EXHIBIT 11.1

                           SONUS PHARMACEUTICALS, INC.

                   COMPUTATION OF NET INCOME (LOSS) PER SHARE




<TABLE>
<CAPTION>
                                                             Three Months Ended                       Nine Months Ended
                                                                September 30,                           September 30,
                                                        -----------------------------         -------------------------------
                                                           1996               1995                1996                1995
                                                        ----------        -----------         -----------         -----------
<S>                                                     <C>               <C>                 <C>                 <C>         
Net income (loss) ..............................        $2,801,745        $(1,947,175)        $  (925,037)        $(2,838,157)
                                                        ==========        ===========         ===========         ===========

Weighted average shares outstanding ............         8,490,201          1,952,864           8,467,100           1,963,843
Net effect of stock option exercised and stock
  options and warrants granted during the 12
  months prior to the Company's filing of its
  initial public offering, calculated using the 
  treasury stock method at the offering price 
  of $7 per share, and treated as outstanding 
  for all periods prior to the closing of the 
  initial public offering ......................                --             97,196                  --              97,730
                                                        
Net effect of common stock equivalents
  calculated using the treasury stock method ...           640,790                 --                  --                  --
                                                        ----------        -----------         -----------         -----------
Shares used in computation of net income
  (loss) per share .............................         9,130,992          2,050,060           8,467,100           2,061,573
                                                        ==========        ===========         ===========         ===========
Net income (loss) per share ....................        $     0.31        $     (0.95)        $     (0.11)        $     (1.38)
                                                        ==========        ===========         ===========         ===========
</TABLE>


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