EX-12.1 3 f57170exv12w1.htm EX-12.1

exv12w1

Exhibit 12.1

StemCells, Inc
Ratio of earnings to fixed charges
September 30, 2010

																						Nine Months Ended
		2005				2006				2007				2008				2009				9/30/2010
Earnings:
Income (loss) from from continuing operations before income taxes		$	(11,738	)		$	(18,948	)		$	(25,023	)		$	(29,087	)		$	(27,026	)		$	(16,287	)
Add (deduct):
Fixed charges			994				990				1,042				1,110				1,065				912
Adjusted earnings			(12,732	)			(19,938	)			(26,065	)			(30,197	)			(28,091	)			(17,198	)
Fixed Charges:
Interest expense			172				143				124				110				111				73
Estimate of the interest within rental expense			822				847				918				1,000				954				839
Total fixed charges			994				990				1,042				1,110				1,065				912
Excess (deficiency) of earnings available to fixed charges		$	(13,726	)		$	(20,927	)		$	(27,107	)		$	(31,307	)		$	(29,156	)		$	(18,110	)
Ratio of earnings to fixed charges*			N/A				N/A				N/A				N/A				N/A				N/A

* Our earnings were insufficient to cover fixed charges in each of the years in the five-year period ended December 31, 2009 and for the nine-month period ended September30, 2010 and accordingly ratios are not presented.

StemCells, Inc.
Estimate of Interest within Rental Expense
September 30, 2010

		Year ended December 31,																				Nine Months Ended
		2005				2006				2007				2008				2009				9/30/2010
Rent Expense, net		$	2,021,122			$	2,351,311			$	2,471,033			$	2,268,365			$	2,444,993			$	2,417,393
Adj. Rent Expense, net		$	2,021,122			$	2,351,311			$	2,471,033			$	2,268,365			$	2,444,993			$	2,417,393
Interest Portion (1)		$	821,780			$	846,594			$	918,240			$	1,000,043			$	953,868			$	838,966

(1) The interest portion of rental expense represents an interest factor derived from our Rhode Island bond obligations (as calculated below), which is deemed representative of the interest portion of rental expense

						Avg. Loan				Principal				Interest				Total				Interest
Interest Factor — Bonds		Loan Balance				Balance				Amount Paid				Expense				Payment				Factor				check
2004			1,849,583
2005			1,605,417				1,727,500				244,167				167,301				411,468				40.7	%			—
2006			1,351,250				1,478,333				254,167				143,001				397,168				36.0	%			—
2007			1,145,416				1,248,333				205,833				121,719				327,552				37.2	%			—
2008			1,009,166				1,077,291				136,250				107,430				243,680				44.1	%			0
2009			860,000				934,583				149,166				95,421				244,587				39.0	%			—
2010			741,250				800,625				118,750				63,118				181,868				34.7	%			—
											1,108,333				697,990				1,806,323				38.6	%