Company: SMNR
Filing Date: 2025-08-15
Form Type: 10-Q
Source: 0001213900-25-077047
Chunk: 21

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-15
Form: 10-Q
Item: Part I, Item 1
Chunk 21
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 holding less than 55% of the outstanding shares or voting power
of New Semnur, (iii) forming any subsidiary that is not wholly owned and controlled by New Semnur, (iv) permitting any option grants to
Scilex Insiders (as defined therein) pursuant to Semnur’s 2024 Stock Option Plan prior to the execution of the Merger Agreement
to be exercisable and (v) permitting certain compensation payments to Scilex Insiders (as defined therein).

Liquidity,
Capital Resources and Going Concern Consideration

The Company’s liquidity needs prior to the
consummation of the IPO had been satisfied through a payment from the Sponsor of $25,000 (see Note 5) for the founder shares and
the loan under an unsecured promissory note (the “Promissory Note”) from the Sponsor of up to $400,000 (see Note 5) which
was fully repaid on April 12, 2022. Subsequent to the consummation of the IPO and sale of the Private Placement Units on April 11, 2022,
a total of $84,150,000 was placed in the Trust Account, and the Company had $1,515,795 of cash held outside of the
Trust Account, after payment of costs related to the IPO, and available for working capital purposes. In connection with the IPO, the
Company incurred $5,105,315 in transaction costs, consisting of $1,650,000 of underwriting fees, $2,887,500 of deferred
underwriting fees and $567,815 of other offering costs.

11

Denali Capital Acquisition Corp.

Notes to Unaudited Consolidated Financial Statements

As of June 30, 2025, all of the assets of $548,318
held in the Trust Account have been held solely in cash in an interest-bearing demand deposit account at a bank. The Company intends to
use substantially all of the funds held in the Trust Account, including any amounts representing interest earned on the Trust Account
(less income taxes payable), to complete the Business Combination. To the extent that the Company’s share capital or debt is used,
in whole or in part, as consideration to complete a Business Combination, the remaining proceeds held in the Trust Account will be used
as working capital to finance the operations of the target business or businesses, make other acquisitions and pursue the Company’s
growth