Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 793

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 793
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 connection with the shareholder meeting held on
April 11, 2025, shareholders holding 708,098 public shares exercised their right to redeem such shares for a pro rata portion of the funds in the Company’s Trust Account. As a result, approximately $8.6 million (approximately $12.17
per share) was removed from the Trust Account to pay such holders. Following redemptions, the Company had 43,739 public shares outstanding.

On
April 11, 2025 and May 9, 2025, Scilex deposited an aggregated total of $1,750 drawn down from the Extension Scilex Convertible Promissory Note to the Trust Account to extend the time the Company has to consummate an initial business
combination to June 11, 2025.

F-63

Report of Independent Registered Public Accounting Firm

To the Stockholders and the Board of Directors of

Semnur
Pharmaceuticals, Inc.

Opinion on the Financial Statements

We have audited the accompanying balance sheets of Semnur Pharmaceuticals, Inc. (“Semnur”) (the “Company”) as of December 31, 2024
and 2023, the related statements of operations, stockholders’ (deficit) equity and cash flows for the periods ended December 31, 2024 and 2023 and the related notes (collectively referred to as the “financial statements”). In
our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for the periods ended December 31,
2024 and 2023, in conformity with accounting principles generally accepted in the United States of America.

Company’s Ability to Continue as a Going Concern

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in
Note 2 to the financial statements, the Company has negative working capital, has suffered losses from operations, has recurring negative cash flows from operations, dependence upon the support from its parent, Scilex Holding Company, and the
success of future development and regulatory approval of SP-102. These factors raise substantial doubt about the Company’s ability to continue as a going concern. Management’s evaluation of the
events and conditions and management’s plans regarding these matters are also described in Note 2. The financial statements do not include any adjustments that might result