Here are the 10-Q quarterly reports from Semnur Pharms Inc WTS (SMNRW) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow SMNRW and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full SMNRW filings page.
Semnur Pharmaceuticals, Inc. (SMNR) reported a $3.633 million net loss for the quarter ended September 30, 2026, versus $152.594 million a year earlier; 2025 general and administrative expense included $140.163 million of stock-based compensation. For the first nine months, operating loss was $12.377 million and operating cash use was $7.030 million.
At September 30, Semnur had $54,000 cash, $35.315 million in liabilities and a $24.036 million related-party loan payable to its parent, Scilex. Management said Semnur depends on Scilex for services and funding pending external financing, and concluded conditions raise substantial doubt about its ability to continue as a going concern for one year after the statements were issued. Certain Q1 2026 note installments were not paid; Semnur reported no notice of default and expected payment by year-end.
A binding term sheet contemplates iHolding Group LLP purchasing $100.0 million of new common stock at an expected $10.00 per share; no definitive agreement had been executed as of September 30. Semnur terminated its $20.0 million PIPE and $100.0 million Biconomy purchase agreements on April 20, 2026. It is developing SP-102 and initiated its second Phase 3 study in September 2025.
Semnur Pharmaceuticals, Inc., a late-stage biopharmaceutical company developing non-opioid pain product SP-102/SEMDEXA, reports sharply higher operating expenses and losses for the quarter and six months ended June 30, 2026. Research and development and general and administrative spending rose significantly as the company advances Phase 3 development.
For the six-month period, the company recorded a net loss of $8.9 million, compared with $1.7 million a year earlier, driven by higher R&D, stock-based compensation and corporate costs. Cash and cash equivalents were only $39 thousand against total liabilities of $31.6 million, resulting in a stockholders’ deficit of $29.7 million and a heavy reliance on related-party funding from parent Scilex.
Management explicitly states that recurring losses, minimal cash, dependence on external financing and Scilex support, and the need to fund continued development of SP-102 raise substantial doubt about the ability to continue as a going concern. Previously announced equity financings, including a $20 million PIPE and a $100 million Bitcoin-funded purchase agreement, were terminated. After quarter end, the company signed a binding term sheet with iHolding Group LLP for a proposed $100 million common stock investment, but closing is subject to numerous conditions and may not occur.
Semnur Pharmaceuticals, Inc. reports a larger quarterly loss and severe liquidity pressure in its latest period. For the three months ended March 31, 2026, the company recorded a net loss of $4.6 million, up from $0.7 million a year earlier, as research and development and general and administrative expenses increased to $4.6 million in total.
Semnur ended the quarter with only $0.1 million in cash and cash equivalents and total assets of $2.0 million, against total liabilities of $27.3 million, resulting in a stockholders’ deficit of $25.3 million. Operating activities used $2.7 million of cash, which was offset by $2.8 million of net financing inflows, primarily related party loans and partial repayment of promissory notes.
The company terminated both a planned $20.0 million PIPE equity financing and a proposed $100.0 million Bitcoin-funded share purchase agreement in April 2026, leaving it reliant on Scilex Holding Company for services and funding while it advances its lead late-stage pain candidate SP-102. Management states that recurring losses, minimal cash, dependence on Scilex and the need for additional financing raise substantial doubt about Semnur’s ability to continue as a going concern.
Semnur Pharmaceuticals (SMNR) filed its Q3 10‑Q, reporting a net loss of $152.6M, primarily from general and administrative expenses of $151.5M, which included significant stock-based compensation. Cash and cash equivalents were $85K with total liabilities of $15.4M.
Management disclosed that these conditions raise substantial doubt about the company’s ability to continue as a going concern. Following the September 22, 2025 business combination and reverse recapitalization, 229,740,978 common shares were outstanding as of November 10, 2025. At closing, the company issued 26.5M shares to consultants and 100K shares to underwriters; related-party debt of $54.2M was exchanged for preferred stock.
Two financing agreements were signed but had not closed by September 30, 2025: a PIPE for 1,250,000 shares at $16.00 per share ($20.0M) and the Semnur/Biconomy SPA for 6,250,000 shares at $16.00 per share ($100.0M) payable in Bitcoin. 8,760,000 warrants remained outstanding at an exercise price of $11.50 per share.