Exhibit 12.1

Conatus Pharmaceuticals Inc.

Computation of Ratio of Earnings to Fixed Charges

 

     Year Ended December 31,                 Six Months
Ended

June 30,
 
     2012     2013     2014     2015     2016     2017  

Computation of earnings:

            

Net income (loss) before provision for income taxes

   $ (8,749,239   $ (15,616,492   $ (22,319,891   $ (24,148,626   $ (29,733,441   $ (9,039,632

Fixed charges, as calculated below

     76,452       469,566       79,072       79,662       77,453       288,112  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total earnings

   $ (8,672,787   $ (15,146,926   $ (22,240,819   $ (24,068,964   $ (29,655,988   $ (8,751,520
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Computation of fixed charges:

            

Interest expense, including amortization of debt issuance cost

   $ 70,000     $ 462,570     $ 70,000     $ 70,000     $ 70,000     $ 284,313  

Estimated interest expense portion of rental expense

     6,452       6,996       9,072       9,662       7,453       3,799  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total fixed charges

   $ 76,452     $ 469,566     $ 79,072     $ 79,662     $ 77,453     $ 288,112  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ratio of earnings to fixed charges(1)

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(1) Our earnings were inadequate to cover fixed charges for the years ended December 31, 2012, 2013, 2014, 2015 and 2016 by $8.7 million, $15.6 million, $22.3 million, $24.1 million and $29.7 million, respectively, and by $9.0 million for the six months ended June 30, 2017.

For the periods indicated above, we had no outstanding shares of preferred stock with required dividend payments. Therefore, the ratios of earnings to combined fixed charges and preferred stock dividends are identical to the ratios presented in the tables above.