Tue, Nov 19, 10:07 PM (24 days ago)
**Denali Capital Acquisition Corp. (DECA) - Q3 2024 Summary** For the quarter ending September 30, 2024, Denali Capital Acquisition Corp. reported a net loss of $40.9k, contrasting with a net income of $630.6k for the same period in 2023. The decline primarily stemmed from increased formation and operating costs ($213k) and interest expenses ($25.2k), despite earning $197.3k from investments held in the Trust Account. As of September 30, 2024, total assets decreased to $8.9 million from $50.7 million at year-end 2023, largely due to significant redemptions of Class A shares, reducing outstanding shares to 751,837. The Trust Account now holds $8.9 million in cash, down from $50.5 million. The company continues to pursue a business combination, having entered a merger agreement with Semnur Pharmaceuticals, valued at $2.5 billion. However, uncertainties remain regarding compliance with Nasdaq listing standards, as the company was previously notified of deficiencies in market value and total assets. Liquidity concerns persist, with a working deficit of $6.6 million and reliance on sponsor loans for operational needs. The company plans to utilize available funds for due diligence and potential acquisitions, while maintaining a focus on completing a business combination by April 2025.