Exhibit 11 CYTRX CORPORATION COMPUTATION OF NET LOSS PER SHARE COMPUTATION OF LOSS PER SHARE - PRIMARY Three Month Period Nine Month Period Ended September 30, Ended September 30, 1995 1994 1995 1994 Net loss ($1,952,208) ($1,940,112) ($8,670,321) ($5,435,609) Average number of common shares outstanding 31,630,496 31,566,470 31,593,755 31,558,045 Common shares issuable assuming exercise of stock options and warrants(1) 0 0 0 0 Total shares 31,630,496 31,566,470 31,593,755 31,558,045 Net loss per share ($0.06) ($0.06) ($0.27) ($0.17) COMPUTATION OF LOSS PER SHARE - FULLY DILUTED Net loss ($1,952,208) ($1,940,112) ($8,670,321) ($5,435,609) Average number of common shares outstanding 31,630,496 31,566,470 31,593,755 31,558,045 Common shares issuable assuming exercise of stock options and warrants(1) 0 0 0 0 Total shares 31,630,496 31,566,470 31,593,755 31,558,045 Net loss per share ($0.06) ($0.06) ($0.27) ($0.17) (1) Stock options and warrants outstanding are excluded from the computation of net loss per share since their effect would be anti-dilutive.