Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 539

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 539
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2024 and 2023 were $1.7 million and $1.6 million, respectively. The increase of $0.1 million was primarily attributed to an increase of $0.2 million from allocated personnel costs and an increase of $0.1 million from consulting costs, offset by a decrease of $0.2 million in chemistry manufacturing and controls costs related to drug supply of SP-102. General and Administrative Expenses General and administrative expenses for the years ended December 31, 2024 and 2023 were $3.0 million and $1.6 million, respectively. The increase of $1.4 million was primarily attributed to an increase of professional services expense of $1.7 million, offset by a decrease of $0.3 million in allocated stock-based compensation expense. Liquidity and Capital Resources As of March 31, 2025, we had cash and cash equivalents of approximately $7,000. During the three months ended March 31, 2025, we had operating losses of $0.7 million and negative cash flows from operations of $0.4 million. We had an accumulated deficit of approximately $116.0 million as of March 31, 2025. As of December 31, 2024, we had cash and cash equivalents of approximately $12,000. During the year ended December 31, 2024, we had operating losses of $4.7 million and negative cash flows from operations of $4.9 million. We had an accumulated deficit of approximately $115.4 million as of December 31, 2024. We are dependent upon Scilex and its affiliates to provide services and funding to support our operations until, at least, such time as external financing is obtained. We expect to incur significant expenses and operating losses for the foreseeable future as we continue our efforts to develop and seek regulatory approval for SP-102. Future Liquidity Needs We expect to have cash and cash equivalents of approximately up to $3.1 million after the Business Combination, depending on, among other factors, the amount of shareholders who exercise their redemption rights. See the section titled “ Unaudited Pro Forma Condensed Combined Financial Information.” We estimate that our planned operating expenses are expected to be approximately $21 million during the twelve months following the consummation of the Business Combination, which includes the cost of clinical work of approximately $10 million. We do not anticipate significant increases in our costs of clinical work during this period. In the twelve months