Company: SMNR
Filing Date: 2025-06-11
Form Type: S-4/A
Source: 0001193125-25-139124
Chunk: 468

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-06-11
Form: S-4/A
Chunk 468
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 Sponsor Convertible Promissory Note and the Sponsor Extension Convertible Promissory Note being increased to $1,523,237.

During the three months ended March 31, 2025, Scilex lent an aggregate of $45,191 to the Company resulting in the principal amount of the related Scilex Convertible Promissory Note being increased to $120,482.

During the three months ended March 31, 2025, the Company did not incur any additional borrowings from FutureTech. The outstanding principal balance of the related convertible promissory note held by FutureTech was $1,275,000 as of March 31, 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 March 31, 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 March 31, 2025, we had a net loss of $194,603 which primarily consists of formation and operating expenses of $246,600 and interest expense of $26,974, partially offset by income earned on investment held in the Trust Account of $78,971.

For the three months ended March 31, 2024, we had a net income of $264,330 which primarily consists of income earned on investment held in the Trust Account of $653,885, partially offset by formation and operating expenses of $368,252 and interest expense of $21,303.

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For the year ended December 31, 2024, we had a net loss of $167,306 which primarily consists of formation and operating expenses of $1,649,106 and interest expense of $96,242 being partially offset by income earned on investment held in the Trust Account of $1,578,042