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<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
[X] ANNUAL REPORT PURSUANT TO SECTION 15(D) OF THE SECURITIES
EXCHANGE ACT OF 1934
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
FOR THE TRANSITION PERIOD FROM TO
-------- --------
COMMISSION FILE NUMBER 0-18311
NEUROGEN CORPORATION 401 (K) RETIREMENT PLAN
--------------------------------------------
FULL TITLE OF PLAN
NEUROGEN CORPORATION
--------------------
35 NORTHEAST INDUSTRIAL ROAD
BRANFORD, CONNECTICUT 06405
(203) 488-8201
(NAME OF ISSUER OF THE SECURITIES HELD PURSUANT TO THE PLAN)
<PAGE>
Neurogen Corporation 401(k) Retirement Plan
Current Value of Plan Assets and Liabilities
<TABLE>
<CAPTION>
DECEMBER 31,
1996 1995
---- ----
ASSETS:
<S> <C> <C>
Cash $ $ -
Receivables 18,584 8,225
Investments:
U.S. Government securities - -
Corporate debt and equity instruments 278,814 212,713
Real estate and mortgages (other than to participants) - -
Loans to participants: - -
(a) Mortgages - -
(b) Other 30,292 32,886
Other (money market and mutual funds) 1,749,243 1,067,984
---------- ----------
Total investments 2,076,933 1,321,808
Buildings and other property used in plan operations - -
Other assets - -
---------- ----------
Total assets 2,076,933 1,321,808
LIABILITIES:
Acquisition indebtedness - -
Other liabilities - -
---------- ----------
Total liabilities - -
---------- ----------
Plan equity $2,076,933 $1,321,808
========== ==========
</TABLE>
<PAGE>
Neurogen Corporation 401(k) Retirement Plan
Statement of Income and Changes in Plan Equity
<TABLE>
<CAPTION>
PLAN YEAR ENDED DECEMBER 31,
1996 1995 1994
---- ---- ----
<S> <C> <C> <C>
INCOME
Contributions received or receivable in cash from:
Employer $ 91,789 $ 48,807 $ 36,306
Employees 464,131 295,958 226,978
Others 52,339 12,328 700
---------- ---------- --------
Total cash contributions 608,259 357,093 263,984
Noncash contributions - - -
Earnings (loss) from investments 168,592 298,378 (9,844)
Net realized gain (loss) on sale or exchange of assets - - -
Other income - interest repayments 3,068 1,063 613
---------- ---------- --------
Total income 779,919 656,534 254,753
EXPENSES:
Distribution of benefits:
Directly to participants and their beneficiaries 14,797 19,126 8,117
Other - - 45
---------- ---------- --------
Total distribution of benefits 14,797 19,126 8,162
Administrative expenses 9,997 - -
Other expenses - - -
---------- ---------- --------
Total expenses 24,794 19,126 8,162
---------- ---------- --------
Net income 755,125 637,408 246,591
Plan Equity:
Beginning of year 1,321,808 684,400 437,809
---------- ---------- --------
End of year $2,076,933 $1,321,808 $684,400
========== ========== ========
</TABLE>
<PAGE>
SIGNATURES
----------
Pursuant to the requirements of the Securities Exchange Act of 1934, the
trustees (or other persons who administer the plan) have duly caused this annual
report to be signed on its behalf by the undersigned hereunto duly authorized.
Neurogen Corporation 401(k) Plan
Administrator: Neurogen Corporation
Date: October 23, 1997 By: /s/ Stephen R. Davis
---------------------------------------
Stephen R. Davis
Vice President and Chief Financial Officer
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