Company: SMNR
Filing Date: 2025-08-08
Form Type: S-4/A
Source: 0001193125-25-177097
Chunk: 734

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-08
Form: S-4/A
Chunk 734
---
 included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our 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 |   |
| Prom