Company: SMNR
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027319
Chunk: 178

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-02
Form: 10-K
Item: Item 1A
Chunk 178
---
statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged
to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding
of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal
control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to assess
the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond
to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating
the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

/s/ Marcum llp

Marcum llp

We have served as the Company’s auditor from 2022 to 2024.

Costa Mesa, CA

April 1, 2024

F-3

DENALI CAPITAL
ACQUISITION CORP.

CONSOLDATED
BALANCE SHEETS

    December 31,  2024  
    December 31, 2023 
  
    Assets 

    Cash on hand 
    $16,868  
    $204,464 
  
    Prepaid expenses 
     -  
     4,976 
  
    Total current assets 
     16,868  
     209,440 

    Cash and Investments held in trust 
     9,021,005  
     50,477,963 
  
    Total assets 
    $9,037,873  
    $50,687,403 

    Liabilities and Shareholders’ Deficit 

    Accounts Payable and accrued offering costs and expenses 
    $4,640,414  
    $3,749,581 
  
    Accrued interest expense -related party 
     74,555  
     18,021 
  
    Accrued interest expense - others 
     58,586  
     18,878 
  
    Promissory Note - related party 
     1,423,237  
     842,500 
  
    Promissory Note - Others 
     1,350