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                                                                    EXHIBIT 11.1

                         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                    PER    
                                 SHARES      OUTSTANDING    SHARES X  DAYS      OUTSTANDING     LOSS      SHARE   
<S>                             <C>         <C>            <C>                 <C>             <C>       <C>      
QUARTER ENDED MARCH 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            20,837,351                                        
                               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            21,357,121                                        
                               10,680,653          1            10,680,653                                        
                               10,680,903          3            32,042,709                                        
                               10,710,132          4            42,840,526                                        
                               10,718,504          6            64,311,024                                        
                               10,727,170          4            42,908,678                                        
                               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            43,107,962                                        
                               10,784,842          1            10,784,842                                        
                               10,812,921          1            10,812,921      
                               10,832,546          2            21,665,092      
                               10,847,725          2            21,695,449      
                                                  91           968,932,732  /91 10,647,612   (2,073,000)  (0.19) 
 
QUARTER ENDED MARCH 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           5           73,224,080               
                                                   90        1,315,794,340  /90 14,619,937   (3,093,000)  (0.21)
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