Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 822

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 822
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 this error in
the accompanying unaudited balance sheet as of March 31, 2025. Management has concluded that this error was not material to the Company’s previously issued financial statements and therefore does not affect the reliability of the prior
period financial statements.

Use of Estimates

The preparation of these unaudited condensed financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect
the reported amounts of assets and liabilities and the reported amounts of operating expenses during the reporting period. These estimates include, but are not limited to, fair value of financial instruments, useful lives of property and equipment,
certain assumptions used to calculate the fair value of Scilex stock option awards, as well as the percentage of time certain Scilex employees spent supporting the Company’s SP-102 program, which is used
to calculate the amount of operating expenses allocated from Scilex as discussed in the “Carve-OutMethod” section above.

Significant Accounting Policies

There have been
no significant changes to the Company’s significant accounting policies during the three months ended March 31, 2025, as compared to those described in Note 3 of the notes to the annual financial statements for the years ended
December 31, 2024 and 2023.

Recently Issued Accounting Pronouncements

There have been no significant changes to the Company’s discussion of recently issued accounting pronouncements during the three months ended
March 31, 2025, as compared to those described in Note 3 of the notes to the annual financial statements for the years ended December 31, 2024 and 2023.

Note 2. Liquidity and Going Concern

The accompanying
financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of

F-92

business. Management has assessed the Company’s ability to continue as a going concern for at least one year after the issuance date of the accompanying financial statements. As of March 31, 2025, the Company had cash and cash equivalents of approximately $7,000. During the three months ended March 31, 2025, the Company had operating losses of $0.7 million and negative cash flows from operations of $0.4 million. The Company had an accumulated deficit of approximately $116.0 million as of March 31, 2025. The Company is dependent upon Scilex to provide services and funding to support the operations of