Company: SMNR
Filing Date: 2025-05-16
Form Type: 10-Q
Source: 0001213900-25-044889
Chunk: 92

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-05-16
Form: 10-Q
Item: Part I, Item 2
Chunk 92
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31, 2025. 

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 March 31, 2025,
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. 

For the three months ended March 31, 2025, we
had a net loss of $194,603 which primarily consists of formation and operating expenses of $246,600 and interest expense of $26,974 being
partially offset by income earned on investment held in the Trust Account of $78,971. 

For the three months ended March 31, 2024, we
had a net income of $264,330 which primarily consists of income earned on investment held in the Trust Account of $653,885 partially offset
by formation and operating expenses of $368,252 and interest expense of $21,303. 

Cash Flows from Operating Activities 

For the three months ended March 31, 2025, net
cash used in operating activities was $114,131, primarily due to a net loss of $194,603 for the period and the changes in current
assets and liabilities of $159,443, primarily due to increase in accounts payable, accrued expenses of $132,468, increase in accrued interest
expense – related party of $17,209 and increase in accrued interest expense – others of $9,766. In addition, net cash used
in operating activities includes non-cash adjustments to reconcile net loss from income on the Trust Account of $78,971.

For the three months ended March 31, 2024, net
cash used in operating activities was $374,151, primarily due to net income of $264,330 for the period and the changes in current assets