COMPUTATION OF PRO FORMA NET INCOME (LOSS) /SHARE

EXHIBIT 11.2

SONUS PHARMACEUTICALS, INC.

COMPUTATION OF PRO FORMA NET INCOME (LOSS) PER SHARE



<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
June 30, 1995 June 30, 1995
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<S> <C> <C>
Net loss . . . . . . . . . . . . . . . . . . . . . . . . . $ (1,624,111) $ (890,983)

Add interest on deferred revenue . . . . . . . . . . . . . 35,963 128,502
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$ (1,588,148) $ (762,481)
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Weighted average shares outstanding . . . . . . . . . . . . 1,952,836 1,969,332

Weighted average common shares giving effect to the
conversion of preferred stock into common stock for
all periods subsequent to issuance . . . . . . . . . . . 2,325,219 2,325,219

Net effect of stock options exercised and stock options
and warrants granted during the 12 months prior to
the Company's filing of its initial public offering, at
less than offering price, calculated using the treasury
stock method at the offering price of $7 per share,
and treated as outstanding for all periods presented . . 97,196 192,712

Weighted average common shares giving effect to the
conversion of the convertible subordinated debenture
into common stock using the initial public offering
price of $7 per share . . . . . . . . . . . . . . . . . . 462,857 462,857

Weighted average common shares giving effect to the
conversion of $3.6 million of deferred revenue from
the time of receipt, plus accrued interest at the initial
public offering price of $7 per share . . . . . . . . . . 536,334 467,809
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Shares used in computation of pro forma net loss per
share . . . . . . . . . . . . . . . . . . . . . . . . . . 5,374,442 5,417,929
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Pro forma net loss per share . . . . . . . . . . . . . . . $ (0.30) $ (0.14)
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