Exhibit 12.1
STATEMENT REGARDING COMPUTATION OF RATIOS
(in thousands)
Year Ended December 31, | Three Months Ended March 31, | |||||||||||||||||||||||
2012 | 2013 | 2014 | 2015 | 2016 | 2017 | |||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Computation of Earnings: | ||||||||||||||||||||||||
Pretax loss | $ | (14,982 | ) | $ | (18,187 | ) | $ | (27,314 | ) | $ | (46,315 | ) | $ | (71,894 | ) | $ | (23,879 | ) | ||||||
Adjustments to earnings: | ||||||||||||||||||||||||
Fixed charges (as computed below) | 37 | 534 | 491 | 800 | 2,090 | 695 | ||||||||||||||||||
Interest capitalized | — | — | — | (117 | ) | (143 | ) | — | ||||||||||||||||
Amortization of capitalized interest | — | — | — | — | 127 | — | ||||||||||||||||||
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Earnings as adjusted | (14,945 | ) | (17,653 | ) | (26,823 | ) | (45,632 | ) | (69,820 | ) | (23,184 | ) | ||||||||||||
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Computation of Fixed Charges: | ||||||||||||||||||||||||
Interest expenses, including amortization of debt discount and deferred financing costs | — | 466 | 418 | 571 | 1,747 | 632 | ||||||||||||||||||
Capitalized interest | — | — | — | 117 | 143 | — | ||||||||||||||||||
Estimated interest component of rent expense(a) | 37 | 68 | 73 | 112 | 200 | 63 | ||||||||||||||||||
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Total fixed charges | 37 | 534 | 491 | 800 | 2,090 | 695 | ||||||||||||||||||
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Deficiency of earnings available to cover | (14,982 | )(b) | (18,187 | )(b) | (27,314 | )(b) | (46,432 | )(b) | (71,910 | )(b) | (23,879 | )(b) | ||||||||||||
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(a) | Fixed charges consist of 30% of rental expense associated with our facility lease which is considered to be a reasonable estimate of the interest factor. |
(b) | Earnings were inadequate to cover combined fixed charges for the periods presented. |