<PAGE>
                                                                  Exhibit 10.62
 

 
 
 
                 THIS WARRANT IS NON-TRANSFERABLE AND 
            MAY ONLY BE EXERCISED BY THE ORIGINAL PURCHASER
 
                                                              
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     THIS WARRANT AND ANY SHARES ACQUIRED UPON THE EXERCISE OF THIS WARRANT 
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND 
MAY NOT BE SOLD OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE 
REGISTRATION STATEMENT FILED UNDER SUCH ACT OR PURSUANT TO AN EXEMPTION FROM 
REGISTRATION UNDER SUCH ACT.
 
 
              *****************************************
 
                   The Immune Response Corporation
                    COMMON STOCK PURCHASE WARRANT
 
              *****************************************
 
     This certifies that, for good and valuable consideration, The Immune 
Response Corporation, a Delaware corporation (the "Company"), grants to Kevin 
B. Kimberlin (the "Warrantholder"), the right to subscribe for and purchase 
from the Company 18,867 validly issued, fully paid and nonassessable shares 
(the "Warrant Shares") of the Company's Common Stock, $.0025 par value (the 
"Common Stock"), at the purchase price per share of $14 (the "Exercise 
Price"), exercisable at any time and from time to time during the period (the 
"Exercise Period") commencing on the 26th day of June, 1997 and ending on the 
fourth anniversary of the date hereof, all subject to the terms, conditions 
and adjustments herein set forth.
 
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     1.   Duration and Exercise of Warrant; Call of Warrant; Payment of 
          Taxes; Information.
 
     1.1  Duration and Exercise of Warrant.
 
     (a)  Cash Exercise.  This Warrant may be exercised in whole or in part 
by the Warrantholder by (i) the surrender of this Warrant to the Company, 
with a duly executed Exercise Form specifying the number of Warrant Shares to 
be purchased, during normal business hours on any Business Day during the 
Exercise Period and (ii) the delivery of payment to the Company, for the 
account of the Company, by wire transfer of immediately available funds to a 
bank account specified by the Company of the Exercise Price for the number of 
Warrant Shares specified in the Exercise Form in lawful money of the United 
States of America.
 
     (b)  Net Issue Exercise.  In lieu of exercising this Warrant pursuant to 
Section 1.1(a), this Warrant may be exercised in whole or in part by the 
Warrantholder by the surrender of this Warrant to the Company, with a duly 
executed Exercise Form marked to reflect Net Issue Exercise and specifying 
the number of Warrant Shares to be purchased, during normal business hours on 
any Business Day during the Exercise Period.  Upon such exercise, the 
Warrantholder shall be entitled to receive shares equal to the value of this 
Warrant (or the portion thereof being canceled) by surrender of this Warrant 
to the Company together with notice of such election in which event the 
Company shall issue to Warrantholder a number of shares of the Company's 
Common Stock computed as of the date of surrender of this Warrant to the 
Company using the following formula:
 
         X = Y x (A-B)
             ---------
                 A
 
Where    X =  the number of shares of Common Stock to be issued to Warrantholder
              under this Section 1.1(b);
 
         Y =  the number of shares of Common Stock purchasable under this
              Warrant, or any lesser number of shares as to which this Warrant
              is being exercised (at the date of such calculation);
 
         A =  the fair market value of one share of the Company's Common Stock
              (at the date of such calculation);
 
         B =  the Exercise Price (as adjusted to the date of such calculation).
 
     (c)  Other Forms of Exercise.  This Warrant may also be exercised in 
whole or in part by the Warrantholder by (i) the surrender of this Warrant to 
the Company, with a duly executed Exercise Form specifying the number of 
Warrant Shares to be purchased, during normal business hours on any Business 
Day during the Exercise Period and (ii) payment of the Exercise 
 
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Price, in whole or in part, by delivery to the Company of (A) shares of 
Common Stock owned by the Warrantholder having a fair market value as of the 
close of business on the date on which this Warrant shall have been 
surrendered equal to the portion of the Exercise Price being paid in such 
shares, or (B) irrevocable instructions to a broker-dealer to sell (or 
margin) a sufficient portion of the Warrant Shares and deliver the sale (or 
margin loan) proceeds directly to the Company to pay for the Exercise Price.

    (d)  Procedural Issues.  All Warrant Shares issued pursuant to this 
Section 1.1 shall be deemed to be issued to the Warrantholder as the record 
holder of such Warrant Shares as of the close of business (i) on the date on 
which this Warrant shall have been surrendered and payment made for the 
Warrant Shares, if issued pursuant to Section 1.1(a) or Section 1.1(c), or 
(ii) on the date on which this Warrant shall have been surrendered, if issued 
pursuant to Section 1.1(b).  A stock certificate or certificates for the 
Warrant Shares specified in the Exercise Form shall be delivered to the 
Warrantholder as promptly as practicable, and in any event within ten (10) 
days, thereafter.  The stock certificate or certificates so delivered shall 
be in denominations of 100 shares each or such lesser or greater 
denominations as may be reasonably specified by the Warrantholder in the 
Exercise Form.  If this Warrant shall have been exercised only in part, the 
Company shall, at the time of delivery of the stock certificate or 
certificates, deliver to the Warrantholder a new Warrant evidencing the 
rights to purchase the remaining Warrant Shares, which new Warrant shall in 
all other respects be identical with this Warrant.  No adjustments shall be 
made on Warrant Shares issuable on the exercise of this Warrant for any cash 
dividends paid or payable to holders of record of Common Stock prior to the 
date as of which the Warrantholder shall be deemed to be the record holder of 
such Warrant Shares.

    (e)  Fair Market Value.  For purposes of Sections 1.1(b), 1.1(c), 1.2 and 
6.1(d), fair market value of one share of the Company's Common Stock shall 
mean:

         (i) the closing price per share of the Company's Common Stock on the
     principal national securities exchange on which the Common Stock is
     listed or admitted to trading or,

         (ii) if not listed or traded on any such exchange, the last reported
     sales price per share on the Nasdaq National Market or the Nasdaq
     Small-Cap Market (collectively, "Nasdaq") or,

         (iii) if not listed or traded on any such exchange or Nasdaq, the
     average of the bid and asked price per share as reported in the "pink
     sheets" 

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     published by the National Quotation Bureau, Inc. (the "pink sheets") or,

         (iv)  if such quotations are not available, the fair market value per
     share of the Company's Common Stock on the date such notice was received
     by the Company as reasonably determined by the Board of Directors of the
     Company.

    1.2  Call of Warrant by Company.  If at any time prior to the exercise of 
this Warrant in full, the fair market value of one share of the Company's 
Common Stock remains equal to or greater than $28 over any consecutive 
forty-five (45) day period (the "Threshold Period"), the Company shall have 
the option to purchase this Warrant from Warrantholder for $.05 per Warrant 
Share.  To exercise this call option, the Company shall, within thirty (30) 
days following termination of the Threshold Period, and at least thirty (30) 
days prior to exercise of the option, provide the Warrantholder with written 
notice specifying the date the option will be exercised.  The Warrantholder 
then shall have ten (10) days after receipt of such notice to exercise its 
rights under this Warrant.

    If the Company fails to exercise this call option in the manner and 
within the time periods specified in this Section 1.2, the Company shall be 
deemed to have waived its right to invoke such option and Warrantholder shall 
retain all rights granted to it under this Warrant as though the Threshold 
Period had never occurred; provided, however, that the Company's call option 
shall be revived should the Company's Common Stock again trade at or above 
$28 for an additional Threshold Period following any previous waiver by the 
Company of such option.

    1.3  Payment of Taxes.  The issuance of certificates for Warrant Shares 
shall be made without charge to the Warrantholder for any stock transfer or 
other issuance tax in respect thereto; provided, however, that the 
Warrantholder shall be required to pay any and all taxes which may be payable 
in respect of any transfer involved in the issuance and delivery of any 
certificate in a name other than that of the then Warrantholder as reflected 
upon the books of the Company.

    1.4  Information.  Upon receipt of a written request from a 
Warrantholder, the Company agrees to deliver promptly to such Warrantholder a 
copy of its current publicly available financial statements and to provide 
such other publicly available information concerning the business and 
operations of the Company as such Warrantholder may reasonably request in 
order to assist the Warrantholder in evaluating the merits and risks of 
exercising the Warrant and to make an informed investment decision in 
connection with such exercise.

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    2.   Restrictions on Transfer; Restrictive Legends.

    2.1  Restrictions on Transfer; Compliance with Securities Laws.  This 
Warrant is not assignable.  The Warrant Shares issued upon the exercise of 
the Warrant may not be transferred or assigned in whole or in part without 
compliance with all applicable federal and state securities laws by the 
transferor and transferee (including the delivery of investment 
representation letters and legal opinions reasonably satisfactory to the 
Company, if such are requested by the Company).  The Warrantholder, by 
acceptance hereof, acknowledges that this Warrant and the Warrant Shares to 
be issued upon exercise hereof are being acquired solely for the 
Warrantholder's own account and not as a nominee for any other party, and for 
investment, and that the Warrantholder will not offer, sell or otherwise 
dispose of any Warrant Shares to be issued upon exercise hereof except under 
circumstances that will not result in a violation of the Securities Act or 
any state securities laws.  Upon exercise of this Warrant, the Warrantholder 
shall, if requested by the Company, confirm in writing, in a form 
satisfactory to the Company, that the Warrant Shares so purchased are being 
acquired solely for the Warrantholder's own account and not as a nominee for 
any other party, for investment, and not with a view toward distribution or 
resale.

    2.2 Restrictive Legends.  This Warrant shall (and each Warrant issued in 
substitution for this Warrant issued pursuant to Section 4 shall) be stamped 
or otherwise imprinted with a legend in substantially the following form:

         "THIS WARRANT AND ANY SHARES ACQUIRED UPON THE EXERCISE OF THIS
     WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
     AMENDED, AND MAY NOT BE SOLD OR OTHERWISE TRANSFERRED EXCEPT PURSUANT
     TO AN EFFECTIVE REGISTRATION STATEMENT FILED UNDER SUCH ACT OR
     PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT."

Except as otherwise permitted by this Section 2, each stock certificate for 
Warrant Shares issued upon the exercise of any Warrant and each stock 
certificate issued upon the direct or indirect transfer of any such Warrant 
Shares shall be stamped or otherwise imprinted with a legend in substantially 
the following form:

         "THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED
     UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD OR
     OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION
     STATEMENT FILED UNDER SUCH ACT OR PURSUANT TO AN EXEMPTION FROM
     REGISTRATION UNDER SUCH ACT."

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    Notwithstanding the foregoing, the Warrantholder may require the Company 
to issue a stock certificate for Warrant Shares without a legend if (i) such 
Warrant Shares, as the case may be, have been registered for resale under the 
Securities Act or sold pursuant to Rule 144 under the Securities Act (or a 
successor rule thereto) or (ii) the Warrantholder has received an opinion of 
counsel reasonably satisfactory to the Company that such registration is not 
required with respect to such Warrant Shares.

    3.   Reservation and Listing of Shares, Etc.

    The Company covenants and agrees that all Warrant Shares which are issued 
upon the exercise of this Warrant will, upon issuance, be validly issued, 
fully paid and nonassessable and free from all taxes, liens, security 
interests, charges and other encumbrances with respect to the issue thereof, 
other than taxes in respect of any transfer occurring contemporaneously with 
such issue.  The Company further covenants and agrees that, during the 
Exercise Period, the Company will at all times have authorized and reserved, 
and keep available free from preemptive rights, a sufficient number of shares 
of Common Stock to provide for the exercise of the rights represented by this 
Warrant and will, at its expense, upon each such reservation of shares, 
procure such listing of such shares of Common Stock (subject to issuance or 
notice of issuance) as then may be required on all stock exchanges on which 
the Common Stock is then listed or on Nasdaq.

    4.   Exchange, Loss or Destruction of Warrant.

    Upon receipt by the Company of evidence reasonably satisfactory to it of 
the loss, theft, destruction or mutilation of this Warrant and, in the case 
of loss, theft or destruction, of such bond or indemnification as the Company 
reasonably may require, and, in the case of such mutilation, upon surrender 
and cancellation of this Warrant, the Company will execute and deliver a new 
Warrant of like tenor.  The term "Warrant" as used in this agreement shall be 
deemed to include any Warrants issued in substitution or exchange for this 
Warrant.

    5.   Ownership of Warrant.

    The Company may deem and treat the person in whose name this Warrant is 
registered as the holder and owner hereof (notwithstanding any notations of 
ownership or writing hereon made by anyone other than the Company) for all 
purposes and shall not be affected by any notice to the contrary.

    6.   Certain Adjustments.

    6.1 The number of Warrant Shares purchasable upon the exercise of this 
Warrant and the Exercise Price shall be subject to adjustment as follows:

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    (a)  Stock Dividends.  If at any time prior to the exercise of this 
Warrant in full (i) the Company shall fix a record date for the issuance of 
any stock dividend payable in shares of Common Stock or (ii) the number of 
shares of Common Stock shall have been increased by a subdivision or split-up 
of shares of Common Stock, then, on the record date fixed for the 
determination of holders of Common Stock entitled to receive such dividend or 
immediately after the effective date of subdivision or split-up, as the case 
may be, the number of shares of Common Stock to be delivered upon exercise of 
this Warrant will be increased so that the Warrantholder will be entitled to 
receive the number of shares of Common Stock that such Warrantholder would 
have owned immediately following such action had this Warrant been exercised 
immediately prior thereto, and the Exercise Price will be adjusted as 
provided below in paragraph (f).

    (b)  Combination of Stock.  If at any time prior to the exercise of this 
Warrant in full the number of shares of Common Stock outstanding shall have 
been decreased by a combination of the outstanding shares of Common Stock, 
then, immediately after the effective date of such combination, the number of 
shares of Common Stock to be delivered upon exercise of this Warrant will be 
decreased so that the Warrantholder thereafter will be entitled to receive 
the number of shares of Common Stock that such Warrantholder would have owned 
immediately following such action had this Warrant been exercised immediately 
prior thereto, and the Exercise Price will be adjusted as provided below in 
paragraph (f).

    (c)  Reorganization, etc.  If at any time prior to the exercise of this 
Warrant in full any capital reorganization of the Company, or any 
reclassification of the Common Stock, or any consolidation of the Company 
with or merger of the Company with or into any other person or any sale, 
lease or other transfer of all or substantially all of the assets of the 
Company to any other person, shall be effected in such a way that the holders 
of Common Stock shall be entitled to receive stock, other securities or 
assets, including cash (whether such stock, other securities or assets are 
issued or distributed by the Company or another person) with respect to or in 
exchange for Common Stock, then, upon exercise of this Warrant the 
Warrantholder shall have the right to receive the kind and amount of stock, 
other securities or assets receivable upon such reorganization, 
reclassification, consolidation, merger or sale, lease or other transfer by a 
holder of the number of shares of Common Stock that such Warrantholder would 
have been entitled to receive upon exercise of this Warrant had this Warrant 
been exercised immediately before such reorganization, reclassification, 
consolidation, merger or sale, lease or other transfer, subject to 
adjustments that shall be as nearly equivalent as may be practicable to the 
adjustments provided for in this Section 6.

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    (d)  Fractional Shares.  No fractional shares of Common Stock or scrip 
shall be issued to any Warrantholder in connection with the exercise of this 
Warrant.  Instead of any fractional shares of Common Stock that would 
otherwise be issuable to such Warrantholder, the Company will pay to such 
Warrantholder a cash adjustment in respect of such fractional interest in an 
amount equal to that fractional interest of the then current fair market 
value per share of Common Stock, determined in accordance with Section 1.1(e) 
hereof.

    (e)  Carryover.  Notwithstanding any other provision of this Section 6, 
no adjustment shall be made to the number of shares of Common Stock to be 
delivered to the Warrantholder (or to the Exercise Price) if such adjustment 
represents less than 1% of the number of shares to be so delivered, but any 
lesser adjustment shall be carried forward and shall be made at the time and 
together with the next subsequent adjustment which together with any 
adjustments so carried forward shall amount to 1% or more of the number of 
shares to be so delivered.

    (f)  Exercise Price Adjustment.  Whenever the number of Warrant Shares 
purchasable upon the exercise of the Warrant is adjusted, as herein provided, 
the Exercise Price payable upon the exercise of this Warrant shall be 
adjusted by multiplying such Exercise Price immediately prior to such 
adjustment by a fraction, of which the numerator shall be the number of 
Warrant Shares purchasable upon the exercise of the Warrant immediately prior 
to such adjustment, and of which the denominator shall be the number of 
Warrant Shares purchasable immediately thereafter.

    (g)  No Duplicate Adjustments.  Notwithstanding anything else to the 
contrary contained herein, in no event will an adjustment be made under the 
provisions of this Section 6 to the number of Warrant Shares issuable upon 
exercise of this Warrant or the Exercise Price for any event if an adjustment 
having substantially the same effect to the Warrantholder as any adjustment 
that otherwise would be made under the provisions of this Section 6 is made 
by the Company for any such event to the number of shares of Common Stock (or 
other securities) issuable upon exercise of this Warrant.

    6.2  No Adjustment for Dividends.  Except as provided in Section 6.1, no 
adjustment in respect of any dividends shall be made during the term of the 
Warrant or upon the exercise of this Warrant.

    6.3  Notice of Adjustment.  Whenever the number of Warrant Shares or the 
Exercise Price of such Warrant Shares is adjusted, as herein provided, the 
Company shall promptly mail by first class, postage prepaid, to the 
Warrantholder, notice of such adjustment or adjustments and a certificate of 
the chief financial officer of the Company setting forth the number of 
Warrant Shares and the Exercise Price of such Warrant Shares after such 
adjustment, setting forth a brief statement of the 

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facts requiring such adjustment and setting forth the computation by which 
such adjustment was made.

    7.   Registration Rights.

    7.1  Certain Additional Definitions.

    As used in this Warrant, the following capitalized terms shall have the 
following meanings:

    "Prospectus" shall mean the prospectus included in any Registration 
Statement, as amended or supplemented by any prospectus supplement with 
respect to the terms of the offering of any portion of the Registrable 
Securities covered by such Registration Statement and by all other amendments 
and supplements to the prospectus, including post-effective amendments and 
all material incorporated by reference in such prospectus.

    "Register," "registered" and "registration" refer to a registration 
effected by preparing and filing with the SEC a registration statement or 
similar document in compliance with the Securities Act, and such registration 
statement or document becoming effective under the Securities Act.

    "Registrable Securities" shall mean (i) the Warrant Shares and (ii) any 
Common Stock issued as (or issuable upon the conversion or exercise of any 
warrant, right or other security which is issued as) a dividend or other 
distribution with respect to, or in exchange for or in replacement of, such 
Warrant Shares.

    "Registration Statement" shall mean any registration statement of the 
Company that covers any of the Registrable Securities pursuant to the 
provisions of this Warrant, including the Prospectus, amendments and 
supplements to such Registration Statement, including post-effective 
amendments, all exhibits and all material incorporated by reference in such 
Registration Statement.

    7.2  Registration.  Upon the written request of Warrantholder (a "Demand 
Request"), but in no event later than four (4) years from the date hereof, 
the Company shall:

    (a)  within ten (10) days of the Company's receipt of a Demand Request, 
give written notice of such request to all holders of Registerable Securities 
("Holders");

    (b)  prepare and file with the SEC within sixty (60) days of the 
Company's receipt of a Demand Request, and use its reasonable best efforts to 
have declared effective by the SEC, a Registration Statement on any 
appropriate form under the Securities Act as may then be available to the 
Company relating to resale of all of the Registrable Securities which the 
Holders 

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request to be registered within twenty (20) days of the mailing of the notice 
required under Section 7.2(a) and use its reasonable best efforts to cause 
such Registration Statement to remain continuously effective for a period of 
one (1) year or such shorter period which will terminate when all Registrable 
Securities covered by such Registration Statement have been sold; provided 
that a registration will not count as the permitted demand registration until 
the Registration Statement becomes effective and remains effective for the 
period specified herein, so long as such registration is not withdrawn at the 
request of the holder;

    (c)  prepare and file with the SEC such amendments, supplements and 
post-effective amendments to the Registration Statement and the Prospectus as 
may be necessary to keep such Registration Statement effective for the period 
specified in Section 7.2(a) and to comply with the provisions of the 
Securities Act and the Exchange Act with respect to the distribution of all 
Registrable Securities during such period;

    (d)  notify the Warrantholder promptly, and confirm such notice in 
writing, (i) when the Prospectus or any supplement or post-effective 
amendment has been filed and, with respect to the Registration Statement or 
any post-effective amendment, when the same has become effective, (ii) of any 
request by the SEC for amendments or supplements to the Registration 
Statement or Prospectus or for additional information, (iii) of the issuance 
by the SEC of any stop order suspending the effectiveness of the Registration 
Statement or the initiation of any proceedings for that purpose, (iv) of the 
receipt by the Company of any notification with respect to the suspension of 
the qualification of the Registrable Securities for sale in any jurisdiction 
or the initiation or threatening of any proceeding for such purpose, and (v) 
when a Prospectus or a Prospectus supplement is required to be delivered 
under the Securities Act upon discovery that the Prospectus, as then in 
effect, includes an untrue statement of material fact or omits to state a 
material fact necessary to make the statements therein not misleading in 
light of the circumstances then existing, which requires amendment or 
supplementation of the Registration Statement or Prospectus;

    (e)  use its reasonable best efforts to obtain the withdrawal of any 
order suspending the effectiveness of the Registration Statement at the 
earliest possible moment;

    (f)  deliver to the Warrantholder without charge as many copies of the 
Prospectus (including each preliminary Prospectus) and any amendment or 
supplement thereto as Warrantholder may reasonably request in order to 
facilitate the disposition of the Registrable Securities in compliance with 
the Securities Act;

    (g)  cause all Registrable Securities covered by the Registration 
Statement to be listed on each securities exchange or market on which shares 
of the Common Stock are then listed,

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and if the shares of the Common Stock are not so listed, use its reasonable 
best efforts promptly to cause all such Registerable Securities to be listed 
on either the New York Stock Exchange, the American Stock Exchange or the 
Nasdaq Stock Market;

    (h)  use its reasonable best efforts to qualify or register the 
Registrable Securities for sale under (or obtain exemptions from the 
application of) the Blue Sky laws of such jurisdictions as are reasonably 
requested by Investor.  The Company shall not be required to qualify as a 
foreign corporation or to file a general consent to service of process in any 
such jurisdiction where it is not presently qualified or where it would be 
subject to general service of process or taxation as a foreign corporation in 
any jurisdiction where it is not now so subject;

    (i)  otherwise use its reasonable best efforts to comply with all 
applicable rules and regulations of the SEC under the Securities Act and the 
Exchange Act and take such other actions as may be reasonably necessary to 
facilitate the registration of the Registrable Securities hereunder.

    Warrantholder shall furnish to the Company such information regarding the 
distribution of such securities as the Company may from time to time 
reasonably request in writing.

    If the Company delivers a certificate in writing to Warrantholder to the 
effect that a delay in the sale of Registrable Securities by Warrantholder 
under the Registration Statement is necessary because a sale pursuant to such 
Registration Statement in its then current form would reasonably be expected 
to constitute a violation of the federal securities laws, then Warrantholder 
shall agree not to sell or otherwise transfer such Registrable Securities for 
the period of time specified by the Company in its certificate.  In no event 
shall such delay exceed ten (10) business days; provided, however, that if, 
prior to the expiration of such ten (10) business day period, the Company 
delivers a certificate in writing to Warrantholder to the effect that a 
further delay in such sale beyond such ten (10) business day period is 
necessary because a sale pursuant to such Registration Statement in its then 
current form would reasonably be expected to constitute a violation of the 
federal securities laws, the Company may refuse to permit Warrantholder to 
resell any Registrable Securities pursuant to such Registration Statement for 
one additional period not to exceed five (5) business days.

    7.3  Registration Expenses.  All expenses incident to the Company's 
performance of or compliance with this Agreement, including without 
limitation all registration and filing fees, fees with respect to the filings 
required to be made with the National Association of Securities Dealers, 
Inc., fees and expenses of compliance with the securities or Blue Sky laws, 
printing expenses, messenger, telephone and delivery expenses, fees and 
disbursements of counsel for the Company, fees and 

                                      11


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disbursements of all independent certified public accountants of the Company, 
fees and expenses incurred in connection with the listing of the securities, 
rating agency fees and the fees and expenses of any person, including special 
experts, retained by the Company, will be borne by the Company, regardless of 
whether the Registration Statement becomes effective; provided, however, that 
the Company will not be required to pay discounts, commissions or fees of 
underwriters, selling brokers, dealer managers or similar securities industry 
professionals relating to the distribution of the Registrable Securities or 
fees or disbursements of any counsel to Warrantholder.

    7.4  Underwritten Registrations; Selection of Underwriter.  If the 
Warrantholder so elects, the offering of Registerable Securities shall be in 
the form of an underwritten offering and the Company shall have the exclusive 
right to designate the managing underwriter or underwriters with respect to 
the related offering of the Registerable Securities, which underwriter or 
underwriters must be reasonably acceptable to the Warrantholder.

    7.5  Rule 144.  The Company covenants that it will file the reports 
required to be filed by it under the Securities Act and the Exchange Act and 
it will take such further action as Warrantholder may reasonably request, all 
to the extent required to enable Warrantholder to sell Registrable Securities 
without registration under the Securities Act in reliance on the exemption 
provided by Rule 144 or Rule 144A or any successor or similar rules or 
statues.  Upon the request of Warrantholder, the Company will deliver to 
Warrantholder a written statement as to whether the Company has complied with 
such information and requirements.

    7.6  Transfer or Assignment of Registration Rights. The rights to cause 
the Company to register Securities and all related rights granted to 
Warrantholder by the Company under this Section 7 may be transferred or 
assigned by Warrantholder only to a transferee or assignee of not less than 
100,000 shares of Registrable Securities (as presently constituted and 
subject to subsequent adjustments for stock splits, stock dividends, reverse 
stock splits, and the like), provided that the Company is given written 
notice at the time of or within a reasonable time after such transfer or 
assignment, stating the name and address of the transferee or assignee and 
identifying the Securities with respect to which such registration rights are 
being transferred or assigned, and, provided further, that the transferee or 
assignee of such rights assumes the obligations of Warrantholder under this 
Section 7.

    7.7  "Market Stand-Off" Agreement.  If requested by the Company and an 
underwriter of Common Stock (or other securities) of the Company, 
Warrantholder shall not sell or otherwise transfer or dispose of any Common 
Stock (or other securities) of the Company held by Warrantholder (other than 
those included in the registration) during the one hundred twenty (120) day 
period 

                                      12


<PAGE>

following the effective date of a registration statement of the Company filed 
under the Securities Act.

    The obligations described in this Section 7.7 shall not apply to a 
registration relating solely to employee benefit plans on Form S-1 or Form 
S-8 or similar forms that may be promulgated in the future, or a registration 
relating solely to a Rule 145 transaction on Form S-4 or similar forms that 
may be promulgated in the future.  The Company may impose stop-transfer 
instructions with respect to the Securities subject to the foregoing 
restriction until the end of such one hundred twenty (120) day period.

    Each time the Company invokes its Market Stand-off rights under this 
Section 7.7 while the Warrantholder is entitled to make a Demand Request, the 
period during which the Warrantholder shall be entitled to make a Demand 
Request under Section 7.2 hereof shall be extended by an additional one 
hundred twenty (120) days; provided, however, that the Warrantholder's Demand 
Request period will not be extended following the first Market Stand-Off 
unless such Market Stand-Off occurs within one hundred twenty (120) days of 
the expiration of the Warrantholder's Demand Request period.

    7.8  Indemnification.  In the event any Registrable Securities are 
included in a Registration Statement under this Section 7:

    (a)  To the extent permitted by law, the Company will indemnify and hold 
harmless the Warrantholder, any person or entity to or through whom the 
Warrantholder sells Registerable Securities that may be deemed to be an 
underwriter (as defined in the Securities Act), any officer, director, 
partner or agent thereof, and each person, if any, who controls the 
Warrantholder or underwriter within the meaning of the Securities Act or the 
Exchange Act against any and all losses, claims, damages, or liabilities 
(joint or several) to which they may become subject under the Securities Act, 
the Exchange Act or other United States federal or state securities law, 
insofar as such losses, claims, damages, or liabilities (or actions in 
respect thereof) arise out of or are based upon any of the following 
statements, omissions or violations (collectively a "Violation"):  (i) any 
untrue statement or alleged untrue statement of a material fact contained in 
any related registration statement, including any preliminary prospectus or 
final prospectus contained therein or any amendments or supplements thereto 
or offering circular or in any application or other document or communication 
executed by or on behalf of the Company relating to such registration 
(together, "Selling Documents"), (ii) the omission or alleged omission to 
state therein a material fact required to be stated therein, or necessary to 
make the statements therein not misleading, or (iii) any violation or alleged 
violation by the Company of the Securities Act, the Exchange Act or other 
United States federal or state securities law, or any rule or

                                      13


<PAGE>

regulation promulgated under the Securities Act, the Exchange Act or other 
United States federal or state securities law; and the Company will pay to 
the Warrantholder, underwriter or controlling person any legal or other 
expenses reasonably incurred by them in connection with investigating or 
defending any such loss, claim, damage, liability, or action as incurred; 
provided, however, that the indemnity agreement contained in this subsection 
7.8(a) shall not apply to amounts paid in settlement of any such loss, claim, 
damage, liability, or action if such settlement is effected without the 
consent of the Company (which consent shall not be unreasonably withheld), 
nor shall the Company be liable in any such case for any such loss, claim, 
damage, liability, or action to the extent that it arises out of or is based 
upon a Violation which occurs in reliance upon and in conformity with written 
information furnished expressly for use in connection with such registration 
by the Warrantholder, underwriter or controlling person.

    (b)  To the extent permitted by law, the Warrantholder will indemnify and 
hold harmless the Company, each of its directors, each of its officers who 
has signed the Selling Document, each person, if any, who controls the 
Company within the meaning of the Securities Act, any underwriter, any 
officer, director, partner or agent thereof and any controlling person of any 
such underwriter, against any losses, claims, damages, or liabilities (joint 
or several) to which any of the foregoing persons may become subject, under 
the Securities Act, the Exchange Act or other United States federal or state 
securities law insofar as such losses, claims, damages, or liabilities (or 
actions in respect thereto) arise out of or are based upon any Violation, in 
each case to the extent (and only to the extent) that such Violation occurs 
in reliance upon and in conformity with written information furnished by the 
Warrantholder expressly for use in connection with such registration; and the 
Warrantholder will pay any legal or other expenses reasonably incurred by any 
person intended to be indemnified pursuant to this subsection 7.8(b), in 
connection with investigating or defending any such loss, claim, damage, 
liability, or action; provided, however, that the indemnity agreement 
contained in this subsection 7.8(b) shall not apply to amounts paid in 
settlement of any such loss, claim, damage, liability or action if such 
settlement is effected without the consent of the Warrantholder, which 
consent shall not be unreasonably withheld; provided further, that in no 
event shall any indemnity under this subsection 7.8(b) exceed the proceeds 
(net of underwriting discounts and commissions) from the related offering of 
the Registerable Securities received by the Warrantholder.

    (c)  After receipt by an indemnified party under this Section 7.8 of 
notice of the commencement of any action (including any governmental action) 
involving a claim referred to in Sections 7.8(a) or 7.8(b) hereof, such 
indemnified party will, if a claim in respect thereof is to be made against 
any indemnifying party under this Section 7.8, deliver to the 

                                      14


<PAGE>

indemnifying party a written notice of the commencement thereof and the 
indemnifying party shall have the right to participate in, and, to the extent 
the indemnifying party so desires, jointly with any other indemnifying party 
similarly noticed, to assume the defense thereof with counsel mutually 
satisfactory to the parties; provided, however, that an indemnified party 
(together with all other indemnified parties which may be represented without 
conflict by one counsel) shall have the right to retain one separate counsel, 
with the fees and expenses to be paid by the indemnifying party, if 
representation of such indemnified party by the counsel retained by the 
indemnifying party would be inappropriate due to actual or potential 
differing interests between such indemnified party and any other party 
represented by such counsel in such proceeding.  The failure to deliver 
written notice to the indemnifying party within a reasonable time of the 
commencement of any such action, if prejudicial to its ability to defend such 
action, shall relieve such indemnifying party of any liability to the 
indemnified party under this Section 7.8, but the omission so to deliver 
written notice to the indemnifying party will not relieve it of any liability 
that it may have to any indemnified party otherwise than under this Section 
7.8.

    (d)  If the indemnification provided for in this Section 7.8 is held by a 
court of competent jurisdiction to be unavailable to an indemnified party 
with respect to any loss, liability, claim, damage, or expense referred to 
therein, then the indemnifying party, in lieu of indemnifying such 
indemnified party hereunder, shall contribute to the amount paid or payable 
by such indemnified party as a result of such loss, liability, claim, damage, 
or expense in such proportion as is appropriate to reflect the relative fault 
of the indemnifying party on the one hand and of the indemnified party on the 
other in connection with the statements or omissions that resulted in such 
loss, liability, claim, damage, or expense as well as any other relevant 
equitable considerations; provided, however, that in any such case, (A) the 
Warrantholder will not be required to contribute any amount in excess of the 
proceeds (net of underwriting discounts and commissions) received by the 
Warrantholder from all Registrable Securities offered and sold by the 
Warrantholder pursuant to the applicable Selling Document; and (B) no person 
or entity guilty of fraudulent misrepresentation (within the meaning of 
Section 11(f) of the Securities Act) will be entitled to contribution from 
any person or entity who was not guilty of such fraudulent misrepresentation. 
 The relative fault of the indemnifying party and of the indemnified party 
shall be determined by reference to, among other things, whether the 
Violation relates to information supplied by the indemnifying party or by the 
indemnified party and the parties' relative intent, knowledge, access to 
information, and opportunity to correct or prevent such statement or omission.

                                      15

<PAGE>

    (e)  Notwithstanding the foregoing, to the extent that the provisions on 
indemnification and contribution contained in any underwriting agreement 
entered into by the Company in connection with an underwritten public 
offering are in conflict with the foregoing provisions, the provisions in the 
underwriting agreement shall control, provided that the Warrantholder is a 
signatory to the underwriting agreement.

    (f)  The obligations of the Company and the Warrantholder under this 
Section 7.8 shall survive the completion of any offering of Registrable 
Securities in a Registration Statement under this Section 7 and otherwise.

    8.   Notices of Corporate Action.

    In the event of

    (a)  any taking by the Company of a record of the holders of any class of 
securities for the purpose of determining the holders thereof who are 
entitled to receive any dividend or other distribution, or any right to 
subscribe for, purchase or otherwise acquire any shares of stock of any class 
or any other securities or property, or to receive any other right, or

    (b)  any capital reorganization of the Company, any reclassification or 
recapitalization of the capital stock of the Company or any Change of 
Control, or

    (c)  any voluntary or involuntary dissolution, liquidation or winding-up 
of the Company,

the Company will mail to the Warrantholder a notice specifying (i) the date 
or expected date on which any such record is to be taken for the purpose of 
such dividend, distribution or right and the amount and character of any such 
dividend, distribution or right, (ii) the date or expected date on which any 
such reorganization, reclassification, recapitalization, Change of Control, 
dissolution, liquidation or winding-up is to take place and the time, if any 
such time is to be fixed, as of which the holders of record of Common Stock 
(or other securities) shall be entitled to exchange their shares of Common 
Stock (or other securities) for the securities or other property deliverable 
upon such reorganization, reclassification, recapitalization, Change of 
Control, dissolution, liquidation or winding-up and (iii) that in the event 
of a Change of Control, the Warrants are exercisable immediately prior to the 
consummation of such Change of Control.  Such notice shall be mailed at least 
20 days prior to the date therein specified, in the case of any date referred 
to in the foregoing subdivision (i), and at least 20 days prior to the date 
therein specified, in the case of the date referred to in the foregoing 
subdivision (ii).

                                      16

<PAGE>

    9.   Definitions.

    As used herein, unless the context otherwise requires, the following 
terms have the following respective meanings:

    Business Day:  any day other than a Saturday, Sunday or a day on which 
national banks are authorized by law to close in the City of New York, State 
of New York.

    Change of Control:  shall mean (i) the consolidation of the Company with 
or merger of the Company with or into any other person in which the Company 
is not the surviving corporation, (ii) the sale of all or substantially all 
of the assets of the Company to any other person or (iii) any sale or 
transfer of any capital stock of the Company after the date of this 
agreement, following which more than fifty percent (50%) of the combined 
voting power of the Company becomes beneficially owned by one person or group 
acting together.  For purposes of this definition, "group" shall have the 
meaning as such term is used in Section 13(d)(1) under the Exchange Act.

    Company:  The Immune Response Corporation, a Delaware corporation.

    Exchange Act:  the Securities Exchange Act of 1934, as amended, or any 
successor federal statute, and the rules and regulations of the SEC 
thereunder, all as the same shall be in effect at the time.  Reference to a 
particular section of the Securities Exchange Act of 1934, as amended, shall 
include a reference to a comparable section, if any, of any successor federal 
statute.

    Exercise Form:  an Exercise Form in the form annexed hereto as Exhibit A.

    Exercise Price:  the meaning specified on the cover of this Warrant, as 
such price may be adjusted pursuant to Section 6 hereof.

    Nasdaq:  the meaning specified in Section 1.1(c)(ii).

    SEC:  the Securities and Exchange Commission or any other federal agency 
at the time administering the Securities Act or the Exchange Act, whichever 
is the relevant statute for the particular purpose.

    Securities Act:  the Securities Act of 1933, as amended, or any successor 
federal statute, and the rules and regulations of the Commission thereunder, 
all as the same shall be in effect at the time.  Reference to a particular 
section of the Securities Act of 1933, as amended, shall include a reference 
to the comparable section, if any, of any successor federal statute.

                                      17

<PAGE>

    Warrantholder:  the meaning specified on the cover of this Warrant.

    Warrant Shares:  the meaning specified on the cover of this Warrant, 
subject to the provisions of Section 6.

    10.  Miscellaneous.

    10.1 Entire Agreement.  This Warrant constitutes the entire agreement 
between the Company and the Warrantholder with respect to this Warrant and 
supersede all prior agreements and understandings, both written and oral, 
with regard to the subject matter hereof.

    10.2 Binding Effects; Benefits.  This Warrant shall inure to the benefit 
of and shall be binding upon the Company and the Warrantholder and their 
respective successors.  Nothing in this Warrant, expressed or implied, is 
intended to or shall confer on any person other than the Company and the 
Warrantholder, or their respective successors, any rights, remedies, 
obligations or liabilities under or by reason of this Warrant.

    10.3 Amendments and Waivers.  This Warrant may not be modified or amended 
except by an instrument or instruments in writing signed by the Company and 
the Warrantholder. Either the Company or the Warrantholder may, by an 
instrument in writing, waive compliance by the other party with any term or 
provision of this Warrant on the part of such other party hereto to be 
performed or complied with. The waiver by any such party of a breach of any 
term or provision of this Warrant shall not be construed as a waiver of any 
subsequent breach.

    10.4 Section and Other Headings.  The section and other headings 
contained in this Warrant are for reference purposes only and shall not be 
deemed to be a part of this Warrant or to affect the meaning or 
interpretation of this Warrant.

    10.5 Further Assurances.  Each of the Company and the Warrantholder shall 
do and perform all such further acts and things and execute and deliver all 
such other certificates, instruments and documents as the Company or the 
Warrantholder may, at any time and from time to time, reasonably request in 
connection with the performance of any of the provisions of this agreement.

    10.6 Notices.  All notices and other communications required or permitted 
to be given under this Warrant shall be in writing and shall be deemed to 
have been duly given if delivered personally or sent by United States mail, 
postage prepaid, to the parties hereto at the following addresses or to such 
other address as any party hereto shall hereafter specify by notice to the 
other party hereto:

                                      18

<PAGE>

    (a)  if to the Company, addressed to:

         The Immune Response Corporation
         5935 Darwin Court
         Carlsbad, California 92008
         Attention:  President
         Telecopier:  (760) 431-8636

    (b)  if to the Warrantholder, addressed to:

         Kevin B. Kimberlin
         Spencer Trask, Inc.
         535 Madison Avenue
         New York, NY 10022
         Telecopier:  (212) 751-3483

Except as otherwise provided herein, all such notices and communications 
shall be deemed to have been received on the date of delivery thereof, if 
delivered personally, or on the third Business Day after the mailing thereof.

    10.7 Severability.  Any term or provision of this Warrant which is 
invalid or unenforceable in any jurisdiction shall, as to such jurisdiction, 
be ineffective to the extent of such invalidity or unenforceability without 
rendering invalid or unenforceable the terms and provisions of this Warrant 
or affecting the validity or enforceability of any of the terms or provisions 
of this Warrant in any other jurisdiction.

    10.8 Governing Law.  This Warrant shall be governed by and interpreted in 
accordance with the laws of the State of Delaware, except as they may be 
preempted by federal law. In any action brought or arising out of this 
Warrant, the Warrantholder and the Company hereby consent to the jurisdiction 
of any federal or state court having proper venue within the State of 
California and also consent to the service of process by any means authorized 
by California or federal law.

    10.9 Termination.  This Warrant shall expire at 5:00 P.M., Pacific 
standard time, on the fourth anniversary hereof; provided, however, that the 
rights and obligations of the Company and the Warrantholder under Section 7.8 
hereof shall survive such termination.

    10.10 No Rights or Liabilities as Stockholder.  Nothing contained in this 
Warrant shall be determined as conferring upon the Warrantholder any rights 
as a stockholder of the Company until the Warrantholder exercises this 
Warrant in whole or in part, or as imposing any liabilities on the 
Warrantholder to

                                      19

<PAGE>

purchase any securities whether such liabilities are asserted by the Company 
or by creditors or stockholders of the Company or otherwise.

    IN WITNESS WHEREOF, the Company has caused this Warrant to be signed by 
its duly authorized officer.

    Dated: June 26, 1997.

                                                THE IMMUNE RESPONSE CORPORATION



                                                By /s/ Charles J. Cashion
                                                   ----------------------------
                                                Title Vice President
                                                      -------------------------
   
                                      20

<PAGE>
  
                                   Exhibit A


THIS WARRANT AND ANY SHARES ACQUIRED UPON THE EXERCISE OF THIS WARRANT HAVE 
NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT 
BE SOLD OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION 
STATEMENT FILED UNDER SUCH ACT OR PURSUANT TO AN EXEMPTION FROM REGISTRATION 
UNDER SUCH ACT.

                                 EXERCISE FORM

                 (To be executed upon exercise of this Warrant)

    The undersigned hereby irrevocably elects to exercise the right, 
represented by this Warrant, to purchase Warrant Shares and (check one):

     / /  herewith tenders payment for _______ of the Warrant Shares to the
          order of The Immune Response Corporation in the amount of $_________
          in accordance with the terms of this Warrant; or

     / /  herewith tenders this Warrant for _______ Warrant Shares pursuant to
          the Net Issue Exercise provisions of Section 1.1(b) of the Warrant.

The undersigned requests that a certificate (or certificates) for such 
Warrant Shares be registered in the name of the undersigned and that such 
certificate (or certificates) be delivered to the undersigned's address below.

    In exercising this Warrant, the undersigned hereby confirms and 
acknowledges that the Warrant Shares are being acquired for investment solely 
for the account of the undersigned and not as a nominee for any other party, 
and that the undersigned will not offer, sell or otherwise dispose of any 
such Warrant Shares except under circumstances that will not result in a 
violation of the Securities Act of 1933, as amended, or any state securities 
laws.

    Dated:  ___________________.

                                 Signature  -----------------------------------

                                            -----------------------------------
                                                       (Print Name)

                                            -----------------------------------
                                                     (Street Address)

                                            -----------------------------------
                                            (City)      (State)      (Zip Code)

    If said number of shares shall not be all the shares purchasable under 
the within Warrant, a new Warrant is to be issued in the name of said 
undersigned for the balance remaining of the shares purchasable thereunder.