Company: SMNR
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027319
Chunk: 1725

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-02
Form: 10-K
Item: Item 10
Chunk 1725
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, in the accompanying financial statements using the retrospective method of adoption.

The Company’s chief operating decision maker
has been identified as the Chief Executive Officer (“CODM”), who reviews the operating results for the Company as a whole
to make decisions about allocating resources and assessing financial performance. Accordingly, management has determined that the Company
only has one operating and reportable segment.

When evaluating the Company’s performance
and making key decisions regarding resource allocation the CODM reviews several key metrics, which include the following:

    For the Year Ended December 31, 2024  
    For the Year Ended December 31, 2023 
  
    Professional services fee in connection with Business Combination 
    $(1,163,962) 
    $(2,268,236)
  
    Other formation and operating costs 
     (485,144) 
     (905,590)
  
    Total formation and operating costs 
     (1,649,106) 
     (3,173,826)
  
    Interest expense 
     (96,242) 
     (36,909)
  
    Interest earned on investment held in Trust Account 
     1,578,042  
     3,843,271 
  
    Net (loss) income 
    $(167,306) 
    $632,536 

F-28

Denali
Capital Acquisition Corp.

Notes
to Consolidated Financial Statements

The key measures of segment
profit or loss reviewed by our CODM are interest earned on investment in Trust Account and formation and operating expenses. The CODM
reviews interest earned on investment in Trust Account to measure and monitor shareholder value and determine the most effective strategy
of investment with the Trust Account funds while maintaining compliance with the trust agreement. Within formation and operating costs,
the CODM specifically reviews professional service fee in connection with the business combination, which are a significant segment expense,
and include legal fees, and advisory fees, as these represent significant costs affecting the Company’s consummation of the Business
Combination. Other formation and operating costs, including accounting expenses, printing expenses, and regulatory filing fees, are reviewed
in aggregate to ensure alignment with budget and contractual obligations. These expenses
are monitored to manage and forecast cash available to complete a business combination within the required period.

NOTE
10 – SUBSEQUENT EVENTS

The Company has evaluated subsequent events through
April 1, 2025 when these consolidated financial statements were issued and determined that there were no