Here are the 10-Q quarterly reports from Denali Capital Acq CP A (DNQAF) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow DNQAF and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full DNQAF filings page.
Semnur Pharmaceuticals, Inc. reports a larger quarterly loss and severe liquidity pressure in its latest period. For the three months ended March 31, 2026, the company recorded a net loss of $4.6 million, up from $0.7 million a year earlier, as research and development and general and administrative expenses increased to $4.6 million in total.
Semnur ended the quarter with only $0.1 million in cash and cash equivalents and total assets of $2.0 million, against total liabilities of $27.3 million, resulting in a stockholders’ deficit of $25.3 million. Operating activities used $2.7 million of cash, which was offset by $2.8 million of net financing inflows, primarily related party loans and partial repayment of promissory notes.
The company terminated both a planned $20.0 million PIPE equity financing and a proposed $100.0 million Bitcoin-funded share purchase agreement in April 2026, leaving it reliant on Scilex Holding Company for services and funding while it advances its lead late-stage pain candidate SP-102. Management states that recurring losses, minimal cash, dependence on Scilex and the need for additional financing raise substantial doubt about Semnur’s ability to continue as a going concern.
Semnur Pharmaceuticals (SMNR) filed its Q3 10‑Q, reporting a net loss of $152.6M, primarily from general and administrative expenses of $151.5M, which included significant stock-based compensation. Cash and cash equivalents were $85K with total liabilities of $15.4M.
Management disclosed that these conditions raise substantial doubt about the company’s ability to continue as a going concern. Following the September 22, 2025 business combination and reverse recapitalization, 229,740,978 common shares were outstanding as of November 10, 2025. At closing, the company issued 26.5M shares to consultants and 100K shares to underwriters; related-party debt of $54.2M was exchanged for preferred stock.
Two financing agreements were signed but had not closed by September 30, 2025: a PIPE for 1,250,000 shares at $16.00 per share ($20.0M) and the Semnur/Biconomy SPA for 6,250,000 shares at $16.00 per share ($100.0M) payable in Bitcoin. 8,760,000 warrants remained outstanding at an exercise price of $11.50 per share.