ended March 31, 1997.
The decrease was mainly a result of the depletion of the Partnership's assets
during the quarter ended September 30, 1997. Alkermes is obligated through the
General Partner to perform general and administrative services for the
Partnership at its expense, unless Alkermes exercises its Purchase Option (see
Liquidity and Capital Resources).

LIQUIDITY AND CAPITAL RESOURCES

At March 31, 1998, the Partnership had no remaining current assets or current
liabilities.

The Partnership's primary source of funding and capital resources has been the
annual capital contributions by the Limited Partners and the General Partner.
The Limited Partners' capital contributions have been remitted to the
Partnership in four annual installment payments, the fourth and final payment of
which was due on April 15, 1995. There have been and will be no additional
capital contributions received by the Partnership from the Limited Partners
after the quarter ended June 30, 1996.

The Partnership was funding research and development expenses for Cereport(TM)
from capital contributions received from Partners. Such development is being
conducted for the Partnership by Alkermes pursuant to the Product Development
Agreement. The research and development funding to Alkermes ended during the
quarter ended June 30, 1996 when such capital contributions were substantially
depleted. None of the Partners is obligated to make any further capital
contributions. Because the funding was not sufficient for Alkermes to complete
clinical trials and seek regulatory approval of Cereport, Alkermes has used its
own resources, and intends to continue to obtain such resources through equity
offerings, bank borrowings and its collaborative arrangements. Effective
September 30, 1997, Alkermes entered into an agreement with ALZA Corporation
related to the development and commercialization of Cereport. Alkermes is
required to fund the development of Cereport to maintain its Purchase Option
with the Limited Partners.

The Partnership used its remaining cash and cash equivalents during the quarter
ended September 30, 1997 to pay for administrative services for the Partnership.
Alkermes is obligated, through the General Partner, to perform administrative
services for the Partnership, such as preparing financial statements, tax
returns and reports to the Limited Partners. Alkermes intends to continue to
cause the General Partner to perform such services at its expense since the
Partnership's current assets are depleted to maintain its Purchase Option with
the Limited Partners, unless it exercises its Purchase Option and thereby
acquires all limited partnership interests in the Partnership. The activities
performed by Alkermes and the General Partner constitute all of the activities
undertaken by or on behalf of the Partnership.

The Partnership does not own or use any software systems or any other automated
equipment. Alkermes and the companies with which it does business, however, use
software systems and embedded technology in the conduct of their operations.
Many software systems and much technology in use today are unable to distinguish
the year 2000 and the year 1900 because they use a two-digit shorthand for
calendar dates. If Alkermes does not identify and correct such shorthand prior
to January 1, 2000, its operations could be disrupted. Alkermes' operations
could also be 



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<PAGE>   9

disrupted if the companies with which its does business similarly do not
identify and correct such shorthand, and such failure adversely affects their
ability to do business with Alkermes.

To address these issues, Alkermes has undertaken a three-step comprehensive
project. The first step is to identify all of its software and embedded
technology as well as the software and embedded technology of all companies with
which it does business that would affect Alkermes. The second step is to
determine whether any of Alkermes' software and technology, and any of the
software and technology of the companies with which it does business, use the
two-digit shorthand. The third step is to correct or replace all such software
and technology, and then to test the corrected or replacement software and
technology. Alkermes has completed the first step of the project, expects to
complete the second step by the end of calendar year 1998, and will commence the
third step promptly upon completion of the second step. This project is being
conducted by Alkermes using internal resources. Alkermes cannot estimate the
cost of completion of the project until it completes the second step, and there
can be no assurance that the cost of completion will not be material or that the
use of its internal resources to complete the project will not adversely affect
other aspects of its business.

After March 31, 1998, the Partnership is expected to have no future liquidity or
capital resources requirements other than those funded by Alkermes.







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ITEM 6.  EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K

         (a) Exhibits:

               Number                         Exhibit
               ------                         -------

               3.1        Alkermes Clinical Partners, L.P. Agreement of Limited
                          Partnership, dated as of February 7, 1992.*

               3.1(a)     Amendment No. 1 to Alkermes Clinical Partners, L.P.
                          Agreement of Limited Partnership, dated as of
                          September 29, 1992.*

               3.1(b)     Amendment No. 2 to Alkermes Clinical Partners, L.P.
                          Agreement of Limited Partnership, dated as of March
                          30, 1993.*

               4.1        Alkermes Clinical Partners, L.P. Agreement of Limited
                          Partnership, dated as of February 7, 1992.*

               4.1(a)     Amendment No. 1 to Alkermes Clinical Partners, L.P.
                          Agreement of Limited Partnership, dated as of
                          September 29, 1992.*

               4.1(b)     Amendment No. 2 to Alkermes Clinical Partners, L.P.
                          Agreement of Limited Partnership, dated as of March
                          30, 1993.*

               11         Statement Regarding Computation of Per Share Loss.

               27         Financial Data Schedule.

*Incorporated by reference to Exhibits to the Registrant's Registration
Statement on Form 10 filed September 13, 1995.

         (b) The Registrant has not filed any reports on Form 8-K during the
             quarter ended March 31, 1998.





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<PAGE>   11


                                   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.

                                 ALKERMES CLINICAL PARTNERS, L.P.
                                 (Registrant)

                                 By its General Partner

                                 ALKERMES DEVELOPMENT CORPORATION II



Date: May 12, 1998                  By: /s/ Richard F. Pops
                                        ---------------------------------------
                                        Richard F. Pops
                                        Director, President and Chief Executive
                                        Officer (Principal Executive Officer)



Date: May 12, 1998                  By: /s/ Patricia L. Allen
                                        ---------------------------------------
                                        Patricia L. Allen
                                        Principal Accounting Officer







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<PAGE>   12



                                  EXHIBIT INDEX

               Exhibit
               Number     Description
               -------    -----------

               3.1        Alkermes Clinical Partners, L.P. Agreement of Limited
                          Partnership, dated as of February 7, 1992.*

               3.1(a)     Amendment No. 1 to Alkermes Clinical Partners, L.P.
                          Agreement of Limited Partnership, dated as of
                          September 29, 1992.*

               3.1(b)     Amendment No. 2 to Alkermes Clinical Partners, L.P.
                          Agreement of Limited Partnership, dated as of March
                          30, 1993.*

               4.1        Alkermes Clinical Partners, L.P. Agreement of Limited
                          Partnership, dated as of February 7, 1992.*

               4.1(a)     Amendment No. 1 to Alkermes Clinical Partners, L.P.
                          Agreement of Limited Partnership, dated as of
                          September 29, 1992.*

               4.1(b)     Amendment No. 2 to Alkermes Clinical Partners, L.P.
                          Agreement of Limited Partnership, dated as of March
                          30, 1993.*

               11         Statement Regarding Computation of Per Share Loss.

               27         Financial Data Schedule.

*Incorporated by reference to Exhibits to the Registrant's Registration
Statement on Form 10 filed September 13, 1995.





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