Company: SMNR
Filing Date: 2025-05-16
Form Type: 10-Q
Source: 0001213900-25-044889
Chunk: 35

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-05-16
Form: 10-Q
Item: Part I, Item 1
Chunk 35
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 other than public business entities (non-PBEs), the requirements will be effective
for annual periods beginning after December 15, 2025. The guidance will be applied on a prospective basis with the option to apply the
standard retrospectively. Early adoption is permitted. The Company had adopt the ASU 2023-09 on January 1, 2025, and the adoption does
not have material impact on its unaudited condensed consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03,
“Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures” (“ASU 2024-03”), which
requires disaggregated disclosure of certain costs and expenses, including purchases of inventory, employee compensation, depreciation,
amortization and depletion, in each relevant expense caption. ASU 2024-03 is effective for fiscal years beginning after December
15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption and retrospective application is permitted.
The Company is currently assessing the impact of this guidance; however, the Company does not expect a material impact on its unaudited
condensed consolidated financial statements.

Management does not believe that
any other recently issued, but not effective, accounting standards, if currently adopted, would have a material effect on the Company’s
unaudited condensed consolidated financial statements.

19

Denali Capital Acquisition Corp.

Notes to Unaudited Consolidated Financial Statements

NOTE
3 – INITIAL PUBLIC OFFERING

On April 11, 2022, the Company consummated the
IPO of 8,250,000 Public Units, inclusive of 750,000 Public Units issued pursuant to the underwriters’ partial
exercise of their over-allotment option. The Public Units were sold at a purchase price of $10.00 per Public Unit, generating gross
proceeds of $82,500,000. Each Public Unit consists of one Public Share and one Public Warrant. Each Public Warrant entitles the holder
thereof to purchase one Public Share at a price of $11.50 per share.

The warrants will become exercisable on the later
of 30 days after the completion of the Company’s initial Business Combination or 12 months from the closing
of the IPO and will expire five years after the completion of the Company’s initial Business Combination or earlier upon redemption
or liquidation (see Note