Exhibit 11 CYTRX CORPORATION COMPUTATION OF NET LOSS PER SHARE COMPUTATION OF LOSS PER SHARE - PRIMARY Three Month Period Ended June 30, Six Month Period Ended June 30, --------------------------------- ------------------------------- 1996 1995 1996 1995 ---------- --------- --------- --------- Net loss $(1,145,379) $(3,345,657) $(2,457,318) $(6,718,113) --------- --------- --------- --------- Average number of common shares outstanding 7,864,216 7,902,403 7,862,090 7,899,660 Common shares issuable assuming exercise of stock options and warrants (1) - - - - --------- --------- --------- --------- Total 7,864,216 7,902,403 7,862,090 7,899,660 --------- --------- --------- --------- Net loss per share $ (0.15) $ (0.42) $ (0.31) $ (0.85) ========= ========= ========= ========= COMPUTATION OF LOSS PER SHARE - FULLY DILUTED Net loss $(1,145,379) $(3,345,657) $(2,457,318) $(6,718,113) --------- --------- --------- --------- Average number of common shares outstanding 7,864,216 7,902,403 7,862,090 7,899,660 Common shares issuable assuming exercise of stock options and warrants (1) - - - - --------- --------- --------- --------- Total 7,864,216 7,902,403 7,862,090 7,899,660 --------- --------- --------- --------- Net loss per share $ (0.15) $ (0.42) $ (0.31) $ (0.85) ========= ========= ========= ========= (1) Stock options and warrants outstanding are excluded from the computation of net loss per share since their effect would be anti-dilutive. 12