
<PAGE>


                                    UNITED STATES
                          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 June 30, 1996

                                          or

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

                           Commission File Number:  0-27118

                                  PHARMACOPEIA, INC.
- --------------------------------------------------------------------------------
                (Exact name of registrant as specified in its charter)

         Delaware                           33-0557266
- --------------------------------------------------------------------------------
(State or other jurisdiction of        (I.R.S. Employer Identification No.)
incorporation or organization)

        101 College Road East, Princeton, New Jersey            08540
- --------------------------------------------------------------------------------
(Address of principal executive offices)                        (Zip code)

                                    (609) 452-3600
- --------------------------------------------------------------------------------
                 (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 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     No  X *
                        ---    ---

*Registrant became subject to the Securities Exchange Act of 1934 on December 5,
1995 and has filed all required reports since that time.

                                                               Outstanding at
                      Class                                    June 30, 1996
- ---------------------------------------------                 ------------------
Common Stock, $.0001 par value                                   10,965,143


<PAGE>

                                  PHARMACOPEIA, INC.
                                      FORM 10-Q
                                  TABLE OF CONTENTS

ITEM                                                                       Page
PART I.  FINANCIAL INFORMATION                                                 

Item 1.     Financial Statements:

            Balance Sheets-June 30, 1996 and December 31, 1995              3  

            Statements of Operations-Three and Six Months Ended
            June 30, 1996 and 1995                                          4  

            Statements of Cash Flows-Six Months Ended
            June 30, 1996 and 1995                                          5  

            Notes to Financial Statements                                   6  

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

PART II.  OTHER INFORMATION                                                 

Item 4.     Submission of Matters to a Vote of Security Holders             9

Item 5.     Other Events                                                    9

Item 6.     Exhibits and Reports on Form 8-K                               10

SIGNATURE                                                                  12

INDEX TO EXHIBITS                                                          13


                                         -2-

<PAGE>

                                        PART I
                                FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS

                                  PHARMACOPEIA, INC.

                                    BALANCE SHEETS
                                    (IN THOUSANDS)

<TABLE>
<CAPTION>

                                                                                       June 30, 1996   December 31, 1995
                                                                                       --------------   -----------------
                                                                                       (Unaudited)  

<S>                                                                                    <C>              <C>
ASSETS
CURRENT ASSETS:
     Cash and cash equivalents                                                         $   29,086          $   28,612
     Marketable securities                                                                 48,964              32,288
     Prepaid expenses and other current assets                                              1,819               1,155
                                                                                       ----------          ----------

TOTAL CURRENT ASSETS                                                                       79,869              62,055
     Property and equipment, net                                                            7,171               2,928
     Intangible assets, net                                                                    43                  63
     Other assets                                                                             606                 495
                                                                                       ----------          ----------
                                                                                       $   87,689          $   65,541
                                                                                       ----------          ----------
                                                                                       ----------          ----------
LIABILITIES AND STOCKHOLDER'S EQUITY
CURRENT LIABILITIES:
     Accounts payable                                                                  $    1,017          $      500
     Accrued liabilities                                                                    1,491               1,741
     Notes payable and capital lease obligations, current portion                             687                 398
     Deferred revenue                                                                      14,337               7,599
                                                                                       ----------          ----------
TOTAL CURRENT LIABILITIES                                                                  17,532              10,238

NOTES PAYABLE AND CAPITAL LEASE OBLIGATIONS, LONG-TERM PORTION                              1,760                 969

COMMITMENTS

STOCKHOLDERS' EQUITY:
     Preferred stock, $.0001 par value, 2,000,000 shares authorized; none issued and
       outstanding
     Common stock, $.0001 par value; 40,000,000 shares authorized; 10,965,143 and
       10,272,527 shares issued and outstanding at June 30, 1996 and December 31,
       1995, respectively                                                                       1                   1
     Additional paid-in capital                                                            92,382              73,745
     Accumulated deficit                                                                  (23,986)            (19,412)
                                                                                       ----------          ----------
TOTAL STOCKHOLDERS' EQUITY                                                                 68,397              54,334
                                                                                       ----------          ----------
                                                                                       $   87,689          $   65,541
                                                                                       ----------          ----------
                                                                                       ----------          ----------

</TABLE>


                  See notes to these unaudited financial statements.


                                         -3-

<PAGE>

                                  PHARMACOPEIA, INC.

                               STATEMENTS OF OPERATIONS
                                     (UNAUDITED)

<TABLE>
<CAPTION>

                                                 Three Months Ended June 30,             Six Months Ended June 30,
                                            ----------------------------------      ----------------------------------
                                                    1996             1995                   1996             1995     
                                            ----------------  ----------------      ----------------  ----------------
                                                               (In thousands except share data)
<S>                                          <C>               <C>                  <C>               <C>
Contract revenue                              $     2,847       $    1,013             $     4,854       $    2,107
Operating expenses:
    Research and development
       Collaborative                                2,680            1,263                   4,887            2,165
       Proprietary                                  1,890            1,312                   3,740            2,509
    General and administrative                      1,163              925                   2,570            1,725
                                              -----------       ----------             -----------       ----------
Operating loss                                     (2,886)          (2,487)                 (6,343)          (4,292)
Interest income                                     1,004              196                   1,883              391
Interest expense                                      (63)             (16)                   (114)             (32)
                                              -----------       ----------             -----------       ----------
Net loss                                      $    (1,945)      $   (2,307)            $    (4,574)      $   (3,933)
                                              -----------       ----------             -----------       ----------
                                              -----------       ----------             -----------       ----------
Net loss per share                            $      (.18)      $     (.86)            $      (.43)      $    (1.47)
                                              -----------       ----------             -----------       ----------
                                              -----------       ----------             -----------       ----------
Weighted-average number of common shares
outstanding during the period                  10,852,144        2,677,489              10,671,341        2,677,489
                                              -----------       ----------             -----------       ----------
                                              -----------       ----------             -----------       ----------

</TABLE>


                  See notes to these unaudited financial statements


                                         -4-

<PAGE>

                                  PHARMACOPEIA, INC.

                               STATEMENTS OF CASH FLOWS

                                    (IN THOUSANDS)
                                     (UNAUDITED)

<TABLE>
<CAPTION>

                                                                        Six Months Ended June 30,
                                                                      ------------------------------
                                                                          1996              1995
                                                                      ------------      ------------
<S>                                                                   <C>                <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss                                                              $  (4,574)        $  (3,933)
Adjustments to reconcile net loss to net cash provided by 
  (used in) operating activities:
    Depreciation                                                            559               180
    Amortization                                                             20                20
    Changes in operating assets and liabilities:
       Increase in prepaid expenses and other current assets               (664)              (97)
       Increase (decrease) in other assets                                 (111)               75
       Increase in accounts payable                                         517                35
       Increase (decrease) in accrued liabilities                          (250)               50
       Increase (decrease) in deferred revenue                            6,738              (732)
                                                                      ---------         ---------
Net cash provided by (used in) operating activities                   $   2,235         $  (4,402)
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures                                                     (4,802)           (1,352)
Purchase of marketable securities                                       (52,697)           (9,103)
Proceeds from sales of marketable securities                             36,021             8,000
                                                                      ---------         ---------
Net cash used in investing activities                                 $ (21,478)        $  (2,455)
CASH FLOWS FROM FINANCING ACTIVITIES
Net proceeds from issuance of common stock                               18,637              
Net proceeds from issuance of convertible preferred stock                                   3,500
Acquisition of treasury stock                                                                  (1)
Increase in notes payable                                                 1,344               494
Repayments of note payable                                                 (264)              (75)
                                                                      ---------         ---------
Net cash provided by financing activities                                19,717             3,918
                                                                      ---------         ---------
Increase (decrease) in cash and cash equivalents                            474            (2,939)
Cash and cash equivalents at beginning of period                         28,612             9,485
                                                                      ---------         ---------
Cash and cash equivalents at end of period                            $  29,086         $   6,546
                                                                      ---------         ---------
                                                                      ---------         ---------

</TABLE>


                  See notes to these unaudited financial statements


                                         -5-

<PAGE>

                                  PHARMACOPEIA, INC.

                            NOTES TO FINANCIAL STATEMENTS
                                     (UNAUDITED)


NOTE (1) -- BASIS OF PRESENTATION

      The unaudited financial statements have been prepared in accordance with
generally accepted accounting principles for interim financial information. 
Accordingly, they do not include all of the information and footnotes required
by generally accepted accounting principles for complete financial statements. 
In the opinion of management, all adjustments (consisting of normal recurring
accruals) considered necessary for a fair presentation have been included. 
Interim results are not necessarily indicative of the results that may be
expected for the year.  For further information, refer to the financial
statements and footnotes thereto included in the Company's annual report on
Form 10-K for the year ended December 31, 1995.

NOTE (2) -- NET LOSS PER COMMON SHARE

      Net loss per common share is based on net loss for the relevant period
divided by the weighted average number of shares issued and outstanding during
the period.  Stock options and common stock issuable upon conversion of warrants
are not reflected as their effect would be antidilutive for both primary and
fully diluted earnings per share computations.

NOTE (3) -- COLLABORATION AND STOCK PURCHASE AGREEMENTS

      On May 31, 1996, the Company entered into a Collaboration Agreement and 
Common Stock Purchase Agreement with N.V. Organon ("Organon"). Organon 
purchased 168,623 shares of the Company's common stock for $4,165,000 and 
under the terms of the Collaboration Agreement will provide research 
funding, license fees and future milestone payments as products are developed.

NOTE (4) -- LONG-LIVED ASSETS

      On January 1, 1996, the Company adopted SFAS No. 121, "Accounting For the
Impairment of Long-Lived Assets and for Long-Lived Asssets to be Disposed Of."
The Company records impairment losses on long-lived assets used in operations
and intangible assets, when events and circumstances indicate that the assets 
might be impaired and the undiscounted cash flow estimated to be generated by 
those assets are less than the carrying amounts of those assets.  The 
adoption of SFAS 121 had no material impact on the Company's financial 
condition or results of operations. 

ITEM 2. MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS 
        OF OPERATIONS

OVERVIEW

      Pharmacopeia, Inc. ("Pharmacopeia" or the "Company") was incorporated in
March 1993 and is engaged in research and development and chemical library
production for collaborations and for its own use.  The Company's research and
development has focused on efficient, cost effective, high throughput systems
for synthesizing and screening large libraries of chemicals for new drug
discovery and optimization.  The Company has incurred losses since inception
and, as of June 30, 1996 had an accumulated deficit of $24.0 million.  The
Company anticipates incurring additional losses over at least the next several
years as it expands its research and development and chemical library production
efforts.  The Company expects that its losses will fluctuate from quarter to
quarter and that such variations may be substantial.

                                         -6-

<PAGE>

RESULTS OF OPERATIONS

      The Company expects that its revenue sources for at least the next
several years will be limited to future collaboration payments from Schering
Corporation and Schering-Plough Ltd. ("Schering-Plough"), Berlex Laboratories,
Inc. ("Berlex"), Sandoz Pharma, Ltd. ("Sandoz"), Bayer Corporation ("Bayer"),
Daiichi Pharmaceutical Co., Ltd. ("Daiichi"), N.V. Organon ("Organon") and 
from other customers under arrangements that may be entered into in the 
future.  The timing and amounts of such revenues, if any, will likely 
fluctuate. Historical results should not be viewed as indicative of future 
operating results.  The Company will be required to conduct significant 
research, development and production activities during the next several years 
to fulfill its obligations under the Schering-Plough, Berlex, Sandoz, Bayer, 
Daiichi, and Organon collaborative agreements and to develop other 
collaborations and technologies.  The Company does not anticipate having net 
income in the next several years.

      THREE MONTHS ENDED JUNE 30, 1996 AND 1995

      Revenues totaled $2.8 million and $1.0 million in the three months 
ended June 30, 1996 and 1995, respectively. The increase of $1.8 million 
primarily reflects expanded efforts in the Company's collaborations with 
Schering-Plough, Berlex, Bayer, Daiichi and Organon. The 1995 revenues were 
attributable entirely to the Schering-Plough and Berlex collaborations.

      The Company incurred research and development expenses of $4.6 million 
and $2.6 million in the three months ended June 30, 1996 and June 30, 1995, 
respectively.  These amounts were spent primarily for salaries and personnel 
expenses as the Company hired additional research and development personnel, 
incurred equipment depreciation and facilities expenses, and purchased 
laboratory supplies in connection with the expansion of the Company's 
chemical library production and screening efforts for collaborations and for 
its own use.

      General and administrative expenses increased by $0.2 million to $1.2 
million for the three months ended June 30, 1996 from the three months ended 
June 30, 1995.  The increase is primarily attributable to increased payroll 
and personnel expenses as the Company hired additional management and 
administrative personnel and the incurring of increased legal, insurance and 
other professional fees in connection with the overall scale up of the 
Company's operations.

      The Company had interest income of $1.0 million and $0.2 million in the 
three months ended June 30, 1996 and 1995, respectively.  The increase in 
interest income resulted from higher balances of cash and investment 
securities from the public offering of common stock and to a lesser extent, 
from research collaboration payments. Interest expense for both periods is a 
result of increases in notes payable and capital lease obligations.

      SIX MONTHS ENDED JUNE 30, 1996 AND 1995

      Revenues totaled $4.9 million and $2.1 million in the six months ended 
June 30, 1996 and 1995, respectively. The increase of $2.8 million primarily 
reflects expanded efforts in the Company's collaborations with 
Schering-Plough, Berlex, Bayer, Daiichi and Organon. The 1995 revenues were 
attributable entirely to the Schering-Plough and Berlex collaborations.

      The Company incurred research and development expenses of $8.6 million 
and $4.7 million in the six months ended June 30, 1996 and June 30, 1995, 
respectively. These amounts were spent primarily for salaries and personnel 
expenses as the Company hired additional research and development personnel, 
incurred equipment depreciation and facilities expenses, and purchased 
laboratory supplies in connection with the expansion of the Company's 
chemical library production and screening efforts for collaborations and for 
its own use.

                                         -7-

<PAGE>

      Research and development expenses are expected to increase as the 
Company further expands its activities and incurs, among other things, 
expenses related to staff increases, increased rent for expanded facilities, 
and increased equipment and reagent purchases.

      General and Administrative expenses increased by $0.8 million to $2.6 
million for the six months ended June 30, 1996 from the six months ended 
June 30, 1995.  The increase is primarily attributable to increased payroll 
and personnel expenses as the Company hired additional management and 
administrative personnel and the incurring of increased legal, insurance and 
other professional fees in connection with the overall scale up of the 
Company's operations.

      The Company had interest income of $1.9 million and $0.4 million in the 
six months ended June 30, 1996 and 1995, respectively.  The increase in 
interest income resulted from higher balances of cash and investment 
securities from the public offering of common stock and to a lesser extent, 
from research collaboration payments. Interest expense for both periods is a 
result of increases in notes payable and capital lease obligations.


LIQUIDITY AND CAPITAL RESOURCES

      As of June 30, 1996, the Company had working capital of $62.3 million.  
The Company has funded its activities through June 30, 1996 primarily through 
the sale of equity securities, funding under collaborative arrangements and 
equipment financing.  From inception through June 30, 1996, the Company 
received $92.4 million in net proceeds from equity financing, received $20.5 
million in research and development and license fees under collaborative 
agreements, and utilized $3.0 million of equipment financing.

      In connection with the Company's agreement with the Trustees of 
Columbia University and Cold Spring Harbor Laboratory, the Company is 
required to pay annual license fees and, in addition, expend $3.0 million and 
$4.0 million for the one year periods ending mid-July 1996 and 1997, 
respectively, in development and commercialization of the licensed 
technology.  The Company is also required to pay to Columbia University 
certain royalties.  In addition, as of June 30, 1996, the Company had 
outstanding commitments for construction and equipment purchases totaling 
$1.0 million.  The Company anticipates that its capital requirements will 
increase over the next two years as the Company expands its research and 
development activities.  In connection with such expansion, the Company 
expects to incur substantial expenditures for hiring additional management, 
scientific and administrative personnel and for planned expansion of its 
facilities and replacement of laboratories currently subleased, including 
acquisition of additional equipment.

      The Company anticipates that its existing capital resources will be
adequate to fund the Company's operations at least through 1998.  There can be
no assurance that changes will not occur that would consume available capital
resources before such time.  The Company's capital requirements depend on
numerous factors, including the ability of the Company to enter into additional
collaborative arrangements, competing technological and market developments,
changes in the Company's existing collaborative relationships, the cost of
filing, prosecuting, defending and enforcing patent claims and other
intellectual property rights, the purchase of additional capital equipment, 
the progress of the Company's drug discovery programs and the progress of the 
Company's customers' milestone and royalty producing activities. There can be 
no assurance that additional funding, if necessary, will be available on 
favorable terms, if at all.  The Company's forecasts of the period of time 
through which its financial resources will be adequate to support its 
operations is forward looking information, and actual results could vary.  
The factors described earlier in this paragraph will impact the Company's 
future capital requirements and the adequacy of its available funds.


                                         -8-

<PAGE>

                                       PART II

                                  OTHER INFORMATION

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

         (a)  The Annual Meeting of Stockholders was held on June 3, 1996.

         (b)  The following persons were re-elected to continue as directors 
              of the Company:
                                         For              Against
                                       ---------          -------
              -  Joseph A. Mollica     8,600,045           2,550
              -  Gary E. Costley       8,596,911           5,684
              -  W. Clark Still        8,600,245           2,350

              and the following persons are incumbent directors whose terms 
              of office continued after the Annual Meeting

              -  Lawrence A. Bock
              -  Brook H. Byers
              -  John C. Chabala
              -  Samuel D. Colella
              -  Eileen M. More

         (c)  The other matters voted upon and the results of the voting were 
              as follows

                  (1)  The stockholders voted 8,277,243 shares in the 
              affirmative and 56,217 shares in the negative to approve an 
              amendment to the Company's 1994 Incentive Stock Plan to 
              increase the number of shares of Common Stock received for 
              issuance by 500,000 shares. Stockholders holding an aggregate 
              of 4,035 shares abstained from voting on this matter.

                  (2)  The stockholders voted 8,600,245 shares in the 
              affirmative and 1,450 shares in the negative to confirm the 
              appointment of Ernst & Young LLP as independent auditors for 
              the 1996 fiscal year. Stockholders holding an aggregate of 900 
              shares abstained from voting on this matter.

                  (3)  A separate tabulation of the votes cast for each 
              director are set forth under Item 4(b) above.

      ITEM 5.        OTHER EVENTS

      The Company has received an indication that the European Patent Office 
is preparing to preliminarily grant to Affymax, a subsidiary of Glaxo, 
certain patent claims which, if subsequently issued, would cover the 
synthesis of encoded small molecule libraries of the type developed by the 
Company. The publication of the notice of grant in Europe will commence a 
nine-month opposition period, followed by proceedings to determine whether 
such patent claims should be issued. The Company intends to vigorously oppose 
the issuance of these claims. If any patents are issued with these claims, 
the Company's ability to practice its ECLiPS technology in Europe would be 
restricted unless the Company obtains appropriate licenses from the owner of 
such patents. Although the Company has business relationships with a number 
of European customers, the Company does not currently practice its technology 
in Europe. However, if any such licenses were required, there can be no 
assurance that such licenses would be available to the Company or would be 
available upon terms reasonably acceptable to the Company.

                                         -9-

<PAGE>

      ITEM 6.        EXHIBITS AND REPORTS ON FORM 8-K

      (a)    Exhibits:

      3.1*           Restated Certificate of Incorporation of the Company.
      3.3*           Bylaws of the Company.
      4.3*           Stockholders Rights Agreement, dated February 15, 1995.
      10.1*          Series A and Series B Preferred Stock Purchase Agreement,
                     dated July 21, 1993.
      10.2*          Series B Preferred Stock Purchase Agreement, dated
                     March 11, 1994.
      10.3*          Series C Preferred Stock Purchase Agreement, dated
                     December 22, 1994.
      10.4*          Series D Preferred Stock Purchase Agreement, dated
                     February 15, 1995.
      10.5**         Amended 1994 Incentive Stock Plan.
      10.6*          1995 Employee Stock Purchase Plan.
      10.7*          1995 Director Option Plan.
      10.8*          Library Collection Agreement, dated as of October 1, 1995,
                     between Pharmacopeia and Sandoz Pharma Ltd.
      10.9*          Research, License, and Royalty Agreement, dated as of
                     February 15, 1995, between Pharmacopeia and Berlex
                     Laboratories, Inc.
      10.10*         License Agreement, dated as of October 6, 1995, among
                     Pharmacopeia, the Trustees of Columbia University in the
                     City of New York and Cold Spring Harbor Laboratory.
      10.11*         Collaboration Agreement, dated as of December 22, 1994,
                     between Pharmacopeia and Schering Corporation and
                     Schering-Plough, Ltd.
      10.12*         Random Library Agreement, dated as of December 22, 1994,
                     between Pharmacopeia and Schering Corporation and
                     Schering-Plough, Ltd.
      10.13*         Lease Agreement between Pharmacopeia and Eastpark at 8A.
      10.13(a)**     Amendment dated January 22, 1996 to Lease Agreement
                     between Pharmacopeia and Eastpark at 8A
      10.13(b)       Third Amendment to Lease Agreement dated March 31, 1996
                     between Pharmacopeia and Eastpark at 8A
      10.14*         Sublease, dated as of December 7, 1994, between
                     Pharmacopeia and Enichem Americas, Inc.
      10.15*         Lease, dated as of May 2, 1994, between Pharmacopeia and
                     College Road Associates Limited, as amended.
      10.15(a)**     Lease, dated as of December 1, 1995, between Pharmacopeia
                     and College Road Associates Limited, as amended.
      10.15(b)       Third Execution and Modification of Lease dated June 7th,
                     1996, between Pharmacopeia and College Road Associates
                     Limited.
      10.16*         Sublease Agreement, dated as of October 29, 1993, between
                     Pharmacopeia and Cytogen Corporation.
      10.17*         Employment Agreement, dated October 4, 1994, between the
                     Company and Lewis J. Shuster.
      10.18*         Employment Agreement, dated January 18, 1994, between the
                     Company and Joseph A. Mollica, Ph.D.
      10.19*         Employment Agreement, dated May 18, 1993, between the
                     Company and John C. Chabala, Ph.D.



                                         -10-

<PAGE>


      10.20*         Employment Agreement, dated June 3, 1993, between the
                     Company and John J. Baldwin, Ph.D.
      10.21*         Employment Agreement, dated December 2, 1993, between the
                     Company and Nolan H. Sigal, M.D., Ph.D.
      10.22*         Consulting Agreement, dated April 30, 1993, between the
                     Company and W. Clark Still, Ph.D.
      10.23*         Warrant to purchase Common Stock issued to Columbia
                     University.
      10.24*         Warrant to purchase Common Stock issued to Cold Spring
                     Harbor Laboratory.
      10.25**        Collaboration Agreement effective as of December 31, 1995
                     between Pharmacopeia and Bayer
      10.26**        Random Library Agreement effective as of December 31, 1995
                     between Pharmacopeia and Bayer
      10.29**        Employment Agreement, dated January 24, 1996, between the
                     Company and Nancy M. Gray, Ph.D.
      10.30***       Collaborative Agreement dated as of March 29, 1996 with
                     Daiichi Pharmaceutical Co., Ltd.
      10.31+         Research Agreement between Pharmacopeia, Inc. and N.V. 
                     Organon dated May 31, 1996
      11.1*          Statement re Computation of Per Share Earnings.
      27.1           Financial Data Statement
- --------------------------------
*  Incorporated by reference to the same numbered exhibit filed with the
Company's Registration Statement on Form S-1 No. 33-93460.
**  Incorporated by reference to the same numbered exhibit filed with the
Company's Form 10-K for the year ended December 31, 1995.
***  Incorporated by reference to the same numbered exhibit filed with the 
Company's Form 10-Q for the year ended March 31, 1995.
 + Confidential treatment requested.


      (b)    Reports on Form 8-K

             None


                                         -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.


                                       PHARMACOPEIA, INC.


                                       By:   /s/ Lewis J. Shuster
                                             -----------------------------------
                                             Lewis J. Shuster
                                             Chief Financial Officer
                                             (Principal Accounting Officer)

                                       Date:  July 31, 1996
                                                  


                                         -12-

<PAGE>

                                  PHARMACOPEIA, INC.
                                  INDEX TO EXHIBITS



EXHIBIT NUMBER  EXHIBIT NAME                                           PAGE

    10.13(b)    Third Amendment to Lease Agreement dated March 31,
                1996 between Pharmacopeia and Eastpark at 8A...........  14
    10.15(b)    Third Execution and Modification of Lease dated 
                June 7th, 1996, between Pharmacopeia and College 
                Road Associates Limited................................  20
    10.31+      Collaborative Agreement dated May 31, 1996
                with N.V. Organon......................................  26

- ------------------------------
+Confidential treatment requested.


                                         -13-
