EX-12.1 4 dex121.htm STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Statement of Computation of Ratio of Earnings to Fixed Charges

Exhibit 12.1

CHELSEA THERAPEUTICS INTERNATIONAL, LTD

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(Amounts in thousands)

 

    

 

For the Years Ended December 31,

     Six Months
Ended
June 30,
2009 		 
     2004     2005     2006     2007     2008    

Earnings:

             

Loss before income taxes

    $ (3,017 )    $ (7,916 )    $ (8,671 )    $ (15,081 )    $ (35,086 )    $ (12,712 ) 

Plus: Fixed charges

      43        18        19        20        66        83   

Less: Capitalized interest

      —          —          —          —          —          —     
                                                

Earnings as adjusted

      (2,974 )      (7,898 )      (8,652 )      (15,061 )      (35,020 )      (12,629 ) 

Fixed charges:

             

Interest expense

      34        —          —          —          5        41   

Amortization of debt issuance costs

      —          —          —          —          —          —     

Interest portion of rental expense

      9        18        19        20        61        42   
                                                

Total fixed charges

    $ 43      $ 18      $ 19      $ 20      $ 66      $ 83   

Ratio of earnings to fixed charges (1)

      —          —          —          —            —     
                                                

Deficiency of earnings available to cover fixed charges (2)

    $ (3,017 )    $ (7,916 )    $ (8,671 )    $ (15,081 )    $ (35,086 )    $ (12,712 ) 

 

(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.

 

(2) For purposes of this calculation, “earnings” consist of income (loss) before income taxes and fixed charges. “Fixed charges” consist of interest, amortization of debt issuance costs, preferred stock dividends and the component of rental expense believed by management to be representative of the interest factor for those amounts.