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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,
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1997 1996 1997 1996
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Net loss $(2,263,292) $ (1,145,379) $(2,935,652) $ (2,457,318)
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Average number of common shares outstanding 7,409,712 7,864,216 7,425,289 7,862,090
Common shares issuable assuming exercise of
stock options and warrants (1) -- -- -- --
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Total 7,409,712 7,864,216 7,425,289 7,862,090
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Net loss per share $ (0.31) $ (0.15) $ (0.40) $ (0.31)
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COMPUTATION OF LOSS PER SHARE - FULLY DILUTED
Net loss $(2,263,292) $ (1,145,379) $(2,935,652) $ (2,457,318)
----------- ------------ ----------- ------------
Average number of common shares outstanding 7,409,712 7,864,216 7,425,289 7,862,090
Common shares issuable assuming exercise of
stock options and warrants (1) -- -- -- --
----------- ------------ ----------- ------------
Total 7,409,712 7,864,216 7,425,289 7,862,090
----------- ------------ ----------- ------------
Net loss per share $ (0.31) $ (0.15) $ (0.40) $ (0.31)
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(1) Stock options and warrants outstanding are excluded from the computation
of net loss per share since their effect would be antidilutive.