Company: SMNR
Filing Date: 2025-05-16
Form Type: 10-Q
Source: 0001213900-25-044889
Chunk: 4

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-05-16
Form: 10-Q
Item: Part I, Item 1
Chunk 4
---
16,868  
     204,464 
  
    Cash, end of the year 
    $2,736  
    $1,013 

    Supplemental disclosure of noncash investing and financing activities 

    Increase in investment held in Trust Account through issuance of promissory note 
    $45,191  
    $150,000 
  
    Remeasurement adjustment on class A ordinary shares subject to possible redemption 
    $124,162  
    $803,885 

The accompanying notes are an integral
part of these unaudited condensed consolidated financial statements.

4

Denali Capital Acquisition Corp.

Notes to Unaudited Consolidated Financial Statements

NOTE 1 – ORGANIZATION
AND BUSINESS OPERATION

Denali Capital Acquisition Corp. (the “Company”
or “Denali”) is a newly organized blank check company incorporated in the Cayman Islands on January 5, 2022. The Company
was formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business
combination with one or more businesses (a “Business Combination”).

As of March 31, 2025, the Company had not commenced
any operations. All activity for the period from January 5, 2022 (inception) through March 31, 2025, relates to the Company’s organizational
activities, those necessary to prepare for and complete the initial public offering (“IPO”), identifying a target company
for a business combination, and activities in connection with an initial business combination, including with respect to our proposed
business combination with Semnur Pharmaceuticals, Inc (“Semnur”). The Company does not expect to generate any operating revenues
until after the completion of an initial Business Combination. The Company is generating non-operating income in the form of income from
the investment of proceeds derived from the IPO. The Company has selected December 31 as its fiscal year end.

The Company’s sponsor is Denali Capital
Global Investments LLC, a Cayman Islands limited liability company (the “Sponsor”).

Financing

The registration statement for the Company’s
IPO became effective on April 6, 2022. On April 11, 2022, the Company consummated the IPO of 8,250,000 units (including over-allotment
of 750,000 units) (“Public Units”). Each Public Unit consists of one Class A ordinary share, $0