Company: SMNR
Filing Date: 2025-08-12
Form Type: S-4/A
Source: 0001193125-25-178821
Chunk: 730

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-12
Form: S-4/A
Chunk 730
---
 opinion.

/s/ Marcum LLP

Marcum LLP

We have served as the Company’s auditor from 2022 to 2024.

Costa Mesa, CA

April 1, 2024

<div align='center'>F-5</div>

DENALI CAPITAL ACQUISITION CORP. CONSOLIDATED BALANCE SHEETS

| Assets                                                                                                                                                                                                                                                            |     | December 31,2024 |             |   |     | December 31,2023 |            |   |
|:------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|:----|:-----------------|------------:|:--|:----|:-----------------|-----------:|:--|
| Cash on hand                                                                                                                                                                                                                                                      |     | $                |      16,868 |   |     | $                |    204,464 |   |
| Prepaid expenses                                                                                                                                                                                                                                                  |     |                  |           — |   |     |                  |      4,976 |   |
| Total current assets                                                                                                                                                                                                                                              |     |                  |      16,868 |   |     |                  |    209,440 |   |
| Cash and Investments held in trust                                                                                                                                                                                                                                |     |                  |   9,021,005 |   |     |                  | 50,477,963 |   |
| Total assets                                                                                                                                                                                                                                                      |     | $                |   9,037,873 |   |     | $                | 50,687,403 |   |
| Liabilities and Shareholders’ Deficit                                                                                                                                                                                                                             |     |                  |             |   |     |                  |            |   |
| Accounts Payable and accrued offering costs and expenses                                                                                                                                                                                                          |     | $                |   4,640,414 |   |     | $                |  3,749,581 |   |
| Accrued interest expense - related party                                                                                                                                                                                                                          |     |                  |      74,555 |   |     |                  |     18,021 |   |
| Accrued interest expense - others                                                                                                                                                                                                                                 |     |                  |      58,586 |   |     |                  |     18,878 |   |
| Promissory Note - related party                                                                                                                                                                                                                                   |     |                  |   1,423,237 |   |     |                  |    842,500 |   |
| Promissory Note - Others                                                                                                                                                                                                                                          |     |                  |   1,350,292