ARONEX PHARMACEUTICALS, INC.
                                                                    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>
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)

Nine Months Ended September 30, 1998:   15,459,166           11      170,050,826
                                        15,460,684           71    1,097,708,564
                                        15,465,729            1       15,465,729
                                        15,467,281           98    1,515,793,538
                                        15,497,443           92    1,425,764,756
                                        15,503,745            1       15,503,745
                                                            274    4,240,287,158 /274   15,475,501   (16,546,000)  (1.07)

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)

Quarter Ended September 30, 1998:       15,497,443           91    1,410,267,313
                                        15,503,745            1       15,503,745
                                                             92    1,425,771,058  /92   15,497,512    (6,059,000)   (0.39)

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