<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
                                    Days      Shares            Shares               Loss Per
                        Shares   Outstanding   X Days         Outstanding    Loss     Share
<S>                                 <C>     <C>           <C>  <C>        <C>          <C>
Six Months Ended June 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
                       10,977,356    2       21,954,712
                       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
                                    182     2,097,932,529/182  11,527,102 (4,400,000)  (0.38)



<PAGE>


                            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.


                                                                Average
                                    Days      Shares            Shares               Loss Per
                        Shares   Outstanding   X Days         Outstanding    Loss     Share
Six Months Ended June 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    1       14,687,394
                                    181   2,650,839,297/181  14,645,521 (6,294,000)  (0.43)


                                
<PAGE>


                            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.


                                                                Average
                                    Days      Shares            Shares               Loss Per
                        Shares   Outstanding   X Days         Outstanding    Loss     Share
Quarter Ended June 30, 1996:
                       10,847,725    5       54,238,625
                       10,848,023    7       75,936,161
                       10,849,767    3       32,549,301
                       10,851,626    1       10,851,626
                       10,858,605    2       21,717,210
                       10,862,095    1       10,862,095
                       10,962,004    4       43,848,016
                       10,962,593    2       21,925,186
                       10,965,241    1       10,965,241
                       10,965,939    6       65,795,634
                       10,967,993    5       54,839,965
                       10,972,354    2       21,944,708
                       10,977,356    7       76,841,492
                       10,978,310    4       43,913,240
                       10,983,980    1       10,983,980
                       10,989,215    1       10,989,215
                       13,992,587    1       13,992,587
                       13,996,077    6       83,976,462
                       13,996,949    1       13,996,949
                       14,446,949    5       72,234,745
                       14,453,492    5       72,267,460
                       14,456,109    1       14,456,109
                       14,456,806    2       28,913,612
                       14,472,786    1       14,472,786
                       14,473,658    3       43,420,974
                       14,478,658    1       14,478,658
                       14,481,500    3       43,444,500
                       14,483,680    1       14,483,680
                       14,484,059    2       28,968,118
                       14,485,899    3       43,457,697
                       14,488,079    3       43,464,237
                       14,526,802    1       14,526,802
                                     91   1,128,757,071 /91  12,404,122 (2,327,000)  (0.19)

Quarter Ended June 30, 1997:                          0
                       14,644,816    2       29,289,632
                       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    1       14,687,394
                                     91   1,335,044,957 /91  14,670,824 (3,201,000)  (0.22)

</TABLE>