ARONEX PHARMACEUTICALS, INC.
Exhibit 11.1
The following reflects the information used in calculating the number of shares
in the computation of net loss per share for each of the periods set forth in
the Statements of Operations.
Average Loss
Days Shares Shares Per
Shares Outstanding X Days Outstanding Loss Share
Nine Months Ended
September 30, 1996: 10,380,056 1 10,380,056
10,390,003 10 103,900,030
10,409,608 4 41,638,432
10,418,676 2 20,837,352
10,478,786 1 10,478,786
10,046,458 3 30,139,374
10,598,792 1 10,598,792
10,678,561 2 21,357,122
10,680,653 1 10,680,653
10,680,903 3 32,042,709
10,710,132 4 42,840,528
10,718,504 6 64,311,024
10,727,170 4 42,908,680
10,728,565 1 10,728,565
10,729,263 1 10,729,263
10,729,394 7 75,105,758
10,731,487 19 203,898,253
10,742,559 7 75,197,913
10,771,115 2 21,542,230
10,775,477 2 21,550,954
10,776,991 4 43,107,964
10,784,842 1 10,784,842
10,812,921 1 10,812,921
10,832,546 2 21,665,092
10,847,725 3 32,543,175
10,848,023 5 54,240,115
10,849,767 7 75,948,369
10,851,626 3 32,554,878
10,858,605 1 10,858,605
10,862,095 2 21,724,190
10,962,004 1 10,962,004
10,962,593 4 43,850,372
10,965,241 2 21,930,482
10,965,939 1 10,965,939
10,967,993 6 65,807,958
10,972,354 5 54,861,770
10,977,354 2 21,954,708
10,978,310 7 76,848,170
10,983,980 4 43,935,920
10,989,215 1 10,989,215
13,992,587 1 13,992,587
13,996,077 1 13,996,077
13,996,949 6 83,981,694
14,446,949 1 14,446,949
14,453,492 5 72,267,460
14,456,109 5 72,280,545
14,465,806 1 14,465,806
14,472,786 2 28,945,572
14,473,658 1 14,473,658
14,478,658 3 43,435,974
14,481,500 1 14,481,500
14,483,680 3 43,451,040
14,484,059 1 14,484,059
14,485,899 2 28,971,798
14,488,079 3 43,464,237
14,526,802 3 43,580,406
14,526,802 23 334,116,446
14,531,016 1 14,531,016
14,543,516 20 290,870,320
14,543,736 1 14,543,736
14,544,318 18 261,797,724
14,545,238 2 29,090,476
14,545,321 7 101,817,247
14,555,018 14 203,770,252
14,556,217 5 72,781,085
14,557,089 1 14,557,089
274 3,435,807,916/274 12,539,445 (6,422,000) (0.51)
Average Loss
Days Share Shares Per
Shares Outstanding X Day Outstanding Loss Share
Nine Months Ended
September 30, 1997: 14,597,247 8 116,777,976
14,606,972 12 175,283,664
14,612,023 4 58,448,092
14,612,499 21 306,862,479
14,615,983 6 87,695,898
14,616,981 1 14,616,981
14,624,239 5 73,121,195
14,625,111 2 29,250,222
14,627,695 7 102,393,865
14,628,567 6 87,771,402
14,640,311 6 87,841,866
14,643,658 6 87,861,948
14,644,672 1 14,644,672
14,644,816 7 102,513,712
14,644,982 2 29,289,964
14,645,277 4 58,581,108
14,665,277 22 322,636,094
14,665,665 9 131,990,985
14,674,453 19 278,814,607
14,678,042 6 88,068,252
14,680,055 7 102,760,385
14,680,344 19 278,926,536
14,687,394 31 455,309,214
14,710,122 9 132,391,098
14,712,069 5 73,560,345
14,712,575 12 176,550,900
14,712,699 6 88,276,194
14,714,018 2 29,428,036
14,719,923 9 132,479,307
15,406,372 15 231,095,580
15,408,872 3 46,226,616
15,421,809 1 15,421,809
273 4,016,891,002/273 14,713,886 (12,278,000) (0.83)
Quarter Ended September 30, 1996 14,526,802 23 334,116,446
14,531,016 1 14,531,016
14,543,516 20 290,870,320
14,543,736 1 14,543,736
14,544,318 18 261,797,724
14,545,238 2 29,090,476
14,545,321 7 101,817,247
14,555,018 14 203,770,252
14,556,217 5 72,781,085
14,557,089 1 14,557,089
92 1,337,875,391/92 14,542,124 (2,022,000) (0.14)
Quarter Ended September 30, 1997: 14,687,394 30 440,621,820
14,710,122 9 132,391,098
14,712,069 5 73,560,345
14,712,575 12 176,550,900
14,712,699 6 88,276,194
14,714,018 2 29,428,036
14,719,923 9 132,479,307
15,406,372 15 231,095,580
15,408,872 3 46,226,616
15,421,809 1 15,421,809
92 1,366,051,705/92 14,848,388 (5,984,000) (0.40)