Company: SMNR
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027319
Chunk: 1943

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-02
Form: 10-K
Item: Item 13
Chunk 1943
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 by charges against additional paid-in capital or accumulated deficit if additional paid-in capital equals to zero.

F-19

Denali
Capital Acquisition Corp.

Notes
to Consolidated Financial Statements

As
of December 31, 2024 and 2023, the ordinary shares reflected in the consolidated balance sheets are reconciled in the following table:

    Shares  
    Amount 
  
    Ordinary shares subject to possible redemption – December 31, 2022 
     8,250,000  
     85,371,600 
  
    Redemption of shares ($10.92 per share) 
     (3,712,171) 
     (40,536,908)
  
    Subsequent measurement of Class A ordinary shares subject to possible redemption (income earned on Trust Account) 
     -  
     3,843,271 
  
    Subsequent measurement of Class A ordinary shares subject to possible redemption (extension deposit) 
     -  
     1,800,000 
  
    Ordinary shares subject to possible redemption – December 31, 2023 
     4,537,829  
    $50,477,963 
  
    Redemption of shares ($11.47 per share) 
     (3,785,992) 
     (43,425,328)
  
    Subsequent measurement of Class A ordinary shares subject to possible redemption (income earned on Trust Account) 
     -  
     1,578,042 
  
    Subsequent measurement of Class A ordinary shares subject to possible redemption (extension deposit) 
     -  
     390,328 
  
    Ordinary shares subject to possible redemption – December 31, 2024 
     751,837  
     9,021,005 

Concentration
of Credit Risk

Financial
instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution,
which, at times, may exceed the Federal Depository Insurance Coverage of $250,000. The Company has not experienced losses on this account.

Net
Income Per Ordinary Share

The
Company complies with the accounting and disclosure requirements of FASB ASC 260, “Earnings Per Share.” Net loss per redeemable
and non-redeemable ordinary share is computed by dividing net loss by the weighted average number of ordinary shares outstanding between
the redeemable and non-redeemable shares during the period,