Company: SMNR
Filing Date: 2025-04-21
Form Type: S-4/A
Source: 0001193125-25-087342
Chunk: 542

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-21
Form: S-4/A
Chunk 542
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 indications, continue our development of, and seek regulatory approvals for, our product candidate, and expand our corporate infrastructure. As a result, we have concluded that there is substantial doubt about our ability to continue as a going concern within one year after the date that the financial statements are issued. See Note 2 titled “ Liquidity and Going Concern” of the notes to our annual financial statements included elsewhere in this proxy statement/prospectus for additional information. Proceeds from the Business Combination are dependent on the amount of redemptions by Denali’s public shareholders. Net proceeds from the Business Combination, together with our existing cash and cash equivalents, may be insufficient to enable us to fund our operating expenses and capital expenditure requirements for at least the next 12 months. If these sources are insufficient to satisfy our liquidity requirements, we may seek to raise additional funds through equity offerings, debt financings, collaborations, government contracts or other strategic transactions. Cash Flows The following table summarizes our cash flows for each of the periods presented (in thousands):

|                                                       |     | Year Ended   
 December 31, |   2024 |   |     |   |   2023 |   |
|:------------------------------------------------------|:----|:-------------|-------:|:--|:----|:--|-------:|:--|
| Net cash and cash equivalents (used for) provided by: |     |              |        |   |     |   |        |   |
| Operating activities                                  |     | $            | (4,891 | ) |     | $ | (1,677 | ) |
| Financing activities                                  |     |              |  4,891 |   |     |   |  1,661 |   |
| Net change in cash and cash equivalents               |     | $            |      — |   |     | $ |    (16 | ) |

**Cash Flows from Operating Activities For the year ended December 31, 2024, net cash used for operating activities was approximately $4.9 million, attributable to our net loss of $4.7 million and changes in operating assets and liabilities that used $0.9 million of cash, partially offset by stock-based compensation of $0.7 million. 331

For the year ended December 31, 2023, net cash used for operating activities was approximately $1.7 million, attributable to our net loss of $3.3 million, partially offset by stock-based compensation of $0.8 million,