EXHIBIT 99.1
ATHEROGENICS, INC.
(Debtor-in-Possession)
BALANCE SHEET
March 31, 2009
(Unaudited)
Assets | ||||||
Current assets: | ||||||
Cash and cash equivalents | $ 46,299,529 | |||||
Prepaid expenses | 486,703 | |||||
Interest receivable and other current assets | 17,382 | |||||
Total current assets | 46,803,614 | |||||
Equipment and leasehold improvements, net of accumulated depreciation | ||||||
and amortization | 671,934 | |||||
Total assets | $ 47,475,548 | |||||
Liabilities and Shareholders' Deficit | ||||||
Current liabilities: | ||||||
Accounts payable | $ 427,092 | |||||
Accrued compensation | 164,495 | |||||
Accrued and other liabilities | 155,286 | |||||
Total current liabilities not subject to compromise | 746,873 | |||||
Prepetition liabilities | 306,838,039 | |||||
Shareholders' deficit | ||||||
Common stock | 219,030,854 | |||||
Warrants | 598,172 | |||||
Accumulated deficit | (479,738,390 | ) | ||||
Total shareholders' deficit | (260,109,364 | ) | ||||
Total liabilities and shareholders' deficit | $ 47,475,548 | |||||
ATHEROGENICS, INC.
(Debtor-in-Possession)
STATEMENT OF OPERATIONS
For the month ended March 31, 2009
(Unaudited)
Revenues | $ — | |
Operating expenses: | ||
Research and development | 588,237 | |
General and administrative | 915,729 | |
Total operating expenses | 1,503,966 | |
Operating loss | (1,503,966 | ) |
Interest and other income | — | |
Interest expense | — | |
Net loss before reorganization items | (1,503,966 | ) |
Reorganization items, net | (212,573 | ) |
Net loss | $ (1,716,539 | ) |
Net loss per share – | ||
basic and diluted | $ (0.04 | ) |
Weighted average shares | ||
outstanding – basic and diluted | 39,518,492 | |