Exhibit 12.1
GTx, Inc.
Computation of Ratio (Deficiency) of Earnings Available to Cover Fixed Charges
Computation of Ratio (Deficiency) of Earnings Available to Cover Fixed Charges
Three Months Ended | Year Ended December 31, | |||||||||||||||||||||||
March 31, 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||||||||||
Income (loss): | ||||||||||||||||||||||||
Pretax income (loss) from continuing operations(1) | $ | 44,339 | $ | (46,494 | ) | $ | (51,780 | ) | $ | (40,359 | ) | $ | (35,510 | ) | $ | (36,839 | ) | |||||||
Fixed charges (from below) | 32 | 104 | 89 | 35 | 32 | 32 | ||||||||||||||||||
Total income (loss) | 44,371 | (46,390 | ) | (51,691 | ) | (40,324 | ) | (35,478 | ) | (36,807 | ) | |||||||||||||
Fixed charges: | ||||||||||||||||||||||||
Interest expense | 4 | — | — | — | — | — | ||||||||||||||||||
Estimated interest portion of rent expenses | 28 | 104 | 89 | 35 | 32 | 32 | ||||||||||||||||||
Total fixed charges | 32 | 104 | 89 | 35 | 32 | 32 | ||||||||||||||||||
Coverage deficiency | $ | — | $ | (46,494 | ) | $ | (51,780 | ) | $ | (40,359 | ) | $ | (35,510 | ) | $ | (36,839 | ) | |||||||
Ratio of earnings to fixed charges | 1,386.6 | — | — | — | — | — | ||||||||||||||||||
(1) | Pretax income from continuing operations for the three months ended March 31, 2010 includes the recognition as collaboration revenue of all of the remaining $49.9 million of unamortized revenue that was deferred as of December 31, 2009 related to the Company’s global exclusive license and collaboration agreement (the “Collaboration Agreement”) with Merck & Co., Inc. (“Merck”), as well as the final payment of $5.0 million of research and development cost reimbursement that will be received under the Collaboration Agreement from Merck in late 2010, the accelerated recognition of which resulted from the termination of the Collaboration Agreement in March 2010. |