Company: SMNR
Filing Date: 2025-08-08
Form Type: S-4/A
Source: 0001193125-25-177097
Chunk: 478

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-08
Form: S-4/A
Chunk 478
---
 have neither engaged in any operations nor generated any operating revenues to date. Our only activities from January 5, 2022 (inception) through March 31, 2025, 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.

<div align='center'>285</div>

For the three months ended March 31, 2025, we had a net loss of $194,603 which primarily consists of formation and operating expenses of $246,600 and interest expense of $26,974, partially offset by income earned on investment held in the Trust Account of $78,971.

For the three months ended March 31, 2024, we had a net income of $264,330 which primarily consists of income earned on investment held in the Trust Account of $653,885, partially offset by formation and operating expenses of $368,252 and interest expense of $21,303.

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 three months ended March 31, 2025, net cash used in operating activities was $114,131, primarily due to a net loss of $194,603 for the period and the changes in current assets and liabilities of $159,443, primarily due to increase in accounts payable, accrued expenses of $132,468, increase