EXHIBIT 99.1
ATHEROGENICS, INC.
(Debtor-in-Possession)
BALANCE SHEET
December 31, 2008
(Unaudited)
Assets | |||
Current assets: | |||
Cash and cash equivalents | $ 49,966,104 | ||
Prepaid expenses | 544,178 | ||
Interest receivable and other current assets | 55,612 | ||
Total current assets | 50,565,894 | ||
Equipment and leasehold improvements, net of accumulated depreciation | |||
and amortization | 1,093,325 | ||
Total assets | $ 51,659,219 | ||
Liabilities and Shareholders' Deficit | |||
Current liabilities: | |||
Accounts payable | $ 339,013 | ||
Accrued compensation | 158,360 | ||
Accrued and other liabilities | 67,844 | ||
Total current liabilities not subject to compromise | 565,217 | ||
Prepetition liabilities | 306,606,249 | ||
Shareholders' deficit | |||
Common stock | 218,861,985 | ||
Warrants | 598,172 | ||
Accumulated deficit | (474,972,404 | ) | |
Total shareholders' deficit | (255,512,247 | ) | |
Total liabilities and shareholders' deficit | $ 51,659,219 | ||
ATHEROGENICS, INC.
(Debtor-in-Possession)
STATEMENT OF OPERATIONS
For the month ended December 31, 2008
(Unaudited)
Revenues | $ — | |
Operating expenses (1): | ||
Research and development | 683,110 | |
General and administrative | 838,619 | |
Restructuring and impairment costs | (249,000 | ) |
Total operating expenses | 1,272,729 | |
Operating loss | (1,272,729 | ) |
Interest and other income | — | |
Interest expense | — | |
Net loss before reorganization items | (1,272,729 | ) |
Reorganization items, net | (429,901 | ) |
Net loss | $ (1,702,630 | ) |
Net loss per share – | ||
basic and diluted | $ (0.04 | ) |
Weighted average shares | ||
outstanding – basic and diluted | 39,518,492 | |
(1) Operating expenses include non-cash depreciation expense and stock-based compensation expense of $195,219 and $155,513, respectively.