Company: SMNR
Filing Date: 2025-06-11
Form Type: S-4/A
Source: 0001193125-25-139124
Chunk: 469

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-06-11
Form: S-4/A
Chunk 469
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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 three months ended March 31, 2025, net cash used in operating activities was $114,131, primarily due to a net loss of $194,603 for the period and the changes in current assets and liabilities of $159,443, primarily due to increase in accounts payable, accrued expenses of $132,468, increase in accrued interest expense — related party of $17,209 and increase in accrued interest expense — others of $9,766. In addition, net cash used in operating activities includes non-cash adjustments to reconcile net loss from income on the Trust Account of $78,971.

For the three months ended March 31, 2024, net cash used in operating activities was $374,151, primarily due to net income of $264,330 for the period and the changes in current assets and liabilities of $15,404 due to prepaid expenses of $59,423, accounts payable and accrued expenses of $53,524, accrued interest expense — related party of $11,430 and accrued interest expense — others of $9,873. In addition, net cash used in operating activities includes adjustments to reconcile net income from income on the Trust Account of $653,885.

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