Company: SMNR
Filing Date: 2025-10-21
Form Type: S-1
Source: 0001193125-25-245178
Chunk: 429

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-10-21
Form: S-1
Chunk 429
---
     |                                |  640,157 |   |     |                              |   97,051 |   |     |                              | 1,294,042 |   |
| Net (loss) income                                                 |     | $                              | (385,122 | ) |     | $                              |  448,912 |   |     | $                            | (579,725 | ) |     | $                            |   713,242 |   |

The key measures of segment profit or loss reviewed by our CODM are interest earned on investment in Trust Account and formation and operating expenses. The CODM reviews interest earned on investment in Trust Account to measure and monitor shareholder value and determine the most effective strategy of investment with the Trust Account funds while maintaining compliance with the trust agreement. Within formation and operating costs, the CODM specifically reviews professional service fee in connection with the business combination, which are a significant segment expense, and include legal fees, and advisory fees, as these represent significant costs affecting the Company’s consummation of the Business Combination. Other formation and operating costs, including accounting expenses, printing expenses, and regulatory filing fees, are reviewed in aggregate to ensure alignment with budget and contractual obligations. These expenses are monitored to manage and forecast cash available to complete a business combination within the required period .

NOTE 10 - SUBSEQUENT EVENTS The Company has evaluated subsequent events through August 15, 2025 when these consolidated financial statements were issued and determined that there were no significant unrecognized events through that date other than those noted below. From July to August 2025, the Company had deposited an aggregate total of $ 1,750into the Trust Account in order to extend the period of time it has to consummate a business combination by onemonth, from the current deadline to September 11, 2025. On July 22, 2025, the Company entered into Amendment No. 2 to the Merger Agreement with Semnur and Merger Sub (“Amendment No. 2”). Amendment No. 2 amends the Merger Agreement to, among other things, modify the definitions of the “Exchange Ratio” and “Merger Consideration” to facilitate the issuance of additional shares of common stock of Semnur prior to the closing of the Business Combination in connection with any potential private placement financing or for issuance to advisors and other service providers for services rendered and maintain the 1.25-to-1 exchange ratio. F-63 Report of Independent Registered Public Accounting Firm To the Stockholders