Company: SMNR
Filing Date: 2025-07-23
Form Type: S-4/A
Source: 0001193125-25-163401
Chunk: 819

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-23
Form: S-4/A
Chunk 819
---
 shares for a pro rata portion of the funds in the Company’s Trust Account. As a result, approximately $ 8.6million (approximately $ 12.17per share) was removed from the Trust Account to pay such holders. Following redemptions, the Company had 43,739public shares outstanding. On April 11, 2025 and May 9, 2025, Scilex deposited an aggregated total of $ 1,750drawn 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-62

**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 from the outcome of this uncertainty.

Carve-out Basis of Accounting

As discussed in Note 1 to the accompanying financial statements, the financial statements have been prepared on a “car