Denali Capital Acquisition Corp. Files Q3 2024 10-Q

TL;DR

Denali Capital Acquisition Corp. filed its Q3 10-Q on Nov 19, 2024. Financials for period ending Sep 30, 2024.

AI Summary

Denali Capital Acquisition Corp. filed its 10-Q for the quarterly period ended September 30, 2024. The company, incorporated in the Cayman Islands with its principal executive offices in New York, is involved in the pharmaceutical preparations industry. The filing details its financial performance and operational status as of that date.

Why It Matters

This filing provides investors with an update on Denali Capital Acquisition Corp.'s financial health and operational activities for the third quarter of 2024, crucial for investment decisions.

Risk Assessment

Risk Level: medium — As a SPAC, Denali Capital Acquisition Corp. faces inherent risks related to its ability to identify and complete a business combination within its specified timeframe.

Key Numbers

• Q3 2024 — Reporting Period (Financials cover the period ending September 30, 2024.)
• Nov 19, 2024 — Filing Date (The 10-Q was filed on this date.)

Key Players & Entities

• Denali Capital Acquisition Corp. (company) — Registrant
• September 30, 2024 (date) — Quarterly period end date
• 20241119 (date) — Filing date
• 437 Madison Avenue, 27th Floor New York, New York 10022 (address) — Principal Executive Offices
• 001-41351 (other) — Commission File Number

FAQ

Key Financial Figures

• $0.0001 — LLC Class A ordinary shares, par value $0.0001 per share DECA The Nasdaq Stock Market
• $11.50 — ordinary share at an exercise price of $11.50 per share DECAW The Nasdaq Stock Market

Filing Documents

• ea0220796-10q_denali.htm (10-Q) — 689KB
• ea022079601ex31-1_denali.htm (EX-31.1) — 10KB
• ea022079601ex31-2_denali.htm (EX-31.2) — 10KB
• ea022079601ex32-1_denali.htm (EX-32.1) — 4KB
• ea022079601ex32-2_denali.htm (EX-32.2) — 4KB
• 0001213900-24-100217.txt ( ) — 4802KB
• deca-20240930.xsd (EX-101.SCH) — 38KB
• deca-20240930_cal.xml (EX-101.CAL) — 17KB
• deca-20240930_def.xml (EX-101.DEF) — 235KB
• deca-20240930_lab.xml (EX-101.LAB) — 348KB
• deca-20240930_pre.xml (EX-101.PRE) — 231KB
• ea0220796-10q_denali_htm.xml (XML) — 595KB

FINANCIAL INFORMATION

Part I. FINANCIAL INFORMATION Item 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - DENALI CAPITAL ACQUISITION CORP. 1 Item 2.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 24 Item 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 31 Item 4.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 31

OTHER INFORMATION

Part II. OTHER INFORMATION Item 1. LEGAL PROCEEDINGS. 32 Item 1A.

RISK FACTORS

RISK FACTORS 32 Item 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS. 32 Item 3. DEFAULTS UPON SENIOR SECURITIES. 32 Item 4. MINE SAFETY DISCLOSURES. 32 Item 5. OTHER INFORMATION 32 Item 6. EXHIBITS. 33

SIGNATURES

Part III. SIGNATURES 34 i This report, including, without limitation, statements under the heading "Management's Discussion and Analysis of Financial Condition and Results of Operations," includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Our forward-looking statements include, but are not limited to, statements regarding our or our management team's expectations, hopes, beliefs, intentions or strategies regarding the future, including with respect to our proposed business combination with Semnur (as defined below) . In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intends," "may," "might," "plan," "possible," "potential," "predict," "project," "should," "would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements in this Quarterly Report on Form 10-Q may include, for example, statements about: our ability to select an appropriate target business or businesses; our ability to complete our initial business combination, including our proposed business combination with Semnur Pharmaceuticals, Inc. ("Semnur"); our expectations around the performance of the prospective target business or businesses; our success in retaining or recruiting, or changes required in, our officers, key employees or directors following our initial business combination; our officers and directors allocating their time to other businesses and potentially having conflicts of interest with our business or in approving our initial business combination; our potential ability to obtain additional financing to complete our initial business

Business

Business Combination The Company will provide the holders of the outstanding Public Shares (the "Public Shareholders") with the opportunity to redeem all or a portion of their Public Shares either (i) in connection with a shareholder meeting called to approve the Business Combination or (ii) by means of a tender offer in connection with the Business Combination. The decision as to whether the Company will seek shareholder approval of a Business Combination or conduct a tender offer will be made by the Company. The Public Shareholders will be entitled to redeem their Public Shares for a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account calculated as of two business days prior to the consummation of the initial Business Combination (initially anticipated to be $ 10.20 per Public Unit, plus any pro rata interest then in the Trust Account, net of taxes payable). The Public Shares subject to redemption were recorded at a redemption value and classified as temporary equity upon the completion of the IPO in accordance with the Financial Accounting Standards Board (the "FASB") Accounting Standards Codification ("ASC") Topic 480, "Distinguishing Liabilities from Equity" ("ASC 480"). The Company will not redeem Public Shares in an amount that would cause its net tangible assets to be less than $ 5,000,001 (so that it does not then become subject to the "penny stock" rules of the Securities and Exchange Commission (the "SEC")) either prior to or upon consummation of an initial Business Combination. However, a greater net tangible asset or cash requirement may be contained in the agreement relating to the Business Combination. In shareholders' meeting held on October 11, 2

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