Exhibit 99.1

 

CAPRICOR THERAPEUTICS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

 

   September 30, 2014   Pro-Forma
Adjustments		   Pro-Forma
September 30, 2014		 
ASSETS            
CURRENT ASSETS               
Cash and cash equivalents  $9,805,435   $17,052,029(1)  $26,857,464 
Marketable securities   325,318         325,318 
Restricted cash   3,699,660         3,699,660 
Grant receivable   259,800         259,800 
Interest receivable   823         823 
Prepaid expenses and other current assets   105,100         105,100 
                
TOTAL CURRENT ASSETS   14,196,136    17,052,029(1)   31,248,165 
                
PROPERTY AND EQUIPMENT, at cost               
Furniture and equipment   38,850         38,850 
Laboratory equipment   262,451         262,451 
Leasehold improvements   23,744         23,744 
    325,045         325,045 
Less accumulated depreciation   (100,499)        (100,499)
                
NET PROPERTY AND EQUIPMENT   224,546         224,546 
                
OTHER ASSETS               
Patents, net of accumulated amortization of $35,722 at September 30, 2014   288,474         288,474 
Loan fees, net of accumulated amortization of $11,757 at September 30, 2014   18,243         18,243 
In-process research and development, net of accumulated amortization of $0 at September 30, 2014   1,500,000         1,500,000 
Deposits   55,320         55,320 
                
TOTAL ASSETS  $16,282,719   $17,052,029(1)  $33,334,748 
                
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)               
                
CURRENT LIABILITIES               
Accounts payable and accrued expenses  $1,613,066        $1,613,066 
Accounts payable and accrued expenses, related party   300,855         300,855 
Sub-award payable, related party   -         - 
Accrued royalties   111,651         111,651 
Deferred income, current   4,166,667         4,166,667 
                
TOTAL CURRENT LIABILITIES   6,192,239         6,192,239 
                
LONG-TERM LIABILITIES                
Deferred income, net of current portion   5,208,332         5,208,332 
Loan payable    9,155,857         9,155,857 
Accrued interest    198,256         198,256 
                
TOTAL LONG-TERM LIABILITIES    14,562,445         14,562,445 
                
TOTAL LIABILITIES    20,754,684         20,754,684 
                
STOCKHOLDERS' EQUITY (DEFICIT)               
Preferred stock, $0.001 par value, 5,000,000 shares authorized,  none issued and outstanding   -         - 
Common stock, $0.001 par value, 50,000,000 shares authorized, 11,703,774 shares issued and outstanding at September 30, 2014, 16,201,641 shares issued and outstanding Pro-Forma September 30, 2014   11,704    4,498(1)   16,202 
Additional paid-in capital   15,905,010    17,047,531(1)   32,952,541 
Subscription receivable   -    -    - 
Accumulated other comprehensive loss   (1,607)        (1,607)
Deficit accumulated during the development stage   (20,387,072)        (20,387,072)
                
TOTAL STOCKHOLDERS' EQUITY (DEFICIT)   (4,471,965)   17,052,029(1)   12,580,064 
                
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)  $16,282,719   $ 17,052,029(1)  $33,334,748 

 

(1) To reflect the approximate $17,052,029 of cash received from investors in connection with the private placements.