Company: SMNR
Filing Date: 2025-08-15
Form Type: 10-Q
Source: 0001213900-25-077047
Chunk: 23

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-15
Form: 10-Q
Item: Part I, Item 1
Chunk 23
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Initial Principal Amount”). 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 has further lent an aggregate of $565,700 to the Company for the
Convertible Promissory Note 1 during the year ended December 31, 2024, and additional $ 100,000 on March 21, 2025. On April 2, 2024 the
Company and 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, the Company and Sponsor agreed that, in addition to the Initial Principal Amount, the Company may request an additional
aggregate amount of up to $591,800, which may be drawn down in one or more tranches at any time prior to the Maturity Date, raising the
total limit up to $2,000,000. 

On July 10, 2024, the Company issued Convertible
Promissory Note 2 in the total principal amount of up to $180,000 to Sponsor. The Convertible Promissory Note 2 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 maturity of the Convertible Promissory Note 2.

As of December 31, 2024, the outstanding amount
under the Working Capital Loans in the form of the Convertible Promissory Note 1 issued to the Sponsor had exceeded the limit of $1,200,000,
reaching $1,408,200, resulting in an overdrawn position. To remediate this overdrawn balance, on January 24, 2025, the Company issued
a third amended and restated promissory note (the “Third Restated Note”) to amend and restate Convertible Promissory Note
1, increasing the total principal amount to $2,000,000.

12

Denali Capital Acquisition Corp.

Notes to Unaudited Consolidated Financial Statements

As of June 30, 2025, there was an amount