<TABLE>
                          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.
<CAPTION>
                                                                              Average                   Loss
                                                  Days        Shares           Shares                    Per
                                   Shares     Outstanding     X Days         Outstanding      Loss      Share
<S>                               <C>             <C>      <C>               <C>           <C>          <C>            
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)
<PAGE>
                                                                               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)

</TABLE>