Company: SMNR
Filing Date: 2025-05-16
Form Type: 10-Q
Source: 0001213900-25-044889
Chunk: 31

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-05-16
Form: 10-Q
Item: Part I, Item 1
Chunk 31
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 redeemable ordinary shares are affected by charges against additional
paid-in capital or accumulated deficit if additional paid-in capital equals to zero.

As of March 31,2025 and December 31, 2024, the
ordinary shares reflected in the consolidated balance sheets are reconciled in the following table:

    Shares  
    Amount 
  
    Ordinary shares subject to possible redemption – December 31, 2023 
     4,537,829  
    $50,477,963 
  
    Redemption of shares ($11.47 per share) 
     (3,785,992) 
     (43,425,328)
  
    Subsequent measurement of Class A ordinary shares subject to possible redemption (income earned on Trust Account) 
     -  
     1,578,042 
  
    Subsequent measurement of Class A ordinary shares subject to possible redemption (extension deposit) 
     -  
     390,328 
  
    Ordinary shares subject to possible redemption – December 31, 2024 
     751,837  
     9,021,005 
  
    Subsequent measurement of Class A ordinary 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 

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.

17

Denali Capital Acquisition Corp.

Notes to Unaudited Consolidated Financial Statements

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 forfe