STATEMENT OF COMPUTATION OF NET LOSS PER SHARE EXHIBIT 11
Year ended December 31, Six months ended June 30, ------------------------------- ------------------------------- 1994 1995 1995 1996 -------------- ------------- -------------- -------------- Net loss applicable to common stock $(12,974,175) $(11,693,454) $ (5,877,940) $ (6,100,363) Deemed dividend upon conversion of preferred stock -- -- -- (5,431,871) ------------ ------------ ------------ ------------ Net loss applicable to common stock $(12,974,175) $(11,693,454) $ (5,877,940) $(11,532,234) ============ ============ ============ ============ Weighted average shares of common stock outstanding 1,404,212 1,426,049 1,408,519 9,791,050 Shares related to Staff Accounting Bulletin topic 4D: Stock options and warrants 897,836 897,836 897,836 -- ============ ============ ============ ============ Shares used in computing net loss per share 2,302,048 2,323,885 2,306,355 9,791,050 ============ ============ ============ ============ Net loss per share $ (5.64) $ (5.03) $ (2.55) $ (1.18) ============ ============ ============ ============ Pro Forma Net loss applicable to common stock $(12,974,175) $(11,693,454) $ (5,877,940) ============ ============ ============ Calculation of shares outstanding for computing pro forma net loss per share: Shares used in computing net loss per share 2,302,048 2,323,885 2,306,355 Adjusted to reflect the effect of the assumed conversion of preferred stock 4,690,955 5,293,585 4,922,183 ------------ ------------ ------------ Shares used in computing pro forma net loss per share 6,993,003 7,617,470 7,228,538 ============ ============ ============ Pro forma net loss per share $ (1.86) $ (1.54) $ (0.81) ============ ============ ============