DECA SEC filings, in plain English
Everything Denali Capital Acquisition Corp. has filed with the SEC that we hold — 40 filings, newest first, 3 with a plain-English summary of what changed and why it matters. Every row links to the primary document on EDGAR, so you can check the source rather than trust us.
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What changed: Post-combination Semnur Pharmaceuticals (formerly Denali Capital Acquisition Corp.) reported $39K cash, $284.7M accumulated deficit, and $29.7M stockholders' deficit as of June 30, 2026, with management raising substantial going concern doubt. Both the $20M PIPE SPA and the $100M Bitcoin purchase agreement with Biconomy were terminated on April 20, 2026, eliminating two key financing sources. Why it matters: The company is critically undercapitalized with only $39K cash, dependent on parent Scilex for funding, and has missed scheduled promissory note payments to the Sponsor, FutureTech, and Denali underwriters. With both PIPE and crypto treasury financing deals terminated and no Nasdaq listing (trading on OTCQB), the path to funding its Phase 3 SP-102 program is highly uncertain.
going-concern doubtnothing moved · 1 with no prior record of ours
- Going-concern doubt
- stated · unchanged
The clause …“has concluded that the aforementioned conditions, among other things, raise substantial doubt about the Company’s ability to continue as a going concern for one year after the date the condensed consolidated financial statements are 7”…
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
What changed: Semnur Pharmaceuticals, Inc., the Denali Capital Acquisition Corp. successor, entered a binding term sheet on July 3, 2026 with iHolding Group LLP, a private investment group based in Almaty, Kazakhstan, contemplating that iHolding will purchase $100,000,000 of newly issued common stock at an expected $10.00 per share, or roughly 10,000,000 shares. The investment is subject to due diligence, definitive agreements, board and stockholder approval and regulatory clearance, and the filing warns there is no assurance it will be entered into or consummated. Why it matters: A $100 million primary investment at a fixed $10.00 per share would transform the balance sheet of a clinical-stage de-SPAC, but the conditions attached are extensive — due diligence, definitive documents, two boards, a stockholder vote and regulatory clearance — and the company warns that failure to agree could itself produce disputes or litigation. The same investor signed an identical $100 million term sheet with Scilex Holding at $15.00 per share on the same day, which is context a holder should weigh when assessing execution risk.
going-concern doubtnothing moved · 1 with no prior record of ours
- Going-concern doubt
- stated · unchanged
The clause …“has concluded that the aforementioned conditions, among other things, raise substantial doubt about the Company’s ability to continue as a going concern for one year after the date the condensed consolidated financial statements are”…
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
What changed: Semnur Pharmaceuticals, Inc., the successor to Denali Capital Acquisition Corp., noticed its 2026 annual meeting for Thursday, June 25, 2026 at 9:00 a.m. Pacific Time, held virtually, record date April 28, 2026. Quorum requires a majority of the voting power of the outstanding Common Stock and Series A Preferred Stock voting together, and the proxy reports 230,209,142 shares on the record date. The business combination closed September 22, 2025 under an agreement and plan of merger dated August 30, 2024, as amended by Amendment No. 1 dated April 16, 2025 and a later Amendment No. 2. Why it matters: This is the first annual meeting after the September 22, 2025 closing, so the Denali trust has already been released and no redemption right remains. The structural point for holders is that Series A Preferred votes alongside common on quorum and on matters generally, meaning the post-deal preferred investors hold voting weight in addition to whatever liquidation preference they carry ahead of the 230.2 million common shares.
What changed vs 2025-03-27going concern APPEAREDsponsor loan $1.3M → $1.5Mgoing-concern doubt, sponsor loans outstanding, trust account +12 moved · 2 with no prior record of ours
- Going-concern doubt
- not statedstated
- Sponsor loans outstanding
- $1.3M$1.5M
- Trust account
- $9.1Mnot matched in this filing
- Combination deadline
- 2025-04-11not matched in this filing
SpacBrain reads this as the substantial-doubt sentence is in this filing and not in the previous one.
The clause …“principles except for an explanatory paragraph in such report regarding substantial doubt about Denali’s ability to continue as a going concern. During the fiscal year ended December 31, 2024 and the subsequent interim period”…
SpacBrain reads this as the sponsor has advanced $215,037 more.
The clause …“total limit up to $2,000,000. As of March 31, 2025, there was an amount of $1,523,237 outstanding under Working Capital Loans in the form of (i) the Sponsor Convertible Promissory Note and (ii) the convertible promissory note, dated”…
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
trust account, combination deadline, going-concern doubt +3nothing moved · 6 with no prior record of ours
- Trust account
- $50.5Mnot matched in this filing
- Combination deadline
- 2025-04-11not matched in this filing
- Going-concern doubt
- stated · unchanged
- Sponsor loans outstanding
- $1.4Mnot matched in this filing
- Mandate language
- we intend to focus on technology, consumer and hospitality a…not matched in this filing
- Redeemable shares
- 752Knot matched in this filing
The clause …“operations, negative cash flows and substantial cumulative net losses raise substantial doubt about our ability to continue as a going concern. Risks Related to Our Product Development • We have historically obtained our clinical”…
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
outside datenothing moved · 1 with no prior record of ours
- Outside date
- 2025-09-30 · unchanged
The clause …“of the Denali Securities from the Nasdaq Capital Market, (ii) extend the Outside Date to September 30, 2025, and (iii) require Denali to amend its organizational documents to extend the period of time within which Denali can”…
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
trust account, combination deadline, going-concern doubt +3nothing moved · 6 with no prior record of ours
- Trust account
- $9.0Mnot matched in this filing
- Combination deadline
- 2025-09-30not matched in this filing
- Going-concern doubt
- stated · unchanged
- Sponsor loans outstanding
- $1.6Mnot matched in this filing
- Mandate language
- we intend to focus on technology, consumer and hospitality a…not matched in this filing
- Redeemable shares
- 390Knot matched in this filing
The clause …“has concluded that the aforementioned conditions, among other things, raise substantial doubt about the Company’s ability to continue as a going concern for one year after the date the condensed consolidated financial statements are”…
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
- What changed vs 2025-05-16trust $9.1M → $9.0M -1%sponsor loan $1.4M → $1.6Mshares 752K → 390K -48%
trust account, sponsor loans outstanding, redeemable shares +33 moved · 3 with no prior record of ours
- Trust account
- $9.1M$9.0M
- Sponsor loans outstanding
- $1.4M$1.6M
- Redeemable shares
- 752K390K
- Combination deadline
- 2025-09-30 · unchanged
- Going-concern doubt
- stated · unchanged
- Mandate language
- we intend to focus on technology, consumer and hospitality a… · unchanged
SpacBrain reads this as $124,162 left the trust between the two filings.
The clause …“(Level 2) Significant Other Unobservable Inputs (Level 3) Assets: Investments held in Trust Account $ 9,021,005 $ - $ 9,021,005 - NOTE 9 – SEGMENT INFORMATION ASC Topic 280, “Segment Reporting,” establishes standards for companies to”…
SpacBrain reads this as the sponsor has advanced $166,770 more.
The clause …“the year ended December 31, 2024. As of June 30, 2025, there was an amount of $ 1,574,970 outstanding under Working Capital Loans in the form of the Convertible Promissory Note issued to Sponsor. Further, an amount of $ 110,237 with”…
SpacBrain reads this as 361,509 shares are no longer redeemable.
The clause …“Class A ordinary shares subject to possible redemption (extension deposit) - 390,328 Ordinary shares subject to possible redemption – December 31, 2024 751,837 9,021,005 Subsequent measurement of Class A ordinary shares subject to”…
The clause …“parties), and (iii) extends the Outside Date for the Business Combination to September 30, 2025, subject to further extension if an Extension Amendment is in effect. On July 22, 2025, the Company entered into Amendment No. 2 to the”…
The clause “In accordance with ASC Subtopic 205-40, “Presentation of Financial Statements – Going Concern”, the Company has evaluated that there are certain conditions and events, considered in the aggregate, that raise substantial doubt about the”…
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
In plain English
Redemption deadlinethe last day to hand shares back for cash
Set by the filing that calls the meeting. Tender after it and the company is under no obligation to pay you the trust value.
Cash in trust / trust per sharethe cash the company is holding for each public share
Filed quarterly in the 10-Q's XBRL. It earns interest between filings, so the figure on a given day is slightly higher than the last filed one — where we show that we label it an estimate.
Accession numberthe SEC's unique id for one filing
Every figure on this page carries the accession of the filing that states it, so you can open the primary document rather than trust us.