EXHIBIT 12.1
INTERCEPT PHARMACEUTICALS INC.
STATEMENT OF COMPUTATION OF RATIOS
| Years Ended December 31, | ||||||||||||||||
| 2010 | 2011 | 2012 | 2013 | |||||||||||||
| (in thousands) | ||||||||||||||||
| Earnings: | ||||||||||||||||
| Net Loss | $ | (15,088 | ) | $ | (12,737 | ) | $ | (43,644 | ) | $ | (67,792 | ) | ||||
| Add: Fixed charges | 125 | 110 | 109 | 208 | ||||||||||||
| Earnings as defined | $ | (14,963 | ) | $ | (12,627 | ) | $ | (43,535 | ) | $ | (67,584 | ) | ||||
| Fixed Charges & Preferred Stock Dividends: | ||||||||||||||||
| Interest expense | $ | 25 | $ | 13 | $ | 4 | $ | - | ||||||||
| Estimated interest component of rent expenses | 100 | 97 | 105 | 208 | ||||||||||||
| Total fixed charges | 125 | 110 | 109 | 208 | ||||||||||||
| Preferred stock dividends | (2,901 | ) | (3,000 | ) | 2,630 | - | ||||||||||
| Total fixed charges & preferred stock dividends | $ | (2,776 | ) | $ | (2,890 | ) | $ | 2,739 | $ | 208 | ||||||
| Ratio of earnings to fixed charges (1)(2) | - | - | - | - | ||||||||||||
| Ratio of earnings to combined fixed charges & preferred stock dividends (1)(3) | - | - | - | - | ||||||||||||
| (1) | Due to our losses for the years ended December 31, 2010, 2011, 2012 and 2013, the ratio coverage was less than 1:1. |
| (2) | We would have needed to generate additional earnings of $15.1 million, $12.7 million, $43.6 million and $67.8 million for the years ended December 31, 2010, 2011, 2012 and 2013, respectively, to cover our fixed charges in those periods. |
| (3) | We would have needed to generate additional earnings of $18.0 million, $15.7 million, $46.3 million and $67.8 million for the years ended December 31, 2010, 2011, 2012 and 2013, respectively, to cover our fixed charges and accrued preferred dividends in those periods. We did not have any preferred stock outstanding after the completion of our initial public offering in October 2012. |
