EXHIBIT 12.1
Curis, Inc.
Calculation of Consolidated Ratio of Earnings to Fixed Charges and Preferred Stock Dividends
(Amounts in Thousands)
| Three Months Ended March 31, 2018 | Year Ended December 31, | |||||||||||||||||||||||
| 2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
Net loss before income taxes | $ | (10,747 | ) | $ | (53,317 | ) | $ | (60,411 | ) | $ | (58,981 | ) | $ | (18,729 | ) | $ | (12,322 | ) | ||||||
Add back fixed charges: | ||||||||||||||||||||||||
Interest portion of rental expense | 80 | 237 | 203 | 203 | 203 | 203 | ||||||||||||||||||
Interest expense | 1,025 | 3,966 | 2,777 | 3,325 | 3,748 | 3,842 | ||||||||||||||||||
Amortized premiums related to indebtedness | 9 | 144 | 48 | 56 | 89 | 105 | ||||||||||||||||||
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Total adjusted earnings | $ | (9,633 | ) | $ | (48,970 | ) | $ | (57,383 | ) | $ | (55,397 | ) | $ | (14,689 | ) | $ | (8,172 | ) | ||||||
Fixed Charges: | ||||||||||||||||||||||||
Interest portion of rental expense | $ | 80 | $ | 237 | $ | 203 | $ | 203 | $ | 203 | $ | 203 | ||||||||||||
Interest expense | 1,025 | 3,966 | 2,777 | 3,325 | 3,748 | 3,842 | ||||||||||||||||||
Amortized premiums related to indebtedness | 9 | 144 | 48 | 56 | 89 | 105 | ||||||||||||||||||
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Total Fixed Charges | $ | 1,114 | $ | 4,347 | $ | 3,028 | $ | 3,584 | $ | 4,040 | $ | 4,150 | ||||||||||||
Ratio of earnings to fixed charges (1) | N/A | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||
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Coverage deficiency (2) | $ | (10,747 | ) | $ | (53,317 | ) | $ | (60,411 | ) | $ | (58,981 | ) | $ | (18,729 | ) | $ | (12,322 | ) | ||||||
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| (1) | - | Because we had no earnings in each period, it is not possible to calculate the ratio of fixed charges and preference dividends to earnings. | ||
| (2) | - | For purposes of this calculations, “earnings” consist of loss before income taxes and fixed charges. “Fixed charges” consist of interest, amortization of premiums related to indebtedness, and the component of rental expense believed by management to be representative of the interest factor for those amounts. |
