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.
