Company: SMNR
Filing Date: 2025-10-21
Form Type: S-1
Source: 0001193125-25-245178
Chunk: 431

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-10-21
Form: S-1
Chunk 431
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 the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. F-64

Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. /s/ Pipara & Co LLP (6841) Delhi, India April 21, 2025 We have served as the Company’s auditor since 2025. F-65

SEMNUR PHARMACEUTICALS, INC. BALANCE SHEETS (In thousands, except for par value and share amounts)

| ASSETS                                                                                                                                                                                                  
 Current assets:                                                                                                                                                                                         |     | December 31,2024 |          |   |     | December 31,2023 |          |   |
|:--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|:----|:-----------------|---------:|:--|:----|:-----------------|---------:|:--|
| Cash and cash equivalents                                                                                                                                                                               |     | $                |       12 |   |     | $                |       12 |   |
| Prepaid expenses                                                                                                                                                                                        |     |                  |        2 |   |     |                  |        2 |   |
| Other current assets                                                                                                                                                                                    |     |                  |    5,981 |   |     |                  |        — |   |
| Total current assets:                                                                                                                                                                                   |     |                  |    5,995 |   |     |                  |       14 |   |
| Property and equipment, net                                                                                                                                                                             |     |                  |      689 |   |     |                  |      689 |   |
| Total assets