Exhibit 99.1

 

CAPRICOR THERAPEUTICS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)

 

ASSETS
   September 30, 2017   Pro-Forma
Adjustments (1)		   Pro-Forma
September 30, 2017		 
CURRENT ASSETS               
Cash and cash equivalents  $8,897,087        $8,897,087 
Marketable securities   4,997,850         4,997,850 
Restricted cash   610,175         610,175 
Grant receivable   537,030         537,030 
Prepaid expenses and other current assets   190,278         190,278 
                
TOTAL CURRENT ASSETS   15,232,420         15,232,420 
                
PROPERTY AND EQUIPMENT, net   394,031         394,031 
                
OTHER ASSETS               
Intangible assets, net of accumulated amortization of $183,990 at September 30, 2017   105,692         105,692 
Other assets   61,396         61,396 
                
TOTAL ASSETS  $15,793,539        $15,793,539 
                
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
                
CURRENT LIABILITIES               
Accounts payable and accrued expenses  $1,264,325        $1,264,325 
Accounts payable and accrued expenses, related party   99,903         99,903 
Loan payable, current   14,155,857    (14,155,857)   - 
Accrued interest, current   1,167,969    (1,167,969)   - 
                
TOTAL CURRENT LIABILITIES   16,688,054    (15,323,826)   1,364,228 
                
LONG-TERM LIABILITIES               
CIRM liability   3,376,259         3,376,259 
                
TOTAL LONG-TERM LIABILITIES   3,376,259         3,376,259 
                
TOTAL LIABILITIES   20,064,313         4,740,487 
                
COMMITMENTS AND CONTINGENCIES (NOTE 7)               
                
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, 25,100,388 issued and outstanding at September 30, 2017   25,100         25,100 
Additional paid-in capital   59,548,523         59,548,523 
Accumulated other comprehensive income   8,593         8,593 
Accumulated deficit   (63,852,990)   15,323,826    (48,529,164)
                
TOTAL STOCKHOLDERS' EQUITY (DEFICIT)   (4,270,774)   15,323,826    11,053,052 
                
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)  $15,793,539        $15,793,539 

 

(1) To reflect the forgiveness of the CIRM Loan Balance. This is comprised of $14,405,857 of principal plus accrued interest. $250,000 of such principal will be recorded subsequent to September 30, 2017. As such, the pro-forma adjustments only include the balance as of September 30, 2017.