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, | Six Months Ended June 30, | |||||||||||||||||||||||
| 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | |||||||||||||||||||
| EARNINGS | ||||||||||||||||||||||||
| Net (loss) | $ | (25,382 | ) | $ | (12,035 | ) | $ | (27,660 | ) | $ | (52,894 | ) | $ | (92,064 | ) | $ | (57,175 | ) | ||||||
| Plus: | ||||||||||||||||||||||||
| Fixed Charges (see below) | $ | 504 | $ | 21 | $ | 85 | $ | 190 | $ | 327 | $ | 158 | ||||||||||||
| Total (loss) to cover fixed charges | $ | (24,878 | ) | $ | (12,014 | ) | $ | (27,575 | ) | $ | (52,704 | ) | $ | (92,064 | ) | $ | (57,017 | ) | ||||||
| FIXED CHARGES | ||||||||||||||||||||||||
| Interest expense | $ | 446 | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||
| Amortization of debt discount | $ | - | $ | - | $ | - | $ | - | $ | $ | - | |||||||||||||
| Rental expenses representative of an interest factor (1) | $ | 58 | $ | 21 | $ | 85 | $ | 190 | $ | 327 | $ | 158 | ||||||||||||
| Total fixed charges | $ | 504 | $ | 21 | $ | 85 | $ | 190 | $ | 327 | $ | |||||||||||||
| Preferred dividends | $ | - | $ | - | $ | - | $ | - | $ | - | $ | |||||||||||||
| DEFICIENCY OF EARNINGS TO COVERED CHARGES | $ | (25,382 | ) | $ | (12,035 | ) | $ | (27,660 | ) | $ | (52,894 | ) | $ | (92,064 | ) | $ | (57,175 | ) | ||||||
| RATIO OF EARNINGS TO FIXED CHARGES | - | |||||||||||||||||||||||
| RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS | - | |||||||||||||||||||||||
(1) Represents the 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 estimation of the interest factor.
