Company: SMNR
Filing Date: 2025-08-15
Form Type: 10-Q
Source: 0001213900-25-077047
Chunk: 33

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-15
Form: 10-Q
Item: Part I, Item 1
Chunk 33
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 shares subject to possible redemption (income earned on Trust Account) 
     -  
     78,971 
  
    Subsequent measurement of Class A ordinary shares subject to possible redemption (extension deposit) 
     -  
     45,191 
  
    Ordinary shares subject to possible redemption – March 31, 2025 
     751,837  
    $9,145,167 
  
    Redemption of shares ($12.17 per share) 
     (708,098) 
     (8,617,553)
  
    Subsequent measurement of Class A ordinary shares subject to possible redemption (income earned on Trust Account) 
     -  
     18,080 
  
    Subsequent measurement of Class A ordinary shares subject to possible redemption (extension deposit) 
     -  
     2,624 
  
    Ordinary shares subject to possible redemption – June 30, 2025 
     43,739  
     548,318 

17

Denali Capital Acquisition Corp.

Notes to Unaudited Consolidated Financial Statements

Concentration
of Credit Risk

Financial
instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution,
which, at times, may exceed the Federal Depository Insurance Coverage of $250,000. The Company has not experienced losses on this account.

Net
Income Per Ordinary Share

The Company complies with the accounting and disclosure
requirements of FASB ASC 260, “Earnings Per Share.” Net loss per redeemable and non-redeemable ordinary share is computed
by dividing net loss by the weighted average number of ordinary shares outstanding between the redeemable and non-redeemable shares during
the period, excluding ordinary shares subject to forfeiture. Weighted average shares were reduced for the effect of an aggregate of 93,750 founder
shares that were forfeited during the three months ended June 30, 2022, due to the underwriters’ partial exercise of their
over-allotment option. In order to determine the net income attributable to both the redeemable shares and non-redeemable shares, the
Company first considered the undistributed income allocable to both the redeemable shares and non-redeemable shares and the undistributed
income is calculated using the total net loss less dividends paid. The Company then allocated the undistributed income based on the
weighted average number of shares