EXHIBIT 12.1

NPS PHARMACEUTICALS, INC

STATEMENT REGARDING COMPUTATION
OF RATIO OF EARNINGS TO FIXED CHARGES

(in thousands)

	Year Ended December 31,															Six Months Ended
	2000			2001			2002			2003			2004			June 30,2005
Earnings (Loss)
Pre-tax loss before adjustments for income
equity from investees and cumulative
effect on prior years of changes in
accounting principle	$	(31,612	)	$	(51,329	)	$	(87,127	)	$	(172,925	)	$	(166,618	)	$	(87,112	)
Total fixed charges		463			399			381			4,134			8,297			13,031
Distributed income of equity investees		--			1,661			193			--			--			--
Total losses before fixed charges	$	(31,149	)	$	(49,269	)	$	(86,553	)	$	(168,791	)	$	(158,321	)	$	(74,081	)
Fixed Charges
Interest expense	$	96		$	5			--		$	3,718		$	7,527		$	12,631
Assumed interest attributable to		367			394			381			416			770			400
Total fixed charges	$	463		$	399		$	381		$	4,134		$	8,297		$	13,031
Deficiency of earnings available to
cover fixed charges	$	(31,612	)	$	(49,668	)	$	(86,934	)	$	(172,925	)	$	(166,618	)	$	(87,112	)

For the years ended December 31, 2000, 2001, 2002, 2003 and 2004, and the six months ended June 30, 2005, our earnings were insufficient to cover fixed charges for those periods by $31,612, $49,668, $86,934, $172,925, $166,618 and $87,112, respectively. In calculating the ratio of earnings available to cover fixed charges, “earnings” consist of pre-tax income (loss) before adjustments for income from equity investees, plus fixed charges and distributed income from equity investees. Fixed charges consists of interest expense and estimated interest included in rental expense.