- Semnur Pharmaceuticals, Inc. completed its business combination with Denali Capital Acquisition Corp. on **September 22, 2025**, and its shares and warrants began trading on the **OTC Markets** on **September 23, 2025**, under ticker symbols **SMNR** and **SMNRW**, respectively.  **[1913577_0001193125-25-220455_d68253dex991.htm:0]** **[1913577_0001193125-25-220455_d68253d8k.htm:0]** **[1913577_0001193125-25-220455_d68253d8k.htm:1]** **[1913577_0001193125-25-220455_d68253dex993.htm:2]** 
- Scilex Holding Company, Semnur's majority owner, holds approximately **87.5%** of Semnur common stock post-business combination.  **[1913577_0001193125-25-220455_d68253dex991.htm:0]** 
- On **September 23, 2025**, Semnur entered into a Securities Purchase Agreement to sell **$100 million** of common stock to an institutional investor in exchange for **$100 million in Bitcoin**, with the investor receiving **6,250,000 shares** at **$16.00 per share**.  **[1913577_0001193125-25-220455_d68253dex992.htm:0]** 
- For the six months ended **June 30, 2025**, Semnur reported a **net loss of $1.7 million** and had **cash and cash equivalents of $55,000**, with an accumulated deficit of **$117.0 million**.  **[1913577_0001193125-25-220455_d68253dex993.htm:0]** **[1913577_0001193125-25-220455_d68253dex993.htm:1]** **[1913577_0001193125-25-220455_d68253dex994.htm:2]** **[1913577_0001193125-25-220455_d68253dex993.htm:6]** 
- Management has concluded that there is **substantial doubt about the Company's ability to continue as a going concern** for one year after the financial statements were issued.  **[1913577_0001193125-25-220455_d68253dex993.htm:6]**

Semnur Pharmaceuticals (SMNR)