Exhibit 11
TITAN PHARMACEUTICALS, INC. (a development stage company) STATEMENT OF COMPUTATION OF NET LOSS PER SHARE Three Months Ended Six Months Ended June 30, June 31, -------------------------------- -------------------------------- 1995 1996 1995 1996 ------------ ------------ ------------ ------------ (unaudited) (unaudited) Net loss $ (3,138,005) $ (2,685,447) $ (5,877,940) $ (6,100,363) Deemed dividend upon conversion of preferred stock 0 0 -- (5,431,871) ------------ ------------ ------------ ------------ Net loss applicable to common stock (3,138,005) (2,685,447) (5,877,940) (11,532,234) ============ ============ ============ ============ Weighted average shares of common stock outstanding 1,408,519 10,757,940 1,408,519 9,791,050 Shares related to Staff Accounting Bulletin topic 4D: Stock options and warrants 897,836 -- 897,836 -- ============ ============ ============ ============ Shares used in computing net loss 2,306,355 10,757,940 2,306,355 8,824,159 ============ ============ ============ ============ Net loss per share $ (1.36) $ (.025) $ (2.25) $ (1.18) ============ ============ ============ ============ Pro Forma Net Loss applicable to common stock $ (3,138,005) $ (5,877,940) ============ ============ Calculation of shares outstanding for computing pro forma net loss per share: Shares used used in computing net loss per share 2,306,355 2,306,355 Adjusted to reflect the effect of assumed conversion of preferred stock 5,215,684 4,922,183 ------------ ------------ Shares used in computing pro forma loss per share 7,522,039 7,229,183 ============ ============ Pro forma net loss per share $ (0.42) $ (.81) ============ ============