Rigel Pharmaceuticals (RIGL) S-3 Shelf registration

Exhibit 12.1

STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

																Nine
																Months
																Ended
	Year Ended December 31,															September 30,
	2000			2001			2002			2003			2004			2005
	(in thousands)
Loss from Continuing Operations	$	(25,360	)	$	(23,805	)	$	(37,030	)	$	(41,197	)	$	(56,255	)	$	(36,363	)
Fixed charges	1,120			982			1,028			1,698			1,487			1,020
Earnings/(loss) (as defined)	(24,240		)	(22,823		)	(36,002		)	(39,499		)	(54,768		)	(35,343		)
Fixed charges:
Interest expense	$	933		$	802		$	870		$	576		$	324		$	194
Estimated interest within rent expense	187			180			158			1,122			1,163			826
Total fixed charges	1,120			982			1,028			1,698			1,487			1,020
Deficiency of earnings available to cover fixed charges	$	(25,360	)	$	(23,805	)	$	(37,030	)	$	(41,197	)	$	(56,255	)	$	(36,363	)
Ratio of earnings to fixed charges*	—			—			—			—			—			—

* Because of the deficiency of earnings available to cover fixed charges, the ratio information is not applicable.