Exhibit 12.1
Statement of Computation of Ratio of Earnings to Fixed Charges and Ratio of Combined Fixed Charges and Preferred Stock Dividends
(in thousands, except ratios)
| Year Ended December 31, | Nine Months Ended September 30 | |||||||||||||||||||||||
| 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | |||||||||||||||||||
| EARNINGS | ||||||||||||||||||||||||
| Pretax income (loss) | $ | (25,694 | ) | $ | (3,308 | ) | $ | (25,382 | ) | $ | (12,035 | ) | $ | (27,660 | ) | $ | (37,206 | ) | ||||||
| Plus: | ||||||||||||||||||||||||
| Fixed Charges (see below) | $ | 5,180 | $ | 2,380 | $ | 504 | $ | 21 | $ | 85 | $ | 117 | ||||||||||||
| Total earnings (loss) to cover fixed charges | $ | (20,514 | ) | $ | (928 | ) | $ | (24,878 | ) | $ | (12,014 | ) | $ | (27,575 | ) | $ | (37,089 | ) | ||||||
| FIXED CHARGES | ||||||||||||||||||||||||
| Interest expense | $ | 160 | $ | 1,876 | $ | 446 | $ | - | $ | - | $ | - | ||||||||||||
| Amortization of debt discount | $ | 5,000 | $ | 498 | $ | - | $ | - | $ | - | $ | - | ||||||||||||
| Rental expenses representative of an interest factor (1) | $ | 20 | $ | 6 | $ | 58 | $ | 21 | $ | 85 | $ | 117 | ||||||||||||
| Total fixed charges | $ | 5,180 | $ | 2,380 | $ | 504 | $ | 21 | $ | 85 | $ | 117 | ||||||||||||
| Preferred dividends | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||
| DEFICIENCY OF EARNINGS TO COVERED CHARGES | $ | (25,694 | ) | $ | (3,308 | ) | $ | (25,382 | ) | $ | (12,035 | ) | $ | (27,660 | ) | $ | (37,206 | ) | ||||||
| RATIO OF EARNINGS TO FIXED CHARGES | - | - | - | - | - | - | ||||||||||||||||||
| RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS | - | - | - | - | - | - | ||||||||||||||||||
______________________________
(1) Represents estimated interest factor associated with certain facility lease expenses (at an assumed rate of 33% of total rent expense, which management believes is a reasonable approximation of the interest factor).
