Company: SMNR
Filing Date: 2025-08-15
Form Type: 10-Q
Source: 0001213900-25-077047
Chunk: 99

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-15
Form: 10-Q
Item: Part I, Item 2
Chunk 99
---
,345 being partially offset by income
earned on investment held in the Trust Account of $18,080. 

For the three months ended June 30, 2024, we had
a net income of $448,912 which primarily consists of income earned on investment held in the Trust Account of $640,157 partially offset
by formation and operating expenses of $168,186 and interest expense of $23,059. 

For the six months ended June 30, 2025, we had a net loss of $579,725
which primarily consists of formation and operating expenses of $621,457 and interest expense of $55,319 being partially offset by income
earned on investment held in the Trust Account of $97,051.

For the six months ended June 30, 2024, we had
a net income of $713,242 which primarily consists of income earned on investment held in the Trust Account of $1,294,042 partially offset
by formation and operating expenses of $536,438 and interest expense of $44,362. 

Cash Flows from Operating Activities 

For the six months ended June 30, 2025, net cash used in operating
activities was $183,512, primarily due to a net loss of $579,725 for the period and the changes in current assets and liabilities of $493,264,
primarily due to increase in accounts payable, accrued expenses of $451,962, increase in accrued interest expense – related party
of $35,682 and increase in accrued interest expense – others of $19,638. In addition, net cash used in operating activities includes
non-cash adjustments to reconcile net loss from income on the Trust Account of $97,051.

For the six months ended June 30, 2024, net cash
used in operating activities was $488,664, primarily due to a net income of $713,242 for the period and the changes in current assets
and liabilities of $92,136, primarily due to prepaid expenses of $(37,306) and accounts payable and accrued expenses of $85,079, accrued
interest expense – related party of $24,617 and accrued interest expense – others of $19,746. In addition, net cash used in
operating activities includes adjustments to reconcile net loss from income on the Trust Account of $1,294,042. 

Cash Flows from Investing Activities 

For the