EX-12 7 toca-ex121_31.htm EX-12.1 toca-ex121_31.htm

EXHIBIT 12.1

Statement Regarding Computation of Ratios

(in thousands)

 

The following table sets forth our ratio of earnings to fixed charges and our ratio of earnings to combined fixed charges and preferred stock dividends for the years ended December 31, 2015, 2016 and 2017, and the three months ended March 31, 2018. As the ratios of earnings to fixed charges and earnings to combined fixed charges and preferred stock dividends 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 issuance costs, and an estimate of the interest portion of rent expense.

 

 

 

 

 

 

 

Three Months

 

Year Ended December 31,

 

Ended March 31,  

 

2015

 

2016

 

2017

 

2018

Earnings:

 

 

 

 

 

 

 

Net loss

$           (23,056)

 

$                 (33,478)

 

$                 (38,929)

 

$                 (12,880)

Add: Fixed charges

                  447

 

               2,182

 

                2,071

 

                      441

Earnings as defined

$           (22,609)

 

$                 (31,296)

 

$                 (36,858)

 

$                 (12,439)

Fixed Charges:

 

 

 

 

 

 

 

Interest expense

$                  245

 

$                     1,483

 

$                     1,342

 

$                        202

Amortization of debt issuance costs

                              94

 

                            569

 

                            590

 

                            147

Estimated interest within rental expense(1)

                     108

 

                            130

 

                            139

 

                              92

Total fixed charges

$                  447

 

$                     2,182

 

$                     2,071

 

$                        441

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges(2)

N/A

 

N/A

 

N/A

 

N/A

Ratio of earnings to combined fixed charges and preferred stock dividends(2)

N/A

 

N/A

 

N/A

 

N/A

Deficiency of earnings available to cover fixed charges

$           (23,056)

 

$                 (33,478)

 

$                 (38,929)

 

$                 (12,880)

Deficiency of earnings available to cover combined fixed charges and preferred stock dividends

$           (23,056)

 

$                 (33,478)

 

$                 (38,929)

 

$                 (12,880)

 

(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.