Exhibit 12.1
VENTRUS BIOSCIENCES, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
| For the Years Ended December 31, | Nine Months Ended | |||||||||||||||||||
| 2007 | 2008 | 2009 | 2010 | September 30, 2011 | ||||||||||||||||
| Expenses: | ||||||||||||||||||||
| Research & development | $ | 3,479,179 | $ | 5,978,723 | $ | 2,942,992 | $ | 1,850,667 | $ | 7,737,523 | ||||||||||
| General & administrative | 1,022,263 | 1,185,587 | 397,238 | 2,925,590 | 7,376,738 | |||||||||||||||
| Loss from operations | 4,501,442 | 7,164,310 | 3,340,230 | 4,766,257 | 15,114,261 | |||||||||||||||
| Interest income | 758 | 13,091 | 140 | 5,730 | 47,880 | |||||||||||||||
| Earnings as adjusted | 4,500,684 | 7,151,219 | 3,340,090 | 4,760,527 | 15,066,381 | |||||||||||||||
| Fixed charges: | ||||||||||||||||||||
| Interest expense | 67,210 | 1,635,211 | 1,120,811 | 2,043,676 | 116,664 | |||||||||||||||
| Amortization of deferred financing cost | — | — | 78,504 | 2,484,927 | 302,327 | |||||||||||||||
| Beneficial conversion feature | — | — | — | 6,001,496 | — | |||||||||||||||
| Total fixed charges | $ | 67,210 | $ | 1,635,211 | $ | 1,199,315 | $ | 10,530,099 | $ | 418,991 | ||||||||||
| Ratio of earnings to fixed charges (1) | — | — | — | — | — | |||||||||||||||
| Deficiency of earnings available to cover fixed charges (2) | $ | (67,210 | ) | $ | (1,635,211 | ) | $ | (1,199,315 | ) | $ | (10,530,099 | ) | $ | (418,991 | ) | |||||
(1) Because we had no earnings in each period, it is not possible to calculate the ratio of combined fixed charges and preference dividends to earnings. We did not conduct any operations in 2006.
(2) For purposes of this calculation, "earnings" consist of income (loss) before income taxes and fixed charges. "Fixed charges" consist of interest expenses, amortization of deferred financing costs and beneficial conversion feature.
