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:
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
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	)
Total Fixed Charges	$	2,462		$	612		$	4,672		$	4,656		$	4,510		$	1,949
Ratio of earnings to fixed charges		*			*			*			*			*			*

* 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.