1 EXHIBIT 11 CytRx Corporation Computation of Net Loss Per Share COMPUTATION OF LOSS PER SHARE - PRIMARY Three Month Period Ended March 31, ---------------------------------- 1997 1996 ----------- ------------ Net loss $ (672,360) $ (1,311,939) =========== ============ Average number of common shares outstanding 7,441,039 7,859,962 Common shares issuable assuming exercise of stock options and warrants 0 (1) 0 (1) ----------- ------------ Total shares 7,441,039 7,859,962 =========== ============ Net loss per share ($0.09) ($0.17) =========== ============ COMPUTATION OF LOSS PER SHARE - FULLY DILUTED Net loss $ (672,360) $ (1,311,939) =========== ============ Average number of common shares outstanding 7,441,039 7,859,962 Common shares issuable assuming exercise of stock options and warrants 0 (1) 0 (1) ----------- ------------ Total shares 7,441,039 7,859,962 =========== ============ Net loss per share ($0.09) ($0.17) =========== ============ (1) Stock options and warrants outstanding are excluded from the computation of net loss per share since their effect would be antidilutive.