EXHIBIT 12.1

NPS PHARMACEUTICALS, INC.

COMPUTATION OF RATIO OF EARNINGS AVAILABLE

TO COVER FIXED CHARGES

(in thousands)

	Fiscal Year Ended December 31,
	1999			2000			2001			2002			2003
Earnings (Loss)
Pre-tax loss before adjustments for income from equity investees and cumulative effect on prior years of change in accounting principle	$	(35,654	)	$	(31,612	)	$	(51,329	)	$	(87,127	)	$	(172,925	)
Total fixed charges		302			463			399			381			4,134
Distributed income of equity investees		—			—			1,661			193			—
Total losses before fixed charges	$	(35,352	)	$	(31,149	)	$	(49,269	)	$	(86,553	)	$	(168,791	)
Fixed Charges
Interest expense	$	4		$	96		$	5			—		$	3,718
Assumed interest attributable to rentals		298			367			394			381			416
Total fixed charges	$	302		$	463		$	399		$	381		$	4,134
Deficiency of earnings available to cover fixed charges	$	(35,654	)	$	(31,612	)	$	(49,668	)	$	(86,934	)	$	(172,925	)
Ratio of earnings available to cover fixed charges		—			—			—			—			—

For the years ended December 31, 1999, 2000, 2001, 2002 and 2003, our earnings were insufficient to cover fixed charges for those periods by $35,654, $31,612, $49,668, $86,934 and $172,925, 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 consist of interest expense and estimated interest included in rental expense.