EXHIBIT 11 TITAN PHARMACEUTICALS, INC. (A DEVELOPMENT STAGE COMPANY) STATEMENT OF COMPUTATION OF NET INCOME (LOSS) PER SHARE
THREE MONTHS ENDED JUNE 30, SIX MONTHS ENDED JUNE 30, --------------------------- ------------------------- 1996 1997 1996 1997 ----------- ----------- ------------ ------------ (unaudited) (unaudited) Net income (loss) $(2,685,447) $ 4,217,077 $ (6,100,363) $(8,941,489) Deemed dividend upon conversion of preferred stock - - (5,431,871) - ----------- ----------- ------------ ------------ Net loss applicable to common stock (2,685,447) 4,217,077 (11,532,234) (8,941,489) ----------- ----------- ------------ ------------ ----------- ----------- ------------ ------------ Weighted average shares of common stock outstanding 10,757,940 13,046,102 9,791,050 12,971,902 Common stock equivalents - 111,280 - - ----------- ----------- ------------ ------------ Shares used in computing net loss per share 10,757,940 13,157,382 9,791,050 12,971,902 ----------- ----------- ------------ ------------ ----------- ----------- ------------ ------------ Net income (loss) per share $ (0.25) $ 0.32 $ (1.18) $ (0.69) ----------- ----------- ------------ ------------ ----------- ----------- ------------ ------------