EX-12 8 cdtx-ex121_81.htm EX-12.1 cdtx-ex121_81.htm

Exhibit 12.1

 

Statement Regarding Computation of Ratios

(in thousands, except ratios)

The following table sets forth our ratio of earnings to fixed charges for the period from December 6, 2012 (inception) through December 31, 2012, the years ended December 31, 2013, 2014, and 2015, and the three months ended March 31, 2016. 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, fair value adjustment on convertible notes payable and an estimate of the interest portion of rent expense.

 

Period from December 6, 2012 (inception) to December 31,

 

 

Year ended December 31,

 

 

Three months ended March 31,

 

 

2012

 

 

2013

 

 

2014

 

 

2015

 

 

2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Loss

$

(66

)

 

$

(1,344

)

 

$

(11,894

)

 

$

(32,193

)

 

$

(9,789

)

Add: Fixed charges

 

-

 

 

 

262

 

 

 

333

 

 

 

216

 

 

 

60

 

Earnings as defined

$

(66

)

 

$

(1,082

)

 

$

(11,561

)

 

$

(31,977

)

 

$

(9,729

)

Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

$

-

 

 

$

66

 

 

$

66

 

 

$

-

 

 

$

-

 

Amortization of debt issue costs

 

-

 

 

 

29

 

 

 

23

 

 

 

22

 

 

 

-

 

Fair value adjustment on convertible notes payable

 

-

 

 

 

167

 

 

 

183

 

 

 

-

 

 

 

-

 

Estimated interest within rental expense (1)

 

-

 

 

 

-

 

 

 

61

 

 

 

194

 

 

 

60

 

Total fixed charges

$

-

 

 

$

262

 

 

$

333

 

 

$

216

 

 

$

60

 

Ratio of earnings to fixed charges (2)

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Deficiency of earnings to cover fixed charges

$

(66

)

 

$

(1,344

)

 

$

(11,894

)

 

$

(32,193

)

 

$

(9,789

)

 

 

 

 

(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.