SMNRW

Revenue: As of FY2025, the actual value is USD 0.

EPS: As of FY2025, the actual value is USD -0.78.

EBIT: As of FY2025, the actual value is USD -160.42 M.

Overview

As of December 31, 2025, Semnur Pharmaceuticals, Inc. reported cash and cash equivalents of $20 thousand and an accumulated deficit of $275.8 million. For the year ended December 31, 2025, the company incurred operating losses of $160.4 million and used $5.9 million in cash from operations, primarily due to research and development activities, allocated general and administrative costs, and expenses related to the Business Combination.

Operating Expenses

• Total Operating Expenses: Total operating expenses for the year ended December 31, 2025, were $160,416 thousand, a significant increase of $155,726 thousand compared to $4,690 thousand for the year ended December 31, 2024.
• Research and Development Expenses: Research and development expenses totaled $2,546 thousand for the year ended December 31, 2025, an increase of $837 thousand from $1,709 thousand in 2024. This increase was attributed to higher personnel costs due to increased headcount and allocation of expenses from Scilex, as well as increased contracted R&D activities related to SP-102 development.
  • Contracted R&D expenses increased by $260 thousand, from $1,160 thousand in 2024 to $1,420 thousand in 2025.
  • Personnel costs rose by $431 thousand, from $492 thousand in 2024 to $923 thousand in 2025.
  • Other expenses increased by $146 thousand, from $57 thousand in 2024 to $203 thousand in 2025.
• General and Administrative Expenses: General and administrative expenses reached $157,870 thousand for the year ended December 31, 2025, a substantial increase of $154,889 thousand from $2,981 thousand in 2024. This surge was primarily driven by $140.0 million in consulting expense for consultant shares issued at Closing and $9.9 million in deferred offering costs written off at Closing, alongside increased personnel-related costs and higher consulting expenses for public company management.

Loss from Operations

Loss from operations was - $160,416 thousand for the year ended December 31, 2025, compared to - $4,690 thousand for the year ended December 31, 2024.

Net Loss

Net loss was - $160,416 thousand for the year ended December 31, 2025, compared to - $4,690 thousand for the year ended December 31, 2024.

Cash Flows

• Net Cash Used in Operating Activities: Net cash used in operating activities was - $5,867 thousand for the year ended December 31, 2025, representing an increase of - $976 thousand from - $4,891 thousand in 2024. This increase was mainly due to higher expenses from increased headcount, clinical development, and general public company management costs.
• Net Cash Provided by Financing Activities: Net cash provided by financing activities was $5,875 thousand for the year ended December 31, 2025, compared to $4,891 thousand in 2024, primarily due to proceeds from a related party loan.
• Net Change in Cash and Cash Equivalents: The net change in cash and cash equivalents was $8 thousand for the year ended December 31, 2025, compared to $0 thousand in 2024.

Outlook / Guidance

Semnur Pharmaceuticals, Inc. anticipates continued significant expenses and operating losses in the foreseeable future as it develops SP-102 and pursues regulatory approval, with net losses expected to fluctuate based on research and development timing and expenditures. The company estimates planned operating expenses of approximately $21.0 million for the next twelve months, including $10.0 million allocated for clinical work. Semnur Pharmaceuticals, Inc. expects to fund operations through existing cash, continued support from Scilex, and various financing alternatives, including potential new credit facilities, non-dilutive options, and equity financing, to also meet potential milestone payments of up to $280.0 million.