Company: SMNR
Filing Date: 2025-07-23
Form Type: S-4/A
Source: 0001193125-25-163401
Chunk: 759

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-23
Form: S-4/A
Chunk 759
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 of temporary equity |     | $                                  | (1,098,113 | ) |     | $                    | (1,037,563 | ) |     | $                                  | (3,720,244 | ) |     | $                         | (1,290,491 | ) |
| Accretion of temporary equity to redemption value              |     |                                    |  1,968,370 |   |     |                      |          — |   |     |                                    |  5,643,271 |   |     |                           |          — |   |
| Allocation of net income/(loss)                                |     | $                                  |    870,257 |   |     | $                    | (1,037,563 | ) |     | $                                  |  1,923,027 |   |     | $                         | (1,290,491 | ) |
| Denominators:                                                  |     |                                    |            |   |     |                      |            |   |     |                                    |            |   |     |                           |            |   |
| Weighted-average shares outstanding                            |     |                                    |  2,722,627 |   |     |                      |  2,572,500 |   |     |                                    |  7,416,033 |   |     |                           |  2,572,500 |   |
| Basic and diluted net income/ (loss) per share                 |     | $                                  |       0.32 |   |     | $                    |      (0.40 | ) |     | $                                  |       0.26 |   |     | $                         |      (0.50 | ) |

Income Taxes

The Company accounts for income taxes under FASB ASC 740, “Income Taxes” (“ASC 740”). ASC 740 requires the recognition of deferred tax assets and liabilities for both the expected impact of differences between the financial statements and tax basis of assets and liabilities and for the expected future tax benefit to be derived from tax loss and tax credit carry forwards. ASC 740 additionally requires a valuation allowance to be established when it is more likely than not that all or a portion of deferred tax assets will not be realized.

ASC 740 also clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement process for financial statements recognition and measurement of a tax position taken or expected to be taken in a tax return. For those