EXHIBIT 11 STATEMENT OF COMPUTATION OF NET LOSS PER SHARE
Year Ended Nine Months Ended December 31, September 30, ---------------------------- --------------------------- 1994 1995 1995 1996 --------- ---------- --------- --------- Net loss applicable to common stock ..................... $ (12,974,175) $ (11,693,454) $ (8,853,346) $ (8,888,174) Deemed dividend upon conversion of preferred stock .................................... -- -- -- (5,431,871) ------------- ------------- ------------- ------------- Net loss applicable to common stock ..................... $ (12,974,175) $ (11,693,454) $ (8,853,346) $ (14,320,045) ============= ============= ============= ============= Weighted average shares of common stock outstanding .............................. 1,404,212 1,426,049 1,408,559 10,463,149 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 2,306,395 10,463,149 ============= ============= ============= ============= Net loss per share ...................................... $ (5.64) $ (5.03) $ (3.84) $ (1.37) ============= ============= ============= ============= Pro Forma Net loss applicable to common stock ..................... $ (12,974,175) $ (11,693,454) $ (8,853,346) ============= ============= ============= 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 2,306,395 Adjusted to reflect the effect of the assumed conversion of preferred stock ................. 4,690,955 5,293,585 5,217,773 ------------- ------------- ------------- Shares used in computing pro forma net loss per share ........................................ 6,993,003 7,617,470 7,524,168 ============= ============= ============= Pro forma net loss per share ............................ $ (1.86) $ (1.54) $ (1.18) ============= ============= =============