Company: SMNR
Filing Date: 2025-05-16
Form Type: 10-Q
Source: 0001213900-25-044889
Chunk: 23

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-05-16
Form: 10-Q
Item: Part I, Item 1
Chunk 23
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2023 to July 11, 2024. As of March 31, 2025, there was an amount of $1,275,000 outstanding in the form
of the Convertible Promissory Note issued to FutureTech. Further, the amount of $68,351 with interest at 4.80% on amount borrowed
from Futuretech for the Extension was recognized as accrued interest expense – others as of March 31, 2025.

12

Denali Capital Acquisition Corp.

Notes to Unaudited Consolidated Financial Statements

On August 9, 2024, the Company issued a convertible
promissory note in the total principal amount of up to $180,000 to Scilex (the “Extension Scilex Convertible Promissory Note”).
The Extension Scilex Convertible Promissory Note was issued with an initial principal balance of $15,064, with the remaining $164,936
drawable at the Company’s request and upon the consent of Scilex prior to the maturity of the Extension Scilex Convertible Promissory
Note. The Extension Scilex Convertible Promissory Note matures upon the earlier of (i) the effective date of the consummation of the Company’s
initial business combination and (ii) the date of the liquidation of the Company.

As of March 31, 2025, Scilex deposited aggregated
total of $120,482 drawn down from the Extension Scilex Convertible Promissory Note to the Trust Account to extend the time the Company
has to consummate an initial business combination to April 11, 2025. 

On April 11, 2025 and May 9, 2025, Scilex had
deposited an aggregate of $1,750 drawn down from the Extension Scilex Convertible Promissory Note to the Trust Account to extend the time
the Company has to consummate an initial business combination from April 11, 2025 to June 11, 2025.

Based on the foregoing, management believes that
the Company will not have sufficient working capital and borrowing capacity to meet its needs through the consummation of the initial
Business Combination. If the Company is unable to raise additional capital, it may be required to take additional measures to conserve
liquidity, which could include, but not necessarily be limited to, curtailing operations, suspending the pursuit of a potential transaction,
and