UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 10-QSB

              (X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934


                    For the quarter ended SEPTEMBER 30, 1997


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

               For the transition period from _________to_________

                           Commission File No. 1-11996

                              IMMUNE RESPONSE, INC.
             ------------------------------------------------------
             (Exact Name of Registrant as Specified in its Charter)



Colorado                                                              84-0950197
-------------------------------                              -------------------
(State or other jurisdiction of                                    (IRS Employer
incorporation or organization)                               Identification No.)


7315 East Peakview Avenue
Englewood, Colorado                                                        80111
----------------------------------------                              ----------
(Address of principal executive offices)                              (Zip code)


                                 (303) 796-8139
               ---------------------------------------------------
               (Registrant's telephone number including area code)

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,  and (2) has been subject to such filing  requirements
for the past 90 days.       Yes ( X )   No (   )


Number of shares of common stock outstanding at November 7, 1997:  2,949,700

<PAGE>

                              IMMUNE RESPONSE, INC.


Part 1.  FINANCIAL INFORMATION

Item 1.  FINANCIAL STATEMENTS

     The accompanying interim unaudited condensed financial statements have been
prepared in accordance  with the  instructions to Form 10-QSB and do not include
all 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  adjustments)  considered necessary
for a fair presentation have been included,  and the disclosures are adequate to
make the information  presented not misleading.  Operating results for the three
and nine months ended September 30, 1997 are not  necessarily  indicative of the
results  that may be  expected  for the year  ended  December  31,  1997.  These
statements should be read in conjunction with the financial statements and notes
thereto  included in the Annual  10-KSB Report  (filed with the  Securities  and
Exchange Commission) for the year ended December 31, 1996.






                                       F-1

<PAGE>

                              IMMUNE RESPONSE, INC.
                          (A Development Stage Company)
                                  Balance Sheet
                               September 30, 1997
                                   (Unaudited)





ASSETS
Current assets
    Cash and cash equivalents ..................................      $  18,014
    Note receivable, net of allowance
       for doubtful accounts of $6,338 .........................          6,338
    Interest receivable, net of allowance
         for doubtful accounts of $2,488 .......................          2,488
                                                                      ---------
                                                                         26,840
Other assets
    Investment in IntraNet Solutions, Inc. .....................
       (cost of $3,958) ........................................         10,795
                                                                      ---------

                                                                      $  37,635
                                                                      =========

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
    Accounts payable - related entity ..........................      $   3,227
    Accounts payable - other ...................................            236
    Interest payable - related entity ..........................         22,453
                                                                      ---------

                                                                         25,916

Stockholders' equity
    Common stock, $.0001 par value; 25,000,000
       shares authorized; 3,124,700 shares
       issued; 2,949,700 shares outstanding ....................            312
    Additional paid-in capital .................................        908,841
    Unrealized gain on available for sale securities ...........          6,837
    Deficit accumulated during the
       development stage .......................................       (904,271)
    Less:  treasury stock, at cost
       (175,000 shares) ........................................           --
                                                                      ---------

                                                                         11,719
                                                                      ---------
                                                                      $  37,635
                                                                      =========

                                       F-2

<PAGE>

                              IMMUNE RESPONSE, INC.
                          (A Development Stage Company)
                            Statements of Operations
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                                                           FOR THE
                                       FOR THE                     FOR THE                 PERIOD
                                        THREE                        NINE                   FROM
                                        MONTHS                      MONTHS                INCEPTION
                                        ENDED                       ENDED                  (MAY 14,
                                     SEPTEMBER 30,                SEPTEMBER 30,            1984) TO
                                  1997           1996           1997          1996      SEPT. 30, 1997
                                  ----           ----           ----          ----      --------------
<S>                           <C>            <C>            <C>            <C>           <C>
Revenue
   Interest income ........   $       423    $     2,055    $     2,566    $     8,641   $   124,654
   Laboratory test income .                                                                   50,187
   Revenue from sale of
      marketing rights to
      related entity ......                                                                    7,004
   Miscellaneous income ...           154                           154                       12,851
   Gain on sale of stock ..                                                     71,464       192,189
   Debt forgiveness income                                                                    35,147
                              -----------    -----------    -----------    -----------   -----------
                                      577          2,055          2,720         80,105       422,032
Expenses
   Write-off of deferred
      warrant registration
      costs ...............                                                                   29,422
   Loss on sale of
      laboratory ..........                                                                   74,710
   Realized loss on
      investment ..........                                                                  178,668
   Laboratory supplies ....                                                                   55,244
   Consulting fees to
      related entities ....                                                                   37,500
   Interest ...............                        2,154          1,079          6,416       138,306
   Abandoned license
      agreement costs .....                                                                   50,000
   Research and development                                                                   28,680
   Rent ...................                                                                   79,232
   Services for stock .....                                                                    7,597
   Salary .................                                                                  275,287
   Depreciation and
      amortization ........                                                                   34,848
   Bad debt expense .......           159            159            475            475         8,827
   General and
      administrative ......         1,913          1,278         19,630         16,477       327,982
                              -----------    -----------    -----------    -----------   -----------
                                    2,072          3,591         21,184         23,368     1,326,303
                              -----------    -----------    -----------    -----------   -----------

   Net income (loss)
   before income taxes ....        (1,495)        (1,536)       (18,464)        56,737      (904,271)

Income tax provision:
   Current (provision) ....                                                    (12,962)      (12,962)
   Utilization of net
      operating loss
      carryforward ........                                                     12,962        12,962
                              -----------    -----------    -----------    -----------   -----------
   Net income (loss) ......   $    (1,495)   $    (1,536)   $   (18,464)   $    56,737   $  (904,271)
                              ===========    ===========    ===========    ===========   ===========
</TABLE>
                                                                     (Continued)

                                       F-3

<PAGE>

                              IMMUNE RESPONSE, INC.
                          (A Development Stage Company)
                        Statements of Operations (Page 2)
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                                                           FOR THE
                                       FOR THE                     FOR THE                 PERIOD
                                        THREE                        NINE                   FROM
                                        MONTHS                      MONTHS                INCEPTION
                                        ENDED                       ENDED                  (MAY 14,
                                     SEPTEMBER 30,                SEPTEMBER 30,            1984) TO
                                  1997           1996           1997          1996      SEPT. 30, 1997
                                  ----           ----           ----          ----      --------------
<S>                           <C>            <C>            <C>            <C>           <C>
Net income (loss)
   per common share .......   $     (--)     $     (--)     $      --      $       .02   $      (.36)
                              ===========    ===========    ===========    ===========   ===========

Weighted average
   number of
   common shares ..........     2,949,700      2,949,700      2,949,700      2,949,700     2,483,343
                              ===========    ===========    ===========    ===========   ===========
</TABLE>




                                       F-4

<PAGE>

                              IMMUNE RESPONSE, INC.
                          (A Development Stage Company)
                            Statements of Cash Flows
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                                              FOR THE
                                                                              PERIOD
                                                                               FROM
                                                                             INCEPTION
                                                 FOR THE NINE MONTHS         (MAY 14,
                                                 ENDED SEPTEMBER 30,         1984) TO
                                                 1997           1996      SEPT. 30, 1997
                                                 ----           ----      --------------
<S>                                          <C>            <C>            <C>
Cash flows from operating activities:
    Net income (loss) ....................   $   (18,464)   $    56,737    $  (904,271)
      Adjustments to reconcile net income
        (loss) to net cash provided
        by operating activities:
      Depreciation .......................                                      34,848
      Abandoned license agreement costs ..                                      50,000
      Services for stock .................                                       7,597
      Bad debt expense ...................                                       1,268
      Realized net gain (loss) on
        investments ......................                      (71,464)       (13,519)
      Write-off of deferred warrant
        registration costs ...............                                      29,422
      Changes in assets and liabilities:
      (Increase) in notes receivable .....                                    (287,102)
     (Increase) in interest receivable ...          (475)          (475)        (4,501)
      Increase in accounts payable
        to related entity ................           284            310          3,227
      (Decrease) in accrued legal expenses
        payable to former director .......                      (52,064)
      (Decrease) increase in accounts
         payable to directors ............          (400)        (8,400)
      (Decrease) in accrued salary to
         officer .........................       (11,250)
      Increase (decrease) in interest
         payable to related entity .......       (21,821)         6,417         22,453
      Increase (decrease) in accounts
         payable to others ...............           236         (3,033)           236
                                             -----------    -----------    -----------

      Net cash provided (used) by
         operating activities ............       (51,890)       (71,972)    (1,060,342)
                                             -----------    -----------    -----------

Cash flows from investing activities:
    Proceeds from sale of
      investment in MacGregor ............                                     298,070
    Purchase of certificate of deposit ...                                     (75,278)
    Redemption of certificates of deposit                                       75,278
    Capital expenditures .................                                     (92,094)
    Disposal of laboratory assets ........                                      57,246
    Purchase of license agreement ........                                     (50,000)
    Acquisition of investment -
         related entity ..................                                      (7,000)
                                             -----------    -----------    -----------
      Net cash provided (used) by
         investing activities ............          --             --          206,222
                                             -----------    -----------    -----------
</TABLE>

                                                                     (Continued)
                                       F-5

<PAGE>

                              IMMUNE RESPONSE, INC.
                          (A Development Stage Company)
                        Statements of Cash Flows (Page 2)
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                                              FOR THE
                                                                              PERIOD
                                                                               FROM
                                                                             INCEPTION
                                                 FOR THE NINE MONTHS         (MAY 14,
                                                 ENDED SEPTEMBER 30,         1984) TO
                                                 1997           1996      SEPT. 30, 1997
                                                 ----           ----      --------------
<S>                                          <C>            <C>            <C>
Cash flows from financing activities:
    Proceeds from issuance of note
      payable to bank ....................   $              $              $    50,000
    Proceeds from issuance of notes
      payable to related entities
      and others .........................                                     144,964
    Payments to retire notes payable
      to bank ............................                                     (50,000)
    Payments to retire notes payable
      to others ..........................                                     (68,864)
    Payments to retire notes payable
      to related entity ..................       (76,100)                      (76,100)
    (Increase) in deferred warrant
      registration costs .................                                     (29,422)
    Proceeds from issuance of common
      stock ..............................                                     901,556
                                             -----------    -----------    -----------
      Net cash provided  (used) by
         financing activities ............       (76,100)                      872,134
                                             -----------    -----------    -----------

Net increase (decrease) in cash and
    cash equivalents .....................      (127,990)        17,532         18,014

Cash and cash equivalents at
    beginning of period ..................       146,004        130,362
                                             -----------    -----------    -----------
Cash and cash equivalents at
    end of period ........................   $    18,014    $   147,894    $    18,014
                                             ===========    ===========    ===========

Supplemental cash flow information:
    Interest received ....................   $     1,510    $     4,297    $    79,960
                                             ===========    ===========    ===========
    Interest paid ........................   $    22,900    $              $    77,810
                                             ===========    ===========    ===========

Non-cash financing activities:
    Common stock issued for services .....   $              $              $     7,605
                                             ===========    ===========    ===========
    Investment in common stock of
      related entity received in
      exchange for marketing rights ......   $              $              $     7,000
                                             ===========    ===========    ===========
    Exchange of note receivable for
      investment in SAC ..................   $              $              $   281,506
                                             ===========    ===========    ===========
</TABLE>

                                       F-6

<PAGE>

                              IMMUNE RESPONSE, INC.


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

     LIQUIDITY,  CAPITAL  RESOURCES AND RESULTS OF OPERATIONS.
     The Company's cash and cash  equivalents  decreased by $127,990  during the
nine months ended  September  30, 1997.  This decrease was caused by the $76,100
repayment  of notes  payable  to a related  entity and the  retirement  of other
outstanding debts.

     The  Company  experienced  a net loss from  operations  for the nine months
ended September 30, 1997 of $(18,464) which relates  principally  from its small
amount of interest  income of $2,566  during the period not being  sufficient to
cover its minimum basic  operating  expenses.  The Company expects this trend to
continue for the balance of 1997. This net operating loss of $18,464 compares to
net income of $56,737  for the nine  months  ended  September  30, 1996 when the
Company  realized  a gain of  $71,464 on sales of the  Company's  investment  in
common  stock of MacGregor  Sports & Fitness,  Inc. The net losses for the three
months ended  September 30, 1997 and  September 30, 1996 are fairly  comparable.
Higher interest income of $1,632 in 1996 was offset by $2,154 of higher interest
expense in 1996.

PART II.        OTHER INFORMATION

Item 1:         Legal Proceedings
                None

Item 2:         Changes in Securities
                None

Item 3:         Defaults upon Senior Securities
                None

Item 4:         Submission of Matters to a Vote of Security Holders
                None

Item 5:         Other Information
                None

Item 6:         Exhibits and Reports on Form 8-K
                (a) Exhibit 27 - Financial  Data Schedule (for SEC use only) 
                (b) During the quarter ended September 30, 1997, the Company
                    filed no reports on Form 8-K.

                                      F-7

<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.


                                       IMMUNE RESPONSE, INC.

                                       (Registrant)





                                       By:/S/ JOSEPH W. HOVORKA
                                          -------------------------------------
                                          Joseph W. Hovorka, President and
                                          Chief Financial Officer


Date:  November 12, 1997







                                      F-8