Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 792

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 792
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 performance and making key decisions regarding resource allocation the CODM reviews several key metrics, which include the following:

|                                                                   |     | Three     
 Months    
 Ended     
 March 31, 
 2025      |          |   |     | Three     
 Months    
 Ended     
 March 31, 
 2024      |          |   |
|:------------------------------------------------------------------|:----|:----------|---------:|:--|:----|:----------|---------:|:--|
| Professional services fee in connection with Business Combination |     | $         | (114,907 | ) |     | $         | (219,328 | ) |
| Other formation and operating costs                               |     |           | (131,693 | ) |     |           | (148,924 | ) |
| Total formation and operating costs                               |     |           | (246,600 | ) |     |           | (368,252 | ) |
| Interest expense                                                  |     |           |  (26,974 | ) |     |           |  (21,303 | ) |
| Interest earned on investment held in Trust Account               |     |           |   78,971 |   |     |           |  653,885 |   |
| Net (loss) income                                                 |     | $         | (194,603 | ) |     | $         |  264,330 |   |

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 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 monitored to manage and forecast cash available to complete a business combination within the required period. F-62

NOTE 10 – SUBSEQUENT EVENTS

The Company has evaluated subsequent events through May 15, 2025 when these consolidated financial statements were issued and determined that there were
no significant unrecognized events through that date other than those noted below.

In