Company: SMNR
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027319
Chunk: 146

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-02
Form: 10-K
Item: Item 1A
Chunk 146
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 generated any operating revenues to date. Our only activities from January 5, 2022 (inception)
through December 31, 2024, were organizational activities, those necessary to prepare for and complete the IPO, and, subsequent to the
IPO, identifying a target company for a business combination and activities in connection with the proposed business combination. We
do not expect to generate any operating revenues until after the completion of our initial business combination. We are generating non-operating
income in the form of interest income on marketable securities held after the IPO. We have incurred and will continue to incur increased
expenses as a result of being a public company (for legal, financial reporting, accounting and auditing compliance), as well as for due
diligence expenses in connection with searching for, and completing, a business combination. 

16

For the year ended December 31, 2024, we had a net loss of $167,306
which primarily consists of formation and operating expenses of $1,649,106 and interest expense of $96,242 being partially offset by income
earned on investment held in the Trust Account of $1,578,042. 

For
the year ended December 31, 2023, we had a net income of $632,536 which primarily consists of income earned on investment held in the
Trust Account of $3,843,271 being partially offset by formation and operating expenses of $3,173,826 and interest expense of $36,909. 

Cash
Flows from Operating Activities 

For the year ended December 31, 2024, net cash used in operating
activities was $753,296, primarily due to a net loss of $167,306 for the period and the changes in current assets and liabilities of $585,990,
primarily due to decrease of prepaid expenses of $4,976 and increase in accounts payable, accrued expenses of $890,833, increase in accrued
interest expense – related party of $56,534 and increase in accrued interest expense – others of $39,709. In addition, net
cash used in operating activities includes non-cash adjustments to reconcile net loss from income on the Trust Account of $1,578,042. 

For
the year ended December 31, 2023, net cash used in operating activities was $632,783, primarily due to a net income of $632,536
for the year and