CYTRX CORPORATION EXHIBIT 11 COMPUTATION OF NET LOSS PER SHARE COMPUTATION OF LOSS PER SHARE - PRIMARY Three Month Period Ended March 31, ---------------------------------- 1996 1995 ---------- ---------- Net loss $(1,311,939) $(3,372,456) ========= ========= Average number of common shares outstanding 7,859,962 7,896,887 Common shares issuable assuming exercise of stock options and warrants 0(1) 0(1) --------- --------- Total shares 7,859,962 7,896,887 ========= ========= Net loss per share $(0.17) $(0.43) ========= ========= COMPUTATION OF LOSS PER SHARE - FULLY DILUTED Net loss $(1,311,939) $(3,372,456) ========= ========= Average number of common shares outstanding 7,859,962 7,896,887 Common shares issuable assuming exercise of stock options and warrants 0(1) 0(1) --------- --------- Total shares 7,859,962 7,896,887 ========= ========= Net loss per share $(0.17) $(0.43) ========= ========= (1) Stock options and warrants outstanding are excluded from the computation of net loss per share since their effect would be anti-dilutive. 12