EXHIBIT 99.1
ATHEROGENICS, INC.
(Debtor-in-Possession)
BALANCE SHEET
April 30, 2009
(Unaudited)
Assets | ||||||
Current assets: | ||||||
Cash and cash equivalents | $ 46,747,668 | |||||
Prepaid expenses | 160,700 | |||||
Interest receivable and other current assets | 13,947 | |||||
Total current assets | 46,922,315 | |||||
Equipment and leasehold improvements, net of accumulated depreciation | ||||||
and amortization | — | |||||
Total assets | $ 46,922,315 | |||||
Liabilities and Shareholders' Deficit | ||||||
Current liabilities: | ||||||
Accounts payable | $ 1,763 | |||||
Accrued professional fees | 278,686 | |||||
Accrued and other liabilities | 12,163 | |||||
Total current liabilities not subject to compromise | 292,612 | |||||
Prepetition liabilities | 306,890,836 | |||||
Shareholders' deficit | ||||||
Common stock | 219,855,598 | |||||
Warrants | 598,173 | |||||
Accumulated deficit | (480,714,904 | ) | ||||
Total shareholders' deficit | (260,261,133 | ) | ||||
Total liabilities and shareholders' deficit | $ 46,922,315 | |||||
ATHEROGENICS, INC.
(Debtor-in-Possession)
STATEMENT OF OPERATIONS
For the month ended April 30, 2009
(Unaudited)
Revenues | $ — | |
Operating expenses: | ||
Research and development | 164,493 | |
General and administrative | 1,276,867 | |
Total operating expenses | 1,441,360 | |
Operating loss | (1,441,360 | ) |
Other income, net | 1,328,065 | |
Net loss before reorganization items | (113,295 | ) |
Reorganization items, net | (378,557 | ) |
Net loss | $ (491,852 | ) |
Net loss per share – | ||
basic and diluted | $ (0.01 | ) |
Weighted average shares | ||
outstanding – basic and diluted | 39,518,492 | |