<PAGE>

                       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, 2000

     / /      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 ___

<PAGE>

                          ALKERMES CLINICAL PARTNERS, L.P.

                                      INDEX
                                      -----

                                                                      PAGE NO.
PART I - FINANCIAL INFORMATION

       Item 1.    Financial Statements

                  Balance Sheets                                          3
                  -March 31, 2000 and December 31, 1999

                  Statements of Operations                                4
                 -Three months ended March 31, 2000 and 1999

                  Statements of Cash Flows                                5
                  -Three months ended March 31, 2000 and 1999

                  Notes to Financial Statements                           6

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

PART II - OTHER INFORMATION

       Item 6.    Exhibits, Financial Statement Schedules and Reports     11
                           on Form 8-K

SIGNATURES                                                                12

EXHIBIT INDEX                                                             13



                                      (2)

<PAGE>


ITEM 1.       FINANCIAL STATEMENTS:

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


                                BALANCE SHEETS
                                 (Unaudited)


<TABLE>
<CAPTION>

                                                  March 31,       December 31,
                                                    2000              2000
                                                ------------      ------------
<S>                                                 <C>             <C>
                              ASSETS

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


                 LIABILITIES AND PARTNERS' CAPITAL

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

</TABLE>



See notes to financial statements.




                                      (3)


<PAGE>


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

                           STATEMENTS OF OPERATIONS
                                  (Unaudited)

<TABLE>
<CAPTION>

                                                  Three Months          Three Months
                                                      Ended                 Ended
                                                    March 31,             March 31,
                                                      2000                  1999
                                                ----------------      ----------------
<S>                                                 <C>                   <C>
Revenue:                                               $--                   $--
                                                ----------------      ----------------

Expenses:
    General and administrative                       7,754                 18,208
                                                ----------------      ----------------
                                                     7,754                 18,208
                                                ----------------      ----------------

Net loss                                           ($7,754)              ($18,208)
                                                ----------------      ----------------
                                                ----------------      ----------------

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

Average Class A and B Units Outstanding                921                    921
                                                ----------------      ----------------
                                                ----------------      ----------------

</TABLE>


See notes to financial statements.



                                      (4)


<PAGE>

                        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,
                                                         2000                  1999
                                                   ----------------      ----------------
<S>                                                    <C>                   <C>
Cash flows from operating activities:
 Net loss                                              ($7,754)              ($7,754)
                                                   ----------------      ----------------
      Net cash used by operating activities             (7,754)               (7,754)
                                                   ----------------      ----------------

Cash flows from financing activities:
 General Partner's capital contributions                 7,754                18,208
                                                   ----------------      ----------------

Net decrease in cash and cash equivalents                   --                    --

Cash and cash equivalents, beginning of period              --                    --
                                                   ----------------      ----------------

Cash and cash equivalents, end of period                   $--                   $--
                                                   ----------------      ----------------
                                                   ----------------      ----------------

</TABLE>



See notes to financial statements.


                                      (5)

<PAGE>


                        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 periods ended March 31, 2000 and 1999, 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, 1999, which
includes financial statements and notes thereto for the years ended December
31, 1999, 1998 and 1997.

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,
2000 and 1999.

3.  COMPLETION OF SCHEDULED FUNDING
    -------------------------------

For the three months ended March 31, 2000 and 1999, the Partnership incurred
no research and development expenses related to the RMP(TM) program,
notwithstanding the continuing development of the product candidate. The
Partnership was providing funding to Alkermes, Inc. ("Alkermes") for research
and development expenses for Cereport(R) 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.


                                     (6)


<PAGE>


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, 2000, the Partnership is expected to have no future liquidity
or capital resources requirements other than those funded by Alkermes.



                                     (7)


<PAGE>


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" or the "Company"). 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. These statements can be identified by
forward-looking words such as "may", "will", "expect", "anticipate",
"believe", "estimate", "continue" or similar words. Although the General
Partner believes that its expectations are based on reasonable assumptions
within the bounds of its knowledge of its business and operations, there can
be no assurance that actual results of the Partnership's or the Company's
development activities and the Partnership's results of operations will not
differ materially from its expectations. Factors which could cause actual
results to differ from expectations include, among others:

(i)     the Partnership and the Company could not be permitted by regulatory
        authorities to undertake additional clinical trials for
        Cereport(R) or clinical trials could be delayed or
        regulatory authorities could require additional clinical trials
        before approving Cereport;
(ii)    clinical trials for Cereport may not proceed as planned, the trials
        may require more time to enroll patients than anticipated, and even
        if they are completed Cereport could prove to be ineffective or unsafe;
(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)    the Company could reduce or discontinue funding of Cereport;
(v)     even if Cereport appears promising at an early 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
(vi)    technological change in the biotechnology or pharmaceutical industries
        and the approval of other drugs or therapies to treat brain tumors
        could render Cereport obsolete or noncompetitive.



                                     (8)

<PAGE>


RESULTS OF OPERATIONS

REVENUES

The Partnership had no revenue for the three months ended March 31, 2000 and
1999. The Partnership anticipates that it will have no revenues in the
foreseeable future.

EXPENSES

Research and development expenses for the three months ended March 31, 2000
and 1999 were both zero. The research and development expenses were zero
because of the completion of the development funding to Alkermes pursuant to
the product development agreement between Alkermes and the Partnership (the
"Product Development Agreement").

General and administrative expenses for the three months ended March 31, 2000
were $7,754 as compared to $18,208 for the three months ended March 31, 1999.
The decrease was mainly a result of decreased professional service fees.
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 and thereby acquires all limited partnership
interests in the Partnership (see Liquidity and Capital Resources).

LIQUIDITY AND CAPITAL RESOURCES

At March 31, 2000, the Partnership had no remaining assets or liabilities.

The Partnership's primary source of funding and capital resources had been
the annual capital contributions by the Limited Partners and the General
Partner. The Limited Partners' capital contributions were remitted to the
Partnership in four annual installments, 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
from capital contributions received from Partners. Such development was and
continues to be 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,



                                     (9)


<PAGE>

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.

After March 31, 2000, the Partnership is expected to have no future liquidity
or capital resources requirements other than those funded by Alkermes.






                                     (10)


<PAGE>

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

              (a) Exhibits:

<TABLE>
<CAPTION>

                          Number                               Exhibit
                          ------                               -------
                          <S>               <C>
                          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.*

                          27                Financial Data Schedule.

</TABLE>

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

          (b) During the quarter ended March 31, 2000, the Registrant filed
              no reports on Form 8-K.


                                     (11)


<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.



                                  ALKERMES CLINICAL PARTNERS, L.P.
                                  (Registrant)

                                  By its General Partner

                                  ALKERMES DEVELOPMENT CORPORATION II



Date:  May 11, 2000                By:   /S/ RICHARD F. POPS
                                       -------------------------------------
                                       Richard F. Pops
                                       Director, President and Chief Executive
                                       Officer (Principal Executive Officer)



Date:  May 11, 2000                By:   /S/ JAMES M. FRATES
                                       ------------------------------------
                                       James M. Frates
                                       Director, Vice President, Chief
                                       Financial Officer, Treasurer and
                                       Assistant Secretary (Principal
                                       Financial and Accounting Officer)




                                     (12)

<PAGE>


                                  EXHIBIT INDEX

<TABLE>
<CAPTION>

                               Exhibit
                               Number            Description
                               -------           -----------
                               <S>               <C>

                               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.*

                               27                Financial Data Schedule.

</TABLE>


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


                                     (13)