Exhibit 12.1
STATEMENT RE COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Our earnings are inadequate to cover fixed charges. The following table sets forth the ratio of earnings to fixed charges for each of the years ended December 31, 2016 and 2015, and for the six months ended June 30, 2017 and June 30, 2016. We have not included a ratio of earnings to combined fixed charges and preferred stock dividends because we have not paid any dividends on preferred stock and no preferred stock was outstanding for any of the periods presented. We have derived the deficiency of earnings to cover fixed charges from our historical financial statements. The following should be read in conjunction with our consolidated financial statements, including the notes thereto, and the other financial information included or incorporated by reference herein.
| Six
Months Ended June 30, |
Fiscal
Year Ended December 31, |
|||||||||||||||
| 2017 | 2016 | 2016 | 2015 | |||||||||||||
| (dollars in thousands) | ||||||||||||||||
| Net loss | $ | (14,391 | ) | $ | (14,320 | ) | $ | (33,179 | ) | $ | (20,018 | ) | ||||
| Add: Fixed charges | 180 | 171 | 350 | 318 | ||||||||||||
| Total adjusted net loss | $ | (14,211 | ) | $ | (14,149 | ) | $ | (32,829 | ) | $ | (19,700 | ) | ||||
| Fixed charges: | ||||||||||||||||
| Interest portion of rental expenses(1) | 180 | 171 | 350 | 318 | ||||||||||||
| Total fixed charges | 180 | 171 | 350 | 318 | ||||||||||||
| Deficiency of earnings available to cover fixed charges(2) | $ | (14,391 | ) | $ | (14,320 | ) | $ | (33,179 | ) | $ | (20,018 | ) | ||||
(1) Represents one-third of total rental expense, Which we believe is a reasonable estimate of the interest component of our rental expense.
(2) Because of the deficiency of earnings available to cover fixed charges, the ratio information is not applicable. We have not paid any dividends on preferred stock and no preferred stock was outstanding for any of the periods presented.