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 MARCH 31, 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 May 5, 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
months ended March 31, 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
                                 March 31, 1997
                                   (Unaudited)


<TABLE>
<S>                                                                  <C>
ASSETS
Current assets
    Cash and cash equivalents ..................................     $  60,848
    Note receivable, net of allowance
       for doubtful accounts of $6,338 .........................         6,338
    Interest receivable, net of allowance
         for doubtful accounts of $2,171 .......................         2,171
                                                                     ---------
                                                                        69,357
Other assets
    Investment in IntraNet Solutions (cost of $3,958) ..........         6,887
                                                                     ---------
                                                                     $  76,244
                                                                     =========

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
    Notes payable - related entity .............................     $   1,100
    Accounts payable - related entity ..........................         3,024
    Accrued salary to officer ..................................        11,250
    Accounts payable - others ..................................         2,967
    Interest payable - related entity ..........................        45,344
                                                                     ---------

                                                                        63,685

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 ...........         2,929
    Deficit accumulated during the
       development stage .......................................      (899,523)
    Less:  treasury stock, at cost
       (175,000 shares) ........................................          --
                                                                     ---------
                                                                        12,559
                                                                     ---------
                                                                     $  76,244
                                                                     =========
</TABLE>

                                       F-2

<PAGE>

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

<TABLE>
<CAPTION>
                                                                         FOR THE
                                                                         PERIOD
                                                                          FROM
                                                                        INCEPTION
                                             FOR THE THREE MONTHS       (MAY 14,
                                                ENDED MARCH 31,           1984)TO
                                              1997           1996     MAR. 31, 1997
                                              ----           ----     -------------
<S>                                       <C>            <C>           <C>
Revenue
    Interest income ...................   $     1,392    $     4,101   $   123,480
    Laboratory test income ............          --             --          50,187
    Revenue from sale of marketing
        rights to related entity ......          --             --           7,004
    Miscellaneous income ..............          --             --          12,697
    Gain on sale of stock .............          --           71,464       192,189
    Debt forgiveness income ...........          --             --          35,147
                                          -----------    -----------   -----------
                                                1,392         75,565       420,704
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 ..........................         1,070          2,131       138,297
    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 ..................           158            158         8,510
    General and administrative ........        13,880         10,457       322,232
                                          -----------    -----------   -----------
                                               15,108         12,746     1,320,227
                                          -----------    -----------   -----------

        Net income (loss) .............   $   (13,716)   $    62,819   $  (899,523)
                                          ===========    ===========   ===========

        Net income (loss) per
          common share ................   $     (.005)   $      .021   $      (.36)
                                          ===========    ===========   ===========

Weighted average number of
    common shares .....................     2,949,700      2,949,700     2,465,326
                                          ===========    ===========   ===========
</TABLE>

                                       F-3

<PAGE>

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

<TABLE>
<CAPTION>
                                                                              FOR THE
                                                                            PERIOD FROM
                                                                             INCEPTION
                                                FOR THE THREE MONTHS         (MAY 14,
                                                   ENDED MARCH 31,           1984) TO
                                                 1997           1996       MAR. 31, 1997
                                                 ----           ----       -------------
<S>                                          <C>            <C>            <C>
Cash flows from operating activities:
    Net income (loss) ....................   $   (13,716)   $    62,819    $  (899,523)
      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 on investments ...          --          (71,464)       (13,519)
      Write-off of deferred warrant
        registration costs ...............          --             --           29,422
      Changes in assets and liabilities:
      (Increase) in notes
         receivable ......................          --         (120,206)      (287,102)
      (Increase) in interest
         receivable ......................          (158)          (514)        (4,184)
      Increase in accounts payable
        to related entity ................            81             68          3,024
      (Decrease) in accrued legal expenses
        payable to former director .......          --          (52,062)          --
      Increase (decrease) in accounts
         payable to directors ............          (400)        (3,600)          --
      Increase-accrued salary to officer .          --             --           11,250
      Increase in interest payable to
         related entity ..................         1,070          2,131         45,344
      (Decrease) in interest payable
         to others .......................          --             --             --
      Increase (decrease) in accounts
         payable to others ...............         2,967          1,815          2,967
                                             -----------    -----------    -----------

      Net cash (used) by
         operating activities ............       (10,156)      (181,014)    (1,018,608)
                                             -----------    -----------    -----------

Cash flows from investing activities:
    Proceeds from sale of
      investment in MacGregor ............          --           89,504        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 by
         investing activities ............          --           89,504        206,222
                                             -----------    -----------    -----------
</TABLE>

                                                                     (Continued)

                                       F-4

<PAGE>

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

<TABLE>
<CAPTION>
                                                                              FOR THE
                                                                            PERIOD FROM
                                                                             INCEPTION
                                                FOR THE THREE MONTHS         (MAY 14,
                                                   ENDED MARCH 31,           1984) TO
                                                 1997           1996       MAR. 31, 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 ..................       (75,000)          --          (75,000)
    (Increase) in deferred warrant
      registration costs .................          --             --          (29,422)
    Proceeds from issuance of common
      stock ..............................          --             --          901,556
                                             -----------    -----------    -----------
      Net cash provided  (used) by
         financing activities ............       (75,000)          --          873,234
                                             -----------    -----------    -----------

Net increase (decrease) in cash
    and cash equivalents .................       (85,156)       (91,510)        60,848

Cash and cash equivalents at
    beginning of period ..................       146,004        130,362           --
                                             -----------    -----------    -----------
Cash and cash equivalents at
    end of period ........................   $    60,848    $    38,852    $    60,848
                                             ===========    ===========    ===========

Supplemental cash flow information:
    Interest received ....................   $     1,075    $      --      $    79,960
                                             ===========    ===========    ===========
    Interest paid ........................   $      --      $      --      $    54,910
                                             ===========    ===========    ===========

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-5

<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 $85,156  during the
quarter  ended March 31,  1997.  This  decrease  was caused  principally  by the
$75,000 repayment of notes payable to a related entity.

     The Company experienced a net loss from operations of $13,716 which relates
principally  from its small  amount of  interest  income  of $1,392  during  the
quarter 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 $13,716  compares  to net income of $62,819  for the  quarter
ended March 31, 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.


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

     On  February  10,  1997,   the  Company  held  an  Annual  Meeting  of  its
stockholders  at  which  three  directors  were  elected  to serve  until  their
successors have been elected and qualified with the votes being cast as follows:

                                For        Against       Abstain
                            -----------    -------      ----------
Joseph W. Hovorka           154,032,815      -0-        16,660,994
Thomas B. Olson             154,128,015      -0-        16,565,794
R. Andrew Girardot, Jr.     154,220,815      -0-        16,472,994

     Additionally,  the following proposals were presented and voted upon at the
meeting and the votes were cast as follows:

     An amendment to the Company's Articles of Incorporation to effect a one for
one  hundred  (1 for 100)  reverse  stock  split  and to  reduce  the  number of
authorized  shares of common stock of the Company from 950,000,000 to 25,000,000
shares as permitted under Section 7-106-105 of the Colorado Business Corporation
Act.

               For                 Against             Abstain
           -----------            ----------           -------
           154,334,315            15,973,994           385,500

                                      F-6

<PAGE>

Item 4:  Submission of Matters to a Vote of Security Holders (Continued):

     An amendment to the Company's  Articles of  Incorporation  to indemnify the
directors,  officers,  employees,  fiduciaries, and agents of the Company to the
full extent  permitted by Colorado  laws and to limit the personal  liability of
the  Company's  directors  for  monetary  damages  for  certain  breaches of the
fiduciary  duty of care as  permitted  under  Section  7-108-402 of the Colorado
Business Corporation Act.

               For                 Against             Abstain
           -----------            ----------          ---------
           144,580,855            18,150,094          7,962,860

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 March 31, 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:  May 12, 1997

                                       F-8