Company: SMNR
Filing Date: 2025-08-15
Form Type: 10-Q
Source: 0001213900-25-077047
Chunk: 50

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-15
Form: 10-Q
Item: Part I, Item 1
Chunk 50
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oted Prices in Active Markets (Level 1)  
    Significant Other Observable Inputs (Level 2)  
    Significant Other Unobservable Inputs (Level 3) 
  
    Assets: 

    Investments held in Trust Account 
    $9,021,005  
    $-  
    $9,021,005  
     - 

NOTE 9 – SEGMENT INFORMATION

ASC Topic 280, “Segment Reporting,”
establishes standards for companies to report in their financial statement information about operating segments, products, services, geographic
areas, and major customers. Operating segments are defined as components of an enterprise for which separate financial information
is available that is regularly evaluated by the Company’s chief operating decision maker, or group, in deciding how to allocate
resources and assess performance. The Company has adopted the guidance in ASU 2023-07, Segment Reporting (Topic 280): Improvements to
Reportable Segment Disclosures, in the accompanying financial statements using the retrospective method of adoption.

26

Denali Capital Acquisition Corp.

Notes to Unaudited Consolidated Financial Statements

The Company’s chief operating decision
maker has been identified as the Chief Executive Officer (“CODM”), who reviews the operating results for the Company as a
whole to make decisions about allocating resources and assessing financial performance. Accordingly, management has determined that the
Company only has one operating and reportable segment.

When evaluating the Company’s performance
and making key decisions regarding resource allocation the CODM reviews several key metrics, which include the following:

    Three months ended June 30, 2025  
    Three months ended June 30, 2024  
    Six months ended June 30, 2025  
    Six months ended June 30, 2024 
  
    Professional services fee in connection with Business Combination 
    $(313,643) 
    $(59,345) 
    $(428,550) 
    $(278,673)
  
    Other formation and operating costs 
     (61,214) 
     (108,841) 
     (192,907) 
     (257,765)
  
    Total formation and operating costs 
     (374,857) 
     (168,186) 
     (621,457) 
     (536,438)
  
    Interest expense 
     (28,345) 
     (23,059) 
     (55,