<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2007-05-24</periodOfReport>

    <noSecuritiesOwned>0</noSecuritiesOwned>

    <issuer>
        <issuerCik>0001274563</issuerCik>
        <issuerName>HELICOS BIOSCIENCES CORP</issuerName>
        <issuerTradingSymbol>HLCS</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001222012</rptOwnerCik>
            <rptOwnerName>AFEYAN NOUBAR</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O FLAGSHIP VENTURES</rptOwnerStreet1>
            <rptOwnerStreet2>ONE MEMORIAL DRIVE, 7TH FLOOR</rptOwnerStreet2>
            <rptOwnerCity>CAMBRIDGE</rptOwnerCity>
            <rptOwnerState>MA</rptOwnerState>
            <rptOwnerZipCode>02142</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001255927</rptOwnerCik>
            <rptOwnerName>KANIA EDWIN M JR</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O FLAGSHIP VENTURES</rptOwnerStreet1>
            <rptOwnerStreet2>ONE MEMORIAL DRIVE, 7TH FLOOR</rptOwnerStreet2>
            <rptOwnerCity>CAMBRIDGE</rptOwnerCity>
            <rptOwnerState></rptOwnerState>
            <rptOwnerZipCode>02142</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001399781</rptOwnerCik>
            <rptOwnerName>NewcoGen Elan LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O FLAGSHIP VENTURES</rptOwnerStreet1>
            <rptOwnerStreet2>ONE MEMORIAL DRIVE, 7TH FLOOR</rptOwnerStreet2>
            <rptOwnerCity>CAMBRIDGE</rptOwnerCity>
            <rptOwnerState>MA</rptOwnerState>
            <rptOwnerZipCode>02142</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001097546</rptOwnerCik>
            <rptOwnerName>NEWCOGEN EQUITY INVESTORS LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O FLAGSHIP VENTURES</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>CAMBRIDGE</rptOwnerCity>
            <rptOwnerState>MA</rptOwnerState>
            <rptOwnerZipCode>02142</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001097548</rptOwnerCik>
            <rptOwnerName>NEWCOGEN GROUP LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O FLAGSHIP VENTURES</rptOwnerStreet1>
            <rptOwnerStreet2>ONE MEMORIAL DRIVE, 7TH FLOOR</rptOwnerStreet2>
            <rptOwnerCity>CAMBRIDGE</rptOwnerCity>
            <rptOwnerState>MA</rptOwnerState>
            <rptOwnerZipCode>02142</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001400241</rptOwnerCik>
            <rptOwnerName>NewcoGen Group, Inc.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O FLAGSHIP VENTURES</rptOwnerStreet1>
            <rptOwnerStreet2>ONE MEMORIAL DRIVE, 7TH FLOOR</rptOwnerStreet2>
            <rptOwnerCity>CAMBRIDGE</rptOwnerCity>
            <rptOwnerState>MA</rptOwnerState>
            <rptOwnerZipCode>02142</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001399783</rptOwnerCik>
            <rptOwnerName>NewcoGen PE LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O FLAGSHIP VENTURES</rptOwnerStreet1>
            <rptOwnerStreet2>ONE MEMORIAL DRIVE, 7TH FLOOR</rptOwnerStreet2>
            <rptOwnerCity>CAMBRIDGE</rptOwnerCity>
            <rptOwnerState>MA</rptOwnerState>
            <rptOwnerZipCode>02142</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001399780</rptOwnerCik>
            <rptOwnerName>ST NewcoGen LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O FLAGSHIP VENTURES</rptOwnerStreet1>
            <rptOwnerStreet2>ONE MEMORIAL DRIVE, 7TH FLOOR</rptOwnerStreet2>
            <rptOwnerCity>CAMBRIDGE</rptOwnerCity>
            <rptOwnerState></rptOwnerState>
            <rptOwnerZipCode>02142</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>120123</value>
                    <footnoteId id="F1"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeHolding>
            <securityTitle>
                <value>Series A Redeemable Convertible Preferred Stock</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F2"/>
            </conversionOrExercisePrice>
            <exerciseDate>
                <footnoteId id="F2"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F2"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>1495076</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See footnote</value>
                    <footnoteId id="F3"/>
                    <footnoteId id="F4"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Series B Redeemable Convertible Preferred Stock</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F2"/>
            </conversionOrExercisePrice>
            <exerciseDate>
                <footnoteId id="F2"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F2"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>1491598</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See footnote</value>
                    <footnoteId id="F4"/>
                    <footnoteId id="F5"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeHolding>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">These shares are held directly by NewcoGen Group, LLC.</footnote>
        <footnote id="F2">The preferred stock is convertible at any time, at the holder's election, on a 4.5-for-one basis and has no expiration date. The preferred stock will automtaically convert upon the closing of the issuer's initial public offering, on a 4.5-for-one basis.</footnote>
        <footnote id="F3">Consists of 66,281 shares held by AGTC Advisors Fund, L.P. (&quot;AGTC&quot;), 1,096,557 shares held by Applied Genomic Technology Capital Fund, L.P. (&quot;AGTC Fund&quot; and together with AGTC, the &quot;AGTC Funds&quot;), 28,492 shares held by NewcoGen Elan LLC (&quot;NewcoGen Elan&quot;), 145,473 shares held by NewcoGen Equity Investors LLC (&quot;NewcoGen Equity&quot;), 116,160 shares held by NewcoGen Group, LLC (&quot;NewcoGen Group&quot;), 30,305 shares held by NewcoGen PE LLC (&quot;NewcoGen PE&quot;), 5,920 shares held by NewcoGen Long Reign Holding LLC (&quot;NewcoGen Long Reign&quot;) and 5,888 shares of ST NewcoGen LLC (&quot;ST NewcoGen&quot; together with NewcoGen Elan, NewcoGen Equity, NewcoGen Group, NewcoGen PE and NewcoGen Long Reign, the &quot;NewcoGen Funds&quot;).</footnote>
        <footnote id="F4">NewcoGen Group, Inc. (&quot;NewcoGen Inc.&quot;) is the manager of each of the NewcoGen Funds and the general partner of AGTC Partners, L.P. which is the general partner of each of AGTC Funds. NewcoGen Inc. is a wholly owned subsidiary Flagship Ventures Management, Inc. (&quot;Flagship Inc.&quot;) Flagship Ventures General Partner LLC (&quot;Flagship LLC&quot;) is the general partner of Flagship Ventures Fund 2004, L.P. Noubar B. Afeyan PhD and Edwin M. Kania, Jr. are the directors of Flagship Inc. and managers of Flagship LLC and may be deemed to share voting and investment power with respect to all shares held by the NewcoGen Funds, Flagship and the AGTC Funds. Each of Dr. Afeyan and Mr. Kania disclaim beneficial ownership of such shares except to the extent of any pecuniary interest therein.</footnote>
        <footnote id="F5">Consists of 40,056 shares held by AGTC, 662,678 shares held by AGTC Fund, 702,734 shares held by Flagship, 11,356 shares held by NewcoGen Elan, 57,988 shares held by NewcoGen Equity, 12,080 shares held by NewcoGen PE, 2,360 shares held by NewcoGen Long Reign and 2,346 shares of ST NewcoGen.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Noubar B. Afeyan, Managing Partner</signatureName>
        <signatureDate>2007-05-24</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Noubar B. Afeyan, Managing Partner</signatureName>
        <signatureDate>2007-05-24</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Noubar B. Afeyan, Managing Partner</signatureName>
        <signatureDate>2007-05-24</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Noubar B. Afeyan, Managing Partner</signatureName>
        <signatureDate>2007-05-24</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Noubar B. Afeyan, Managing Partner</signatureName>
        <signatureDate>2007-05-24</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Noubar B. Afeyan, Managing Partner</signatureName>
        <signatureDate>2007-05-24</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Edwin M. Kania</signatureName>
        <signatureDate>2007-05-24</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Noubar B. Afeyan</signatureName>
        <signatureDate>2007-05-24</signatureDate>
    </ownerSignature>
</ownershipDocument>
