EXHIBIT 11
TITAN PHARMACEUTICALS, INC.
(A DEVELOPMENT STAGE COMPANY)
STATEMENT OF COMPUTATION OF NET LOSS PER SHARE
THREE MONTHS ENDED MARCH 31,
1995 1996
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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)
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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
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NET LOSS PER SHARE $ (1.19) $ (1.00)
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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
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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)
================== ===================