Company: SMNR
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027319
Chunk: 257

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-02
Form: 10-K
Item: Item 1B
Chunk 257
---
) forming any subsidiary that is not wholly owned and controlled by New
Semnur, (iv) permitting any option grants to Scilex Insiders (as defined therein) pursuant to Semnur’s 2024 Stock Option Plan prior
to the execution of the Merger Agreement to be exercisable and (v) permitting certain compensation payments to Scilex Insiders (as defined
therein). 

During
the year ended December 31, 2024, the sponsor lent an aggregate of $580,737 to the Company resulting in the aggregate principal amount
of the Convertible Promissory Note and the Sponsor Extension Convertible Promissory Note being increased to $1,423,237. 

During
the year ended December 31, 2024, Scilex lent an aggregate of $75,292 to the Company resulting in the principal amount of the related
Scilex Extension Convertible Promissory Note being increased to $75,292. 

During
the year ended December 31, 2024, FutureTech (as defined below) lent an aggregate of $300,000 to the Company resulting in the principal
amount of the related convertible promissory note being increased to $1,275,000. 

Results
of Operations 

We
have neither engaged in any operations nor generated any operating revenues to date. Our only activities from January 5, 2022 (inception)
through December 31, 2024, were organizational activities, those necessary to prepare for and complete the IPO, and, subsequent to the
IPO, identifying a target company for a business combination and activities in connection with the proposed business combination. We
do not expect to generate any operating revenues until after the completion of our initial business combination. We are generating non-operating
income in the form of interest income on marketable securities held after the IPO. We have incurred and will continue to incur increased
expenses as a result of being a public company (for legal, financial reporting, accounting and auditing compliance), as well as for due
diligence expenses in connection with searching for, and completing, a business combination. 

16

For the year ended December 31, 2024, we had a net loss of $167,306
which primarily consists of formation and operating expenses of $1,649,106 and interest expense of $96,242 being partially offset by income
earned on investment held in the Trust Account of $1