Company: SMNR
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027319
Chunk: 1352

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-02
Form: 10-K
Item: Item 9
Chunk 1352
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 of time to consummate a business combination from October 11, 2023 to July 11,
2024. As of December 31, 2024, there was an amount of $1,275,000 outstanding in the form of the Convertible Promissory Note issued
to FutureTech. Further, the amount of $58,586 with interest at 4.80% on amount borrowed from Futuretech for the Extension was
recognized as accrued interest expense – others as of December 31, 2024.

On August 9, 2024, the Company issued a convertible promissory note
in the total principal amount of up to $180,000 to Scilex (the “Extension Scilex Convertible Promissory Note”). The Extension
Scilex Convertible Promissory Note was issued with an initial principal balance of $15,064, with the remaining $164,936 drawable at the
Company’s request and upon the consent of Scilex prior to the maturity of the Extension Scilex Convertible Promissory Note. The
Extension Scilex Convertible Promissory Note matures upon the earlier of (i) the effective date of the consummation of the Company’s
initial business combination and (ii) the date of the liquidation of the Company.

As
of December 31, 2024, Scilex deposited aggregated total of $75,292 drawn down from the Extension Scilex Convertible Promissory Note to
the Trust Account to extend the time the Company has to consummate an initial business combination to January 11, 2025.

F-15

Denali
Capital Acquisition Corp.

Notes
to Consolidated Financial Statements

On January 6, 2025, February 11, 2025 and March 11, 2025, Scilex had
deposited an aggregate of $45,191 drawn down from the Extension Scilex Convertible Promissory Note to the Trust Account to extend the
time the Company has to consummate an initial business combination from January 11, 2025 to April 11, 2025.

Based
on the foregoing, management believes that the Company will not have sufficient working capital and borrowing capacity to meet its needs
through the consummation of the initial Business Combination. If the Company is unable to raise additional capital, it may be required
to take additional measures to conserve liquidity, which could include, but not