Company: SMNR
Filing Date: 2025-08-12
Form Type: S-4/A
Source: 0001193125-25-178821
Chunk: 475

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-12
Form: S-4/A
Chunk 475
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. We do not expect to generate any operating revenues until after the completion of our initial business combination. We are generating non-operating income in the form of interest income on marketable securities held after the IPO. We have incurred and will continue to incur increased expenses as a result of being a public company (for legal, financial reporting, accounting and auditing compliance), as well as for due diligence expenses in connection with searching for, and completing, a business combination.

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For the three months ended March 31, 2025, we had a net loss of $194,603 which primarily consists of formation and operating expenses of $246,600 and interest expense of $26,974, partially offset by income earned on investment held in the Trust Account of $78,971.

For the three months ended March 31, 2024, we had a net income of $264,330 which primarily consists of income earned on investment held in the Trust Account of $653,885, partially offset by formation and operating expenses of $368,252 and interest expense of $21,303.

For the year ended December 31, 2024, we had a net loss of $167,306 which primarily consists of formation and operating expenses of $1,649,106 and interest expense of $96,242 being partially offset by income earned on investment held in the Trust Account of $1,578,042.

For the year ended December 31, 2023, we had a net income of $632,536 which primarily consists of income earned on investment held in the Trust Account of $3,843,271 being partially offset by formation and operating expenses of $3,173,826 and interest expense of $36,909.

Cash Flows from Operating Activities

For the three months ended March 31, 2025, net cash used in operating activities was $114,131, primarily due to a net loss of $194,603 for the period and the changes in current assets and liabilities of $159,443, primarily due to increase in accounts payable, accrued expenses of $132,468, increase in accrued interest expense — related party of $17,209 and increase in accrued interest expense — others of $9,766. In addition, net cash used in operating activities includes non-cash adjustments to reconcile net loss from income on the Trust Account of $78,971.

For the three months ended March 31, 2024, net cash used in operating activities was