EXHIBIT 11 TITAN PHARMACEUTICALS, INC. (A DEVELOPMENT STAGE COMPANY) STATEMENT OF COMPUTATION OF NET LOSS PER SHARE
THREE MONTHS ENDED SEPTEMBER 30, NINE MONTHS ENDED SEPTEMBER 30, -------------------------------- -------------------------------- 1995 1996 1995 1996 ----------- ----------- ----------- ------------ (unaudited) (unaudited) Net loss $(2,975,406) $(2,787,889) $(8,853,346) $ (8,888,174) Deemed dividend upon conversion of preferred stock - - - (5,431,871) ----------- ----------- ----------- ------------ Net loss applicable to common stock (2,975,406) (2,787,889) (8,853,346) (14,320,045) ----------- ----------- ----------- ------------ ----------- ----------- ----------- ------------ Weighted average shares of common stock outstanding 1,408,519 11,792,738 1,408,559 10,463,149 Shares related to Staff Accounting Bulletin topic 4D: Stock options and warrants 897,836 - 897,836 - ----------- ----------- ----------- ------------ Shares used in computing net loss per share 2,306,355 11,792,738 2,306,395 10,463,149 ----------- ----------- ----------- ------------ ----------- ----------- ----------- ------------ Net loss per share $ (1.29) $ (0.24) $ (3.84) $ (1.37) ----------- ----------- ----------- ------------ ----------- ----------- ----------- ------------ PRO FORMA Net loss applicable to common stock $(2,975,406) $(8,853,346) ----------- ----------- ----------- ----------- Calculation of shares outstanding for computing pro forma net loss per share: Shares used in computing net loss per share 2,306,355 2,306,395 Adjusted to reflect the effect of the assumed conversion of preferred stock 5,520,849 5,217,773 ----------- ----------- Shares used in computing pro forma net loss per share 7,827,204 7,524,168 ----------- ----------- ----------- ----------- Pro forma net loss per share $ (0.38) $ (1.18) ----------- ----------- ----------- -----------
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