Cell Genesys (CEGE) 10-Q 2004 Q4 Quarterly report

Exhibit 12.1

Computation of Ratio of Earnings to Fixed Charges and Ratio of Earnings to Combined
Fixed Charges and Preferred Stock Dividend Requirements
(in thousands, except for ratios)

Ratio of Earnings to Fixed Charges

	Nine months
	ended
	September 30,			Year Ended December 31,
	2004			2003			2002			2001			2000		1999
Income (loss) before income taxes and cumulative effect of accounting change	$	(67,242	)	$	(81,038	)	$	(45,235	)	$	(34,185	)	$	239,583	$	(11,994	)
Add: Fixed charges		11,168			10,743			6,576			4,450			1,386		1,674
Less: Capitalized interest		—			(832	)		(765	)		—			—		—
Earnings, as defined	$	(56,075	)	$	(71,127	)	$	(39,424	)	$	(29,735	)	$	240,969	$	(10,320	)
Interest expense	$	6,704		$	5,360		$	1,011		$	500		$	386	$	824
Capitalized interest		—			832			765			—			—		—
Estimated interest portion of rental expense		4,464			4,551			4,800			3,950			1,000		850
Fixed charges	$	11,168		$	10,743		$	6,576		$	4,450		$	1,386	$	1,674
Excess (deficiency) of earnings to fixed charges	$	(67,242	)	$	(81,870	)	$	(46,000	)	$	(34,185	)	$	239,583	$	(11,994	)
Ratio of earnings to fixed charges		N/A			N/A			N/A			N/A			173.9		N/A

Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividend Requirements

	Nine months
	ended
	September 30,			Year Ended December 31,
	2004			2003			2002			2001			2000		1999
Earnings, as defined (from above)	$	(56,075	)	$	(71,127	)	$	(39,424	)	$	(29,735	)	$	240,969	$	(10,320	)
Preferred stock dividend requirements		—			230			702			785			756		392
Earnings, as defined	$	(56,075	)	$	(70,897	)	$	(38,722	)	$	(28,950	)	$	241,725	$	(9,928	)
Fixed charges (from above)	$	11,168		$	10,743		$	6,576		$	4,450		$	1,386	$	1,674
Preferred stock dividend requirements		—			230			702			785			756		392
Combined fixed charges and preferred stock dividend requirements	$	11,168		$	10,973		$	7,278		$	5,235		$	2,142	$	2,066
Excess (deficiency) of earnings to combined fixed charges and preferred stock dividend requirements	$	(67,242	)	$	(81,870	)	$	(46,000	)	$	(34,185	)	$	239,583	$	(11,994	)
Ratio of earnings to combined fixed charges and preferred stock dividend requirements		N/A			N/A			N/A			N/A			100.2		N/A

     For the purpose of calculating the ratio of earnings to fixed charges, earnings are defined as consolidated income from continuing operations before income taxes plus fixed charges. Fixed charges are the sum of interest of all indebtedness and estimated interest within rental expense. We have no amortization of debt issuance costs or preference securities.