<PAGE>   1

                          ARONEX PHARMACEUTICALS, INC.
                          (A DEVELOPMENT STAGE COMPANY)



                                                                    Exhibit 11.1

              Statement Regarding Computation of Per Share Earnings

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.



<TABLE>
<CAPTION>
                                                                                          AVERAGE                  LOSS
                                                       DAYS         SHARES                 SHARES                   PER
                                       SHARES      OUTSTANDING      X DAYS              OUTSTANDING      LOSS      SHARE
<S>                                   <C>         <C>           <C>                    <C>             <C>         <C>
Year Ended December 31, 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             9    138,796,281
                                      15,423,809             2     30,847,618
                                      15,427,540            24    370,260,960
                                      15,444,824            57    880,354,968
                                      15,459,166             1     15,459,166
                                                           365  5,437,188,186    /365    14,896,406  (16,991,000)  (1.14)

</TABLE>

<PAGE>   2



<TABLE>
<CAPTION>
                                                                                        AVERAGE                   LOSS
                                                       DAYS         SHARES              SHARES                     PER
                                       SHARES      OUTSTANDING      X DAYS            OUTSTANDING     LOSS        SHARE
<S>                                   <C>         <C>           <C>                    <C>             <C>         <C>
Year Ended December 31, 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
                                      10,927,354             5     54,636,770
                                      10,997,354             2     21,994,708
                                      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             8    116,456,712
                                      14,563,193            17    247,574,281
                                      14,568,375             3     43,705,125
                                      14,569,375             7    101,985,625
                                      14,570,954             3     43,712,862
                                      14,579,548             4     58,318,192
                                      14,582,198             1     14,582,198
                                      14,583,853             3     43,751,559
                                      14,584,853             3     43,754,559
                                      14,586,353            14    204,208,942
                                      14,595,950            10    145,959,500
                                      14,596,513            11    160,561,643
                                      14,597,247             8    116,777,976
                                                           365  4,762,415,001    /365    13,047,712  (8,030,000)   (0.62)

</TABLE>


<PAGE>   3



<TABLE>
<CAPTION>
                                                                                          AVERAGE                  LOSS
                                                       DAYS         SHARES                 SHARES                   PER
                                       SHARES      OUTSTANDING      X DAYS              OUTSTANDING      LOSS      SHARE
<S>                                   <C>         <C>           <C>                    <C>             <C>         <C>
Year Ended December 31, 1995:          5,202,476             2     10,404,952
                                       5,214,976             2     10,429,952
                                       5,221,604            82    428,171,528
                                       5,232,463            57    298,250,391
                                       5,233,599            41    214,577,559
                                       5,233,978            18     94,211,604
                                       5,235,493            51    267,010,143
                                       9,128,929            20    182,578,580
                                       9,136,184            34    310,630,256
                                       9,200,154             3     27,600,462
                                       9,201,669             2     18,403,338
                                       9,202,805            12    110,433,660
                                       9,216,760             1      9,216,760
                                       9,217,843             6     55,307,058
                                       9,260,401             3     27,781,203
                                       9,274,343             5     46,371,715
                                       9,316,912             2     18,633,824
                                       9,857,533             5     49,287,665
                                       9,887,531             5     49,437,655
                                       9,899,311             2     19,798,622
                                       9,900,249             2     19,800,498
                                       9,902,749             4     39,610,996
                                       9,969,021             2     19,938,042
                                       9,981,786             3     29,945,358
                                      10,380,056             1     10,380,056
                                                           365  2,368,211,877  /365   6,488,252  (17,429,000)  (2.69)
</TABLE>