Company: SMNR
Filing Date: 2025-08-08
Form Type: S-4/A
Source: 0001193125-25-177097
Chunk: 730

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-08
Form: S-4/A
Chunk 730
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ited Condensed Statements of Operations for the three months ended March 31, 2025 and 2024            |     |      | F-87 |
| Unaudited Condensed Statements of Stockholders’ Deficit for the three months ended March 31, 2025 and 2024 |     |      | F-88 |
| Unaudited Condensed Statements of Cash Flows for the three months ended March 31, 2025 and 2024            |     |      | F-89 |
| Notes to the Unaudited Condensed Financial Statements                                                      |     |      | F-90 |

F-1

<div align='center'>**Report of Independent Registered Public Accounting Firm**</div>

To the Shareholders and Board of Directors of

Denali Capital Acquisition Corp.

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheet of Denali Capital Acquisition Corp. (the “Company”) as of December 31, 2024, the related consolidated statements of operations, shareholders’ deficit and cash flows for the year ended December 31, 2024, and the related notes (collectively referred to as the “financial statements”). In our opinion, based on our audit, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024, and the results of its operations and its cash flows for the year ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.

As discussed in Note 9 to the financial statements, the Company adopted ASU 2023-07, Segment Reporting (Topic 280) as of December 31, 2024. We also have audited the adjustments necessary to restate the 2023 segment information and to reflect the adoption of ASU 2023-07, Segment Reporting (Topic 280) to the 2023 segment information, as provided in Note 9. In our opinion, such adjustments are appropriate and have been properly applied. We were not engaged to audit, review or apply any procedures to the 2023 financial statements of the Company other than with respect to the adjustments and, accordingly, we do not express an opinion or any other form of assurance on the 2023 financial statements taken as a whole.

Explanatory Paragraph - Going Concern

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As more fully described in Note 1