Company: SMNR
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027319
Chunk: 386

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-02
Form: 10-K
Item: Item 1C
Chunk 386
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 serves as the Chair of the audit committee. Under the Nasdaq listing standards and
applicable SEC rules, we are required to have at least three members of the audit committee, all of whom must be independent within one
year of the listing of our Class A ordinary shares. Each member of the audit committee is financially literate and our board of directors
has determined that Kevin Vassily qualifies as “audit committee financial expert” as defined in applicable SEC rules.

The
audit committee is responsible for:

●meeting
with our independent registered public accounting firm regarding, among other issues, audits, and adequacy of our accounting and control
systems;

●monitoring
the independence of the independent registered public accounting firm;

●verifying
the rotation of the lead (or coordinating) audit partner having primary responsibility for the audit and the audit partner responsible
for reviewing the audit as required by law;

●inquiring
and discussing with management our compliance with applicable laws and regulations;

●pre-approving
all audit services and permitted non-audit services to be performed by our independent registered public accounting firm, including the
fees and terms of the services to be performed;

●appointing
or replacing the independent registered public accounting firm;

26

●determining
the compensation and oversight of the work of the independent registered public accounting firm (including resolution of disagreements
between management and the independent auditor regarding financial reporting) for the purpose of preparing or issuing an audit report
or related work;

●establishing
procedures for the receipt, retention and treatment of complaints received by us regarding accounting, internal accounting controls or
reports which raise material issues regarding our financial statements or accounting policies;

●monitoring
compliance on a quarterly basis and, if any non-compliance is identified, immediately taking all action necessary to rectify such non-compliance
or otherwise causing compliance; and

●reviewing
and approving all payments made to our existing shareholders, executive officers or directors and their respective affiliates. Any payments
made to members of our audit committee will be reviewed and approved by our board of directors, with the interested director or directors
abstaining from such review and approval.

Compensation
Committee Interlocks and Insider Participation

None
of our executive officers currently serves, and in the past year has not served, as a member of the compensation committee of any entity
that has one or more executive officers serving on our board of directors.

Code
of Ethics

We
have adopted a Code of Ethics applicable to our directors