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,
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1995 1996 1995 1996
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(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)
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Net loss applicable to common stock (2,975,406) (2,787,889) (8,853,346) (14,320,045)
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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 -
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Shares used in computing net loss per share 2,306,355 11,792,738 2,306,395 10,463,149
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Net loss per share $ (1.29) $ (0.24) $ (3.84) $ (1.37)
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PRO FORMA
Net loss applicable to common stock $(2,975,406) $(8,853,346)
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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
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Shares used in computing pro forma net
loss per share 7,827,204 7,524,168
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Pro forma net loss per share $ (0.38) $ (1.18)
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