Company: SMNR
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027319
Chunk: 2149

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-02
Form: 10-K
Item: Item 16
Chunk 2149
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 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 necessarily be limited to, curtailing operations, suspending
the pursuit of a potential transaction, and reducing overhead expenses. The Company cannot provide any assurance that new financing will
be available to it on commercially acceptable terms, if at all.

In
accordance with ASC Subtopic 205-40, “Presentation of Financial Statements – Going Concern”, the Company has evaluated
that there are certain conditions and events, considered in the aggregate, that raise substantial doubt about the Company’s ability
to continue as a going concern through April 11, 2025 (as extended pursuant to amended and restated memorandum and articles of association
of the Company