Exhibit 11 CYTRX CORPORATION COMPUTATION OF NET LOSS PER SHARE COMPUTATION OF LOSS PER SHARE - PRIMARY Three Month Period Ended Nine Month Period Ended September 30, September 30, ------------------------- ------------------------ 1996 1995 1996 1995 ---------- --------- --------- --------- Net loss $(1,120,164) $(1,952,208) $(3,577,482) $(8,670,321) --------- --------- --------- --------- Average number of common shares outstanding 7,705,829 7,907,624 7,809,622 7,898,439 Common shares issuable assuming exercise of stock options and warrants (1) - - - - --------- --------- --------- --------- Total 7,705,829 7,907,624 7,809,622 7,898,439 --------- --------- --------- --------- Net loss per share $ (0.15) $ (0.25) $ (0.46) $ (1.10) ========= ========= ========= ========= COMPUTATION OF LOSS PER SHARE - FULLY DILUTED Net loss $(1,120,164) $(1,952,208) $(3,577,482) $(8,670,321) --------- --------- --------- --------- Average number of common shares outstanding 7,705,829 7,907,624 7,809,622 7,898,439 Common shares issuable assuming exercise of stock options and warrants (1) - - - - --------- --------- --------- --------- Total 7,705,829 7,907,624 7,809,622 7,898,439 --------- --------- --------- --------- Net loss per share $ (0.15) $ (0.25) $ (0.46) $ (1.10) ========= ========= ========= ========= (1) Stock options and warrants outstanding are excluded from the computation of net loss per share since their effect would be anti-dilutive. 12