Viking Therapeutics (VKTX) 10-Q 2018 Q2 Quarterly report

Exhibit 12.1

Viking Therapeutics, Inc.

Statement Regarding the Computation of Ratio of Earnings to Fixed Charges

The following table sets forth our ratio of earnings to fixed charges for the years ended December 31, 2013, 2014, 2015, 2016, and 2017, and the six months ended June 30, 2018. As the ratios of earnings to fixed charges indicate less than one-to-one coverage for each of the periods presented, we have provided the coverage deficiency amounts for these periods. Earnings consist of (i) loss from continuing operations before income taxes, and (ii) fixed charges. Fixed charges consist of interest expense, amortization of debt issue costs and an estimate of the interest portion of rent expense.

(In thousands)	Year Ended December 31,
	2013			2014			2015			2016			2017			Six Months Ended June 30, 2018
Earnings:
Net Loss	$	(146	)	$	(21,884	)	$	(23,404	)	$	(14,732	)	$	(20,578	)	$	(10,223	)
Add: Fixed charges		27			691			1,072			1,978			1,463			484
Earnings as defined	$	(119	)	$	(21,193	)	$	(22,332	)	$	(12,754	)	$	(19,115	)	$	(9,739	)
Fixed Charges:
Amortization of debt discount		18			558			894			1,788			1,283			404
Interest expense		6			71			131			106			97			38
Estimated interest within rental expense (1)		2			62			47			84			83			42
Total fixed charges	$	27		$	691		$	1,072		$	1,978		$	1,463		$	484
Ratio of Earnings to Fixed Charges (2)		-			-			-			-			-			-
Deficiency of earnings to cover fixed charges	$	(146	)	$	(21,884	)	$	(23,404	)	$	(14,732	)	$	(20,578	)	$	(10,223	)

(1) Represents the estimated portion of operating lease rental expense that is considered by us to be representative of interest (one-third of rental expense).

(2) We did not record earnings for the periods indicated in the table above. Accordingly, our earnings were insufficient to cover fixed charges for such periods and we are unable to disclose a ratio of earnings to fixed charges for such periods.