EXHIBIT 11.1
TRIANGLE PHARMACEUTICALS, INC.
(A DEVELOPMENT STAGE COMPANY)
COMPUTATION OF NET LOSS PER SHARE AND PRO FORMA NET LOSS PER SHARE
(UNAUDITED)
THREE MONTHS NINE MONTHS THREE MONTHS NINE MONTHS
ENDED ENDED ENDED ENDED
SEPTEMBER 30, SEPTEMBER 30, SEPTEMBER 30, SEPTEMBER 30,
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1996 (1) 1996 (1) 1997 (2) 1997 (2)
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Historical weighted average
shares........................... 19,988,451 18,554,524
Pro forma historical weighted
average shares outstanding........ 4,107,643 4,925,945 -- --
Series A preferred stock,
convertible to Common Stock at
consummation of the initial
public offering.................. 5,231,671 5,231,671 -- --
Series B preferred stock,
convertible to Common Stock at
consummation of the initial
public offering.................. 3,706,234 3,706,234 -- --
Common stock equivalents for
preferred stock warrants
outstanding...................... -- -- -- --
Common stock equivalents for
options outstanding.............. -- -- -- --
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Shares used in computing pro
forma net loss per share......... 13,045,548 13,863,850 19,988,451 18,554,524
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Net Loss.......................... $(2,538,859) $(8,038,277) $(18,214,006) $(27,374,905)
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Pro forma net loss per share...... $ (0.19) $ (0.58) $ (0.91) $ (1.48)
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(1) Weighted average common stock outstanding during the period including
all common stock issued at prices below the public offering price
during the twelve month period preceding the offering as if it was
outstanding at inception (July 12, 1995). Issuance of convertible
preferred stock, preferred stock warrants and common stock options at
prices below the public offering price during the twelve month period
preceding the offering have been included as common stock equivalent
as if they had been issued as common stock as of July 12, 1995.
(2) The weighted average shares outstanding used in the calculation of net
loss per share do not include common stock equivalents because they
have the effect of reducing net loss per share.