Exhibit 12.1
Nivalis Therapeutics, Inc.
Computation of Deficiency of Earnings to Fixed Charges
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| Three Months |
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| Ended March 31, |
| Year Ended December 31, |
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| 2016 |
| 2015 |
| 2014 |
| 2013 |
| 2012 |
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| (in thousands) |
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Earnings (loss): |
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Net loss |
| $ | (7,838 | ) | (22,818 | ) | (15,036 | ) | (16,198 | ) | (9,573 | ) | ||||
Fixed charges (from below) |
| 10 |
| 35 |
| 874 |
| 964 |
| 730 |
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Total loss |
| $ | (7,828 | ) | $ | (22,783 | ) | $ | (14,162 | ) | $ | (15,234 | ) | $ | (8,843 | ) |
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Fixed charges: |
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Interest expense |
| $ | — |
| $ | — |
| $ | 568 |
| $ | 766 |
| $ | 527 |
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Amortization of debt discount and issuance costs |
| — |
| — |
| 277 |
| 165 |
| 167 |
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Interest portion of rent expense |
| 10 |
| 35 |
| 29 |
| 33 |
| 36 |
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Total fixed charges |
| $ | 10 |
| $ | 35 |
| $ | 874 |
| $ | 964 |
| $ | 730 |
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Coverage deficiency |
| $ | 7,838 |
| $ | 22,818 |
| $ | 15,036 |
| $ | 16,198 |
| $ | 9,573 |
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