Exhibit 12.1
CytoDyn Inc.
Ratio of Earnings to Fixed Charges
(Dollars in Thousands)
| Six Months Ended November 30, 2017 |
Fiscal Year Ended May 31, | |||||||||||||||||||||||
| 2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
| Net Operating Loss: |
$ | (22,576 | ) | $ | (25,764 | ) | $ | (25,704 | ) | $ | (25,088 | ) | $ | (12,431 | ) | $ | (9,568 | ) | ||||||
| Add Fixed Charges: |
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| Amortization of debt discount |
1,173 | — | 1,792 | 2,669 | 3,807 | 1,704 | ||||||||||||||||||
| Amortization of debt issuance costs |
282 | — | 605 | 104 | 120 | — | ||||||||||||||||||
| Interest related to derivative liability |
— | 540 | 94 | — | — | — | ||||||||||||||||||
| Inducement interest |
826 | 72 | 2,062 | 1,526 | — | — | ||||||||||||||||||
| Interest on notes payable |
181 | — | 119 | 357 | 583 | 245 | ||||||||||||||||||
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| Total Fixed Charges |
2,462 | 612 | 4,672 | 4,656 | 4,510 | 1,949 | ||||||||||||||||||
| Total Earnings (Loss) |
$ | (20,114 | ) | $ | (25,152 | ) | $ | (21,032 | ) | $ | (20,432 | ) | $ | (7,921 | ) | $ | (7,619 | ) | ||||||
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| Total Fixed Charges |
$ | 2,462 | $ | 612 | $ | 4,672 | $ | 4,656 | $ | 4,510 | $ | 1,949 | ||||||||||||
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| Ratio of earnings to fixed charges |
* | * | * | * | * | * | ||||||||||||||||||
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| * | The dollar amount of the deficiency in earnings available for fixed charges for the years ended May 31, 2017, 2016, 2015, 2014 and 2013 and for the six months period ended November 30, 2017 was approximately $25.1, $21.0, $20.4, $7.9, $7.6 and $20.1 million, respectively. |