Company: SMNR
Filing Date: 2025-10-21
Form Type: S-1
Source: 0001193125-25-245178
Chunk: 382

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-10-21
Form: S-1
Chunk 382
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 Officer (“CODM”), who reviews the operating results for the Company as a whole to make decisions about allocating resources and assessing financial performance. Accordingly, management has determined that the Company only has one operating and reportable segment.

When evaluating the Company’s performance and making key decisions regarding resource allocation the CODM reviews several key metrics, which include the following:

|                                                                   |     | For the YearEndedDecember 31, 2024 |            |   |     | For the YearEndedDecember 31, 2023 |            |   |
|:------------------------------------------------------------------|:----|:-----------------------------------|-----------:|:--|:----|:-----------------------------------|-----------:|:--|
| Professional Services fee in connection with Business Combination |     | $                                  | (1,163,962 | ) |     | $                                  | (2,268,236 | ) |
| Other formation and operating costs                               |     |                                    |   (485,144 | ) |     |                                    |   (905,590 | ) |
| Total formation and operating costs                               |     |                                    | (1,649,106 | ) |     |                                    | (3,173,826 | ) |
| Interest expense                                                  |     |                                    |    (96,242 | ) |     |                                    |    (36,909 | ) |
| Interest earned on investment held in Trust Account               |     |                                    |  1,578,042 |   |     |                                    |  3,843,271 |   |
| Net (loss) income                                                 |     | $                                  |   (167,306 | ) |     | $                                  |    632,536 |   |

The key measures of segment profit or loss reviewed by our CODM are interest earned on investment in Trust Account and formation and operating expenses. The CODM reviews interest earned on investment in Trust Account to measure and monitor shareholder value and determine the most effective strategy of investment with the Trust Account funds while maintaining compliance with the trust agreement. Within formation and operating

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costs, the CODM specifically reviews professional service fee in connection with the business combination, which are a significant segment expense, and include legal fees, and advisory fees, as these represent significant costs affecting the Company’s consummation of the Business Combination. Other formation and operating costs, including accounting expenses, printing expenses, and regulatory filing fees, are reviewed in aggregate to ensure alignment with budget and contractual obligations. These expenses are