Company: SMNR
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027319
Chunk: 1146

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-02
Form: 10-K
Item: Item 7A
Chunk 1146
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B ID Number 688)   F-3             Consolidated Balance Sheets as of December 31, 2024 and 2023   F-4             Consolidated Statements of Operations for the years ended December 31, 2024 and 2023   F-5             Consolidated Statements of Changes in Shareholders’ Deficit for the years ended December 31, 2024 and 2023   F-6             Consolidated Statements of Cash Flows for the years ended December 31, 2024 and 2023   F-7             Notes to Consolidated Financial Statements   F-8 

F-1

PART 1 - FINANCIAL INFORMATION

Item 1. Consolidated
Financial Statements

Report of Independent Registered Public Accounting
Firm

To the Shareholders and Board of Directors of

Denali Capital Acquisition Corp.

Opinion on the Financial Statements

We have audited the accompanying consolidated
balance sheet of Denali Capital Acquisition Corp. (the “Company”) as of December 31, 2024, the related consolidated statements
of operations, shareholders’ deficit and cash flows for the year ended December 31, 2024, and the related notes (collectively referred
to as the “financial statements”). In our opinion, based on our audit, the financial statements present fairly, in all material
respects, the financial position of the Company as of December 31, 2024, and the results of its operations and its cash flows for the
year ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.

As discussed in Note 9 to the financial statements,
the Company adopted ASU 2023-07, Segment Reporting (Topic 280) as of December 31, 2024. We also have audited the adjustments necessary
to restate the 2023 segment information and to reflect the adoption of ASU 2023-07, Segment Reporting (Topic 280) to the 2023 segment
information, as provided in Note 9. In our opinion, such adjustments are appropriate and have been properly applied. We were not engaged
to audit, review or apply any procedures to the 2023 financial statements of the Company other than with respect to the adjustments and,
accordingly, we do not express an opinion or any other form of assurance