Company: SMNR
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027319
Chunk: 378

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-02
Form: 10-K
Item: Item 1C
Chunk 378
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 currently yield interest of approximately 3.5% per annum. Due to the
short-term nature of these investments, we believe there will be no associated material exposure to interest rate risk.

21

Item
8. Financial Statements and Supplementary Data.

Reference
is made to Pages F-1 through F-28 comprising a portion of this Annual Report on Form 10-K.

Item
9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure.

(a)
Dismissal of Independent Registered Public Accounting Firm

Denali,
at the direction of the board of directors, and upon the recommendation of the Audit Committee of the board of directors, dismissed its
independent registered public accountant Marcum LLP (“Marcum”), effective as of July 15, 2024.

Marcum’s
report on the Company’s consolidated financial statements for the fiscal years ended December 31, 2023 and 2022 did not contain
an adverse opinion or a disclaimer of opinion, and was not qualified or modified as to uncertainty, audit scope, or accounting principles,
except that Marcum’s report contained an explanatory paragraph expressing substantial doubt about the ability of the Company to
continue as a going concern.

During
the fiscal years ended December 31, 2023 and 2022 and subsequent interim periods through the date of Marcum’s dismissal, there
were (i) no disagreements with Marcum on any matter of accounting principles or practices, financial statement disclosure, or auditing
scope or procedure, any of which, if not resolved to Marcum’s satisfaction, would have caused it to make reference to the subject
matter of any such disagreement in connection with its reports for such years and (ii) no “reportable events” requiring disclosure
pursuant to paragraph (a)(1)(v) of Item 304 of Regulation S-K and the related instructions to Item 304 of Regulation S-K.

(b)
Appointment of New Independent Registered Public Accounting Firm

At
the direction of the board of directors, and upon the recommendation of the Audit Committee, the Company appointed Marcum Asia CPAs LLP
(“Marcum Asia”) as the Company’s new independent registered public accounting firm for the fiscal year ending December
31, 2024, effective as of July 15, 2024. During the Company’s two most recent fiscal years ended December 31, 2023 and 2022, and
the subsequent interim periods through the date of Marcum Asia’s engagement, neither the Company nor anyone on its