Company: SMNR
Filing Date: 2025-08-15
Form Type: 10-Q
Source: 0001213900-25-077047
Chunk: 102

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-15
Form: 10-Q
Item: Part I, Item 2
Chunk 102
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 sponsor.
The Convertible Promissory Note bears an interest accruing on the unpaid and outstanding total principal amount at the lowest short-term
Applicable Federal Rate as in effect on the date thereof and is payable in arrears on the maturity date. Interest will be calculated on
the basis of a 365-day year and the actual number of days elapsed, to the extent permitted by applicable law. The Convertible Promissory
Note was issued with an initial principal balance of $412,500 (the “Initial Principal Balance”). The sponsor has further lent
loans in the aggregate amount of $430,000 on July 18, 2023, October 12, 2023 and December 29, 2023. The sponsor further lent an aggregate
of $166,770 to the Company against the Convertible Promissory Note during the six months ended June 30, 2025. As of June 30, 2025, there
was an amount of $1,574,970 outstanding under Working Capital Loans in the form of the Convertible Promissory Note issued to the sponsor.
Further, an amount of $110,237 with interest at 4.86% on the amount borrowed from the sponsor was recognized as accrued interest expense
– related party as of June 30, 2025. On April 2, 2024, the Company and the sponsor agreed that, in addition to the Initial Principal
Amount, the Company may request an additional aggregate amount of up to $186,800, which may be drawn down in one or more tranches at any
time prior to the maturity date raising the total limit up to $1,200,000. On January 24, 2025, we amended and restated the Convertible
Promissory Note to increase the total principal amount to $2,000,000. For the six months ended June 30, 2025, the Company has
drawn down a total of $166,770 of the additional aggregate amount available.

On July 10, 2024, the Company issued a promissory
note (the “Sponsor Extension Convertible Promissory Note”) in the total principal amount of up to $180,000 to the sponsor.
The Sponsor Extension Convertible Promissory Note was issued with an initial principal balance of $15,037, with the remaining $164,963
drawable at the Company’s request and upon the consent of the sponsor prior to the