Company: SMNR
Filing Date: 2025-05-16
Form Type: 10-Q
Source: 0001213900-25-044889
Chunk: 33

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-05-16
Form: 10-Q
Item: Part I, Item 1
Chunk 33
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  ended March  31, 2024 
  
    Net (loss)/income 
    $(194,603) 
    $264,330 
  
    Accretion of temporary equity to redemption value 
     (124,162) 
     (803,885)
  
    Net loss including accretion of temporary equity 
    $(318,765) 
    $(539,555)

    For the Three Months Ended  
    For the Three Months Ended 

    March 31, 2025  
    March 31, 2024 

    Non-  
       
    Non- 

    Redeemable  
    Redeemable  
    Redeemable  
    Redeemable 

    Common  
    Common  
    Common  
    Common 

    Stock  
    Stock  
    Stock  
    Stock 
  
    Basic and diluted net income (loss) per share: 

    Numerators: 

    Allocation of net loss including accretion of temporary equity 
    $(72,092) 
    $(246,673) 
    $(344,345) 
    $(195,210)
  
    Accretion of temporary equity to redemption value 
     124,162  
     -  
     803,885  
     - 
  
    Allocation of net income/(loss) 
    $52,070  
    $(246,673) 
    $459,540  
    $(195,210)

    Denominators: 

    Weighted-average shares outstanding 
     751,837  
     2,572,500  
     4,537,829  
     2,572,500 
  
    Basic and diluted net income/ (loss) per share 
    $0.07  
    $(0.10) 
    $0.10  
    $(0.08)

18

Denali Capital Acquisition Corp.

Notes to Unaudited Consolidated Financial Statements

Income
Taxes

The Company accounts for income taxes under FASB
ASC 740, “Income Taxes” (“ASC 740”). ASC 740 requires the recognition of deferred tax assets and liabilities for
both the expected impact of differences between the financial statements and tax basis of assets and liabilities and for the expected
future tax benefit to be derived from tax loss and tax credit carry forwards. ASC 740 additionally requires