Company: SMNR
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027319
Chunk: 1959

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-02
Form: 10-K
Item: Item 13
Chunk 1959
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 basis as of December
31, 2024 and December 31, 2023, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such
fair value.

    As of December 31, 2024  
    Quoted Prices in Active Markets (Level 1)  
    Significant Other Observable Inputs (Level 2)  
    Significant Other Unobservable Inputs (Level 3) 
  
    Assets: 

    Investments held in Trust Account 
    $9,021,005  
    $-  
    $9,021,005  
     - 

    As of December 31, 2023  
    Quoted Prices in Active Markets (Level 1)  
    Significant Other Observable Inputs (Level 2)  
    Significant Other Unobservable Inputs (Level 3) 
  
    Assets: 

    Investments held in Trust Account 
    $50,477,963  
    $50,477,963  
    $-    
     -   

NOTE 9 — SEGMENT INFORMATION

ASC Topic 280, “Segment Reporting,”
establishes standards for companies to report in their financial statement information about operating segments, products, services, geographic
areas, and major customers. Operating segments are defined as components of an enterprise for which separate financial information
is available that is regularly evaluated by the Company’s chief operating decision maker, or group, in deciding how to allocate
resources and assess performance. The Company has adopted the guidance in ASU 2023-07, Segment Reporting (Topic 280): Improvements to
Reportable Segment Disclosures, in the accompanying financial statements using the retrospective method of adoption.

The Company’s chief operating decision maker
has been identified as the Chief Executive Officer (“CODM”), who reviews the operating results for the Company as a whole
to make decisions about allocating resources and assessing financial performance. Accordingly, management has determined that the Company
only has one operating and reportable segment.

When evaluating the Company’s performance
and making key decisions regarding resource allocation the CODM reviews several key metrics, which include the following:

    For the Year Ended December 31, 2024  
    For the Year Ended December 31, 2023 
  
    Professional services fee in connection with Business Combination 
    $(1,163,962) 
    $(2,268,236)
  
    Other formation and operating costs