Company: SMNR
Filing Date: 2025-08-15
Form Type: 10-Q
Source: 0001213900-25-077047
Chunk: 62

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-15
Form: 10-Q
Item: Part I, Item 1
Chunk 62
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of New Semnur, (iii) forming any subsidiary that is not wholly owned and controlled by New Semnur, (iv) permitting any option grants to
Scilex Insiders (as defined therein) pursuant to Semnur’s 2024 Stock Option Plan prior to the execution of the Merger Agreement
to be exercisable and (v) permitting certain compensation payments to Scilex Insiders (as defined therein). 

31

During the six months ended June 30, 2025, the
sponsor lent an aggregate of $166,770 to the Company resulting in the aggregate principal amount of the Convertible Promissory Note and
the Sponsor Extension Convertible Promissory Note being increased to $1,590,007. 

During the six months ended June 30, 2025, Scilex
lent an aggregate of $47,815 to the Company resulting in the principal amount of the related Scilex Extension Convertible Promissory Note
being increased to $123,107. 

During the six months ended June 30, 2025, the
Company did not incur any additional borrowings from FutureTech (as defined below). The outstanding principal balance of the related convertible
promissory note held by FutureTech was $1,275,000 as of June 30, 2025. 

Results of Operations 

We have neither engaged in any operations nor
generated any operating revenues to date. Our only activities from January 5, 2022 (inception) through June 30, 2025, were organizational
activities, those necessary to prepare for and complete the IPO, and, subsequent to the IPO, identifying a target company for a business
combination and activities in connection with the proposed business combination. We do not expect to generate any operating revenues until
after the completion of our initial business combination. We are generating non-operating income in the form of interest income on marketable
securities held after the IPO. We have incurred and will continue to incur increased expenses as a result of being a public company (for
legal, financial reporting, accounting and auditing compliance), as well as for due diligence expenses in connection with searching for,
and completing, a business combination. 

For the three months ended June 30, 2025, we had a net loss of $385,122
which primarily consists of formation and operating expenses of $374,857 and interest expense of $28,345 being partially