EXHIBIT 11 TITAN PHARMACEUTICALS, INC. (A DEVELOPMENT STAGE COMPANY) STATEMENT OF COMPUTATION OF NET LOSS PER SHARE THREE MONTHS ENDED MARCH 31, 1995 1996 ------------------ ------------------- NET LOSS $ (2,739,935) $ (3,424,769) DEEMED DIVIDEND UPON CONVERSION OF PREFERRED STOCK - (5,431,871) NET LOSS APPLICABLE TO COMMON STOCK (2,739,935) (8,856,640) ================== =================== WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING 1,408,519 8,824,159 SHARES RELATED TO STAFF ACCOUNTING BULLETIN TOPIC 4D: STOCK OPTIONS AND WARRANTS 897,836 - SHARES USED IN COMPUTING NET LOSS PER SHARE 2,306,355 8,824,159 ================== =================== NET LOSS PER SHARE $ (1.19) $ (1.00) ================== =================== PRO FORMA NET LOSS APPLICABLE TO COMMON STOCK $ (2,739,935) $ (8,856,640) ================== =================== CALCULATION OF SHARES OUTSTANDING FOR COMPUTING PRO FORMA NET LOSS PER SHARE: SHARES USED IN COMPUTING NET LOSS PER SHARE 2,306,355 8,824,159 ADJUSTED TO REFLECT THE EFFECT OF THE assumed conversion of preferred stock 4,922,183 9,916,250 ------------------ ------------------- SHARES USED IN COMPUTING PRO FORMA NET LOSS PER SHARE 7,229,183 9,916,250 ================== =================== PRO FORMA NET LOSS PER SHARE $ (0.38) $ (0.89) ================== ===================