Company: SMNR
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027319
Chunk: 1536

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-02
Form: 10-K
Item: Item 9B
Chunk 1536
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 redemption value of the Class A ordinary shares subject to possible redemption is considered to
be dividends paid to the Public Shareholders. Warrants issued are contingently exercisable (i.e., on the later of 30 days after the completion
of the initial Business Combination or 12 months from the closing of the IPO). Further, Convertible Promissory Notes are also contingently
exercisable upon the consummation of the initial Business Combination. For EPS purpose, the warrants and notes are anti-dilutive since
they would generally not be reflected in basic or diluted EPS until the contingency is resolved. For the years ended December 31, 2024
and 2023, the Company did not have any other dilutive securities and other contracts that could, potentially, be exercised or converted
into ordinary shares and then share in the earnings of the Company. As a result, diluted income per ordinary share is the same as basic
earnings per ordinary share for the periods presented.

F-20

Denali
Capital Acquisition Corp.

Notes
to Consolidated Financial Statements

The
net income per share presented in the consolidated statements of operations is based on the following:

    For the year ended December 31, 2024  
    For the year ended December 31, 2023 
  
    Net (loss)/income 
    $(167,306) 
    $632,536 
  
    Accretion of temporary equity to redemption value 
     (1,968,370) 
     (5,643,271)
  
    Net loss including accretion of temporary equity 
    $(2,135,676) 
    $(5,010,735)

    For the Year Ended  
    For the Year Ended 

    December 31, 2024  
    December 31, 2023 

    Non-  
       
    Non- 

    Redeemable  
    Redeemable  
    Redeemable  
    Redeemable 

    Common  
    Common  
    Common  
    Common 

    Stock  
    Stock  
    Stock  
    Stock 
  
    Basic and diluted net income (loss) per share: 

    Numerators: 

    Allocation of net loss including accretion of temporary equity 
    $(1,098,113) 
    $(1,037,563) 
    $(3,720,244) 
    $(