Company: SMNR
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027319
Chunk: 704

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-02
Form: 10-K
Item: Item 4
Chunk 704
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For
the year ended December 31, 2023, net cash used in operating activities was $632,783, primarily due to a net income of $632,536
for the year and the changes in current assets and liabilities of $2,577,950, primarily due to prepaid expenses of $83,113, accounts
payable and accrued expenses of $2,457,940, accrued interest expense – related party of $18,021 and accrued interest expense –
others of $18,878. In addition, net cash used in operating activities includes adjustments to reconcile net income from income on the
Trust Account of $3,843,271.  

Cash
Flows from Investing Activities 

For the year ended December
31, 2024, net cash used in investing activities was $43,425,328 primarily due to cash withdrawn from Trust Account in connection with
redemption of 3,785,992 shares of our ordinary shares by our public shareholders. 

For the year ended December 31, 2023, net cash provided by investing
activities was $39,711,908 primarily due to cash withdrawn from Trust Account in connection with redemption of ordinary shares amounting
to $40,536,908 partially offset by investment held in Trust Account of $825,000 to extend the period of time the Company has to consummate
its initial business combination by an additional three months, from the then current deadline of July 11,2023 to October 11, 2023.

Cash
Flows from Financing Activities 

For the year ended December
31, 2024, net cash provided by financing activities was $42,859,628 primarily due to proceeds from issuance of promissory note to related
party of $565,700, and redemption payments of $43,425,328 in connection with redemption of 3,785,992 shares of our ordinary shares by
our public shareholders. 

For the year ended December 31, 2023, net cash used in financing activities
was $39,694,407 primarily due to redemption of ordinary shares amounting to $40,536,908 partially offset by proceeds from issuance of
promissory note to related party of $842,500. 

Liquidity
and Capital Resources 

Our
liquidity needs prior to the consummation of the IPO were satisfied through a payment from the sponsor and the loan under an unsecured