Company: SMNR
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027319
Chunk: 712

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-02
Form: 10-K
Item: Item 4
Chunk 712
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 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 behalf has consulted
with Marcum Asia regarding (i) the application of accounting principles to a specific transaction, either completed or proposed, or the
type of audit opinion that might be rendered on the Company’s financial statements, where either a written report or oral advice
was provided to the Company that Marcum Asia concluded was an important factor considered by the Company in reaching a decision as to
the accounting, auditing or financial reporting issue, (ii) any matter that was the subject of a disagreement within the meaning of Item
304(a)(1)(iv) of Regulation S-K and the related instructions to Item 304 of Regulation S-K or (iii) any reportable event within the meaning
of Item 304(a)(1)(v) of Regulation S-K.

22

Item
9A. Controls and Procedures.

Evaluation
of Disclosure Controls and Procedures

Disclosure
controls and procedures are controls and other procedures that are designed to ensure that information required to be disclosed in our
reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time