Company: SMNR
Filing Date: 2025-10-21
Form Type: S-1
Source: 0001193125-25-245178
Chunk: 414

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-10-21
Form: S-1
Chunk 414
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A related to redeemable shares are treated in the same manner as dividends on redeemable shares. Class A ordinary shares are redeemable at a price determined by the Trust Account held by the Company. This redemption price is not considered a redemption at fair value. Accordingly, the adjustments to the carrying amount are reflected in the Earnings Per Share (“EPS”) using the two-class method. The Company has elected to apply the two-class method by treating the entire periodic adjustment to the carrying amount of the Class A ordinary shares subject to possible redemption like a dividend.

Based on the above, any remeasurement of the 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 three months and six months ended June 30, 2025 and 2024, 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.

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

|                                                   |     | Three monthsended 
 June 30, 2025     |          |   |     | Six monthsended 
 June 30, 2025   |          |   |     | Three monthsended 
 June 30, 2024     |          |   |     | Six monthsended 
 June 30, 2024   |            |   |
|:--------------------------------------------------|:----|:------------------|:---------|:--|:----|:----------------|:---------|:--|:----|:------------------|---------:|:--|:----|:----------------|-----------:|:--|
| Net (loss)/income                                 |     | $                 | (385,122 | ) |     | $               | (579,725 | ) |     | $                 |  448