Company: SMNR
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027319
Chunk: 1859

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-02
Form: 10-K
Item: Item 12
Chunk 1859
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 Company issued another convertible
promissory note in the total principal amount of up to $450,000 to FutureTech. The Convertible Promissory Note was issued with an
initial principal balance of $50,000, with the remaining $400,000 drawable at the Company’s request and upon the consent of
FutureTech prior to the maturity of the Convertible Promissory Note. Consequently, $400,000 of such amount has been utilized to
fund the required payment in order to extend the period of time to consummate a business combination from October 11, 2023 to July 11,
2024. As of December 31, 2024, there was an amount of $1,275,000 outstanding in the form of the Convertible Promissory Note issued
to FutureTech. Further, the amount of $58,586 with interest at 4.80% on amount borrowed from Futuretech for the Extension was
recognized as accrued interest expense – others as of December 31, 2024.

On August 9, 2024, the Company issued a convertible promissory note
in the total principal amount of up to $180,000 to Scilex (the “Extension Scilex Convertible Promissory Note”). The Extension
Scilex Convertible Promissory Note was issued with an initial principal balance of $15,064, with the remaining $164,936 drawable at the
Company’s request and upon the consent of Scilex prior to the maturity of the Extension Scilex Convertible Promissory Note. The
Extension Scilex Convertible Promissory Note matures upon the earlier of (i) the effective date of the consummation of the Company’s
initial business combination and (ii) the date of the liquidation of the Company.

As
of December 31, 2024, Scilex deposited aggregated total of $75,292 drawn down from the Extension Scilex Convertible Promissory Note to
the Trust Account to extend the time the Company has to consummate an initial business combination to January 11, 2025.

F-15

Denali
Capital Acquisition Corp.

Notes
to Consolidated Financial Statements

On January 6, 2025, February 11, 2025 and March 11, 2025, Scilex had
deposited an aggregate of $45,191 drawn down from the Extension Scilex