EXHIBIT 99.1
ATHEROGENICS, INC.
(Debtor-in-Possession)
BALANCE SHEET
January 31, 2009
(Unaudited)
| | | | |
| Assets | | |
| Current assets: | | |
| Cash and cash equivalents | $ 48,997,416 | |
| Prepaid expenses | 492,510 | |
| Interest receivable and other current assets | 28,958 | |
| Total current assets | 49,518,884 | |
| | | |
| Equipment and leasehold improvements, net of accumulated depreciation | | |
| and amortization | 898,288 | |
| Total assets | $ 50,417,172 | |
| | | | |
| | | | |
| Liabilities and Shareholders' Deficit | | |
| Current liabilities: | | |
| Accounts payable | $ 360,727 | |
| Accrued compensation | 159,649 | |
| Accrued and other liabilities | 157,042 | |
| Total current liabilities not subject to compromise | 677,418 | |
| | | |
| Prepetition liabilities | 306,689,386 | |
| | | |
| Shareholders' deficit | | |
| Common stock | 218,861,985 | |
| Warrants | 598,172 | |
| Accumulated deficit | (476,409,789 | ) |
| Total shareholders' deficit | (256,949,632 | ) |
| Total liabilities and shareholders' deficit | $ 50,417,172 | |
| | | | |
ATHEROGENICS, INC.
(Debtor-in-Possession)
STATEMENT OF OPERATIONS
For the month ended January 31, 2009
(Unaudited)
| | | |
| Revenues | $ — | |
| | | |
Operating expenses (1): | | |
| Research and development | 644,918 | |
| General and administrative | 411,195 | |
| Total operating expenses | 1,056,113 | |
| | | |
| Operating loss | (1,056,113 | ) |
| Interest and other income | — | |
| Interest expense | — | |
| Net loss before reorganization items | (1,056,113 | ) |
| | | |
| Reorganization items, net | (202,342 | ) |
| | | |
| Net loss | $ (1,258,455 | ) |
| | | |
| Net loss per share – | | |
| basic and diluted | $ (0.03 | ) |
| | | |
| Weighted average shares | | |
| outstanding – basic and diluted | 39,518,492 | |
| | | |
(1) Operating expenses include non-cash depreciation expense of $195,038.
