EXHIBIT 99.1
ATHEROGENICS, INC.
(Debtor-in-Possession)
BALANCE SHEET
February 28, 2009
(Unaudited)
Assets | |||
Current assets: | |||
Cash and cash equivalents | $ 47,785,469 | ||
Prepaid expenses | 328,945 | ||
Interest receivable and other current assets | 17,579 | ||
Total current assets | 48,131,993 | ||
Equipment and leasehold improvements, net of accumulated depreciation | |||
and amortization | 703,116 | ||
Total assets | $ 48,835,109 | ||
Liabilities and Shareholders' Deficit | |||
Current liabilities: | |||
Accounts payable | $ 50,894 | ||
Accrued compensation | 158,192 | ||
Accrued and other liabilities | 165,150 | ||
Total current liabilities not subject to compromise | 374,236 | ||
Prepetition liabilities | 306,680,232 | ||
Shareholders' deficit | |||
Common stock | 218,861,985 | ||
Warrants | 598,172 | ||
Accumulated deficit | (477,679,516 | ) | |
Total shareholders' deficit | (258,219,359 | ) | |
Total liabilities and shareholders' deficit | $ 48,835,109 | ||
ATHEROGENICS, INC.
(Debtor-in-Possession)
STATEMENT OF OPERATIONS
For the month ended February 28, 2009
(Unaudited)
Revenues | $ — | |
Operating expenses (1): | ||
Research and development | 687,182 | |
General and administrative | 424,514 | |
Total operating expenses | 1,111,696 | |
Operating loss | (1,111,696 | ) |
Interest and other income | — | |
Interest expense | — | |
Net loss before reorganization items | (1,111,696 | ) |
Reorganization items, net | (121,581 | ) |
Net loss | $ (1,233,277 | ) |
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 $195,171.