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.