Company: SMNR
Filing Date: 2025-08-15
Form Type: 10-Q
Source: 0001213900-25-077047
Chunk: 49

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-15
Form: 10-Q
Item: Part I, Item 1
Chunk 49
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 volume weighted average price of the Class A ordinary shares
for the 10 trading days ending on the third trading day prior to the date on which the notice of redemption is sent to the holders of
warrants.

25

Denali Capital Acquisition Corp.

Notes to Unaudited Consolidated Financial Statements

NOTE
8 – FAIR VALUE MEASUREMENTS

The fair
value of the Company’s financial assets and liabilities reflects management’s estimate of amounts that the Company would have
received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction
between market participants at the measurement date. In connection with measuring the fair value of its assets and liabilities, the Company
seeks to maximize the use of observable inputs (market data obtained from independent sources) and to minimize the use of unobservable
inputs (internal assumptions about how market participants would price assets and liabilities). The following fair value hierarchy is
used to classify assets and liabilities based on the observable inputs and unobservable inputs used in order to value the assets and liabilities:

    Level 1:
    Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

    Level 2:
    Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active.

    Level 3:
    Unobservable inputs based on our assessment of the assumptions that market participants would use in pricing the asset or liability.

The following
tables present information about the Company’s assets that are measured at fair value on a recurring basis as of June 30, 2025 and
December 31, 2024, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value.

    As of  June 30, 2025  
    Quoted Prices in Active Markets (Level 1)  
    Significant Other Observable Inputs (Level 2)  
    Significant Other Unobservable Inputs (Level 3) 
  
    Assets: 
    (Unaudited)  

    Investments held in Trust Account 
    $548,318  
    $-  
    $548,318  
     - 

    As of December 31, 2024  
    Qu