Molecular Templates (MTEM) 10-K 2014 FY Annual report

Exhibit 12.1

Computation of Ratio of Earnings to Fixed Charges and Ratio of Earnings to Combined Fixed Charges and

Preferred Stock Dividends

	Year Ended December 31,
	2010			2011			2012			2013			2014
Earnings:
Loss before income taxes	$	(18,682	)	$	(25,653	)	$	(71,135	)	$	(28,213	)	$	(21,786	)
Add Fixed Charges (from below)		374			329			225			187			250
Total earnings (loss) to cover fixed charges		(18,308	)		(25,324	)		(70,910	)		(28,026	)		(21,536	)
Fixed Charges:
Interest expense		—			—			—			—			—
Interest component of rent expense(1)		374			329			225			187			250
Total fixed charges		374			329			225			187			250
Ratio of earnings to fixed charges(2)		N/A	(3)		N/A	(3)		N/A	(3)		N/A	(3)		N/A	(3)

(1) Represents the estimated portion of rental expense from operating leases that is considered by us to be representative of interest.

(2) We have not had any preferred stock outstanding during the periods presented; therefore, the ratio of earnings to (and the deficiency of earnings available to cover) combined fixed charges and preferred stock dividends is the same as our ratio of earnings to (and the deficiency of earnings available to cover) fixed charges alone.

(3) Earnings were insufficient to cover fixed charges for each of the periods presented. The amount of the coverage deficiency was $18.7 million, $25.7 million, $71.1 million, $28.2 million and $21.8 million for the years ended December 31, 2010, 2011, 2012, 2013 and 2014, respectively.