Company: SMNR
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027319
Chunk: 398

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-02
Form: 10-K
Item: Item 1C
Chunk 398
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Denali Capital Acquisition Corp.

Opinion on the Financial Statements

We have audited the accompanying consolidated
balance sheet of Denali Capital Acquisition Corp. (the “Company”) as of December 31, 2024, the related consolidated statements
of operations, shareholders’ deficit and cash flows for the year ended December 31, 2024, and the related notes (collectively referred
to as the “financial statements”). In our opinion, based on our audit, the financial statements present fairly, in all material
respects, the financial position of the Company as of December 31, 2024, and the results of its operations and its cash flows for the
year ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.

As discussed in Note 9 to the financial statements,
the Company adopted ASU 2023-07, Segment Reporting (Topic 280) as of December 31, 2024. We also have audited the adjustments necessary
to restate the 2023 segment information and to reflect the adoption of ASU 2023-07, Segment Reporting (Topic 280) to the 2023 segment
information, as provided in Note 9. In our opinion, such adjustments are appropriate and have been properly applied. We were not engaged
to audit, review or apply any procedures to the 2023 financial statements of the Company other than with respect to the adjustments and,
accordingly, we do not express an opinion or any other form of assurance on the 2023 financial statements taken as a whole.

Explanatory Paragraph – Going Concern

The accompanying financial statements have been
prepared assuming that the Company will continue as a going concern. As more fully described in Note 1, to the financial statements, the
Company is a Special Purpose Acquisition Corporation that was formed for the purpose of effecting a merger, share exchange, asset acquisition,
stock purchase, reorganization or similar business combination with one or more businesses on or before April 11, 2025 (unless further
extended). There is no assurance that the Company will obtain the necessary approvals or raise the additional capital it needs to fund
its business operations and complete any business combination prior to April 11, 2025 (unless further extended), if at all. The Company
also has no approved plan in place to extend the business combination deadline beyond April 11, 2025 and lacks the capital resources needed
to fund operations and complete