Company: SMNR
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027319
Chunk: 258

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-02
Form: 10-K
Item: Item 1B
Chunk 258
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,578,042. 

For
the year ended December 31, 2023, we had a net income of $632,536 which primarily consists of income earned on investment held in the
Trust Account of $3,843,271 being partially offset by formation and operating expenses of $3,173,826 and interest expense of $36,909. 

Cash
Flows from Operating Activities 

For the year ended December 31, 2024, net cash used in operating
activities was $753,296, primarily due to a net loss of $167,306 for the period and the changes in current assets and liabilities of $585,990,
primarily due to decrease of prepaid expenses of $4,976 and increase in accounts payable, accrued expenses of $890,833, increase in accrued
interest expense – related party of $56,534 and increase in accrued interest expense – others of $39,709. In addition, net
cash used in operating activities includes non-cash adjustments to reconcile net loss from income on the Trust Account of $1,578,042. 

For
the year ended December 31, 2023, net cash used in operating activities was $632,783, primarily due to a net income of $632,536
for the year and the changes in current assets and liabilities of $2,577,950, primarily due to prepaid expenses of $83,113, accounts
payable and accrued expenses of $2,457,940, accrued interest expense – related party of $18,021 and accrued interest expense –
others of $18,878. In addition, net cash used in operating activities includes adjustments to reconcile net income from income on the
Trust Account of $3,843,271.  

Cash
Flows from Investing Activities 

For the year ended December
31, 2024, net cash used in investing activities was $43,425,328 primarily due to cash withdrawn from Trust Account in connection with
redemption of 3,785,992 shares of our ordinary shares by our public shareholders. 

For the year ended December 31, 2023, net cash provided by investing
activities was $39,711,908 primarily due to cash withdrawn from Trust Account in connection with redemption of ordinary shares amounting
to $40,536,908 partially offset by investment held in Trust Account of $825,000 to extend the period of time