Revenue: As of FY2025 Q3, the actual value is USD 0.EPS: As of FY2025 Q3, the actual value is USD -0.76.EBIT: As of FY2025 Q3, the actual value is USD -152.59 M.<h3>Segment Revenue</h3><ul><li>Research and Development Expenses: For the three months ended September 30, 2025, research and development expenses were $1.1 million, an increase from $0.2 million for the same period in 2024. For the nine months ended September 30, 2025, these expenses were $1.8 million, up from $1.5 million in 2024. The increase was primarily due to increased contracted research and development expenses and allocated personnel costs from Scilex.</li></ul><h3>Operational Metrics</h3><ul><li>Net Loss: For the three months ended September 30, 2025, the net loss was - $152.6 million, compared to - $1.3 million for the same period in 2024. For the nine months ended September 30, 2025, the net loss was - $154.3 million, compared to - $3.9 million in 2024. The increase in net loss was primarily due to consulting expenses related to shares issued at closing and deferred offering costs written off at closing.</li><li>General and Administrative Expenses: For the three months ended September 30, 2025, general and administrative expenses were $151.5 million, compared to $1.1 million for the same period in 2024. For the nine months ended September 30, 2025, these expenses were $152.4 million, compared to $2.4 million in 2024. The increase was primarily due to consulting expenses related to shares issued at closing and deferred offering costs written off at closing.</li></ul><h3>Cash Flow</h3><ul><li>Net Cash Used in Operating Activities: For the nine months ended September 30, 2025, net cash used in operating activities was - $2.3 million, compared to - $3.5 million for the same period in 2024. The decrease was primarily due to higher accounts payable and accrued expenses as of September 30, 2025.</li><li>Net Cash Provided by Financing Activities: For the nine months ended September 30, 2025, net cash provided by financing activities was $2.3 million, primarily due to proceeds from related party loans of $9.9 million offset by payment of deferred offering costs of $7.6 million.</li></ul><h3>Future Outlook and Strategy</h3><ul><li>Core Business Focus: The company is focused on developing and commercializing SP-102, a non-opioid pain management product, and has initiated a second Phase 3 study in September 2025. The company expects to incur significant expenses and operating losses for the foreseeable future as it continues its efforts to develop and seek regulatory approval for SP-102.</li><li>Non-Core Business: The company is exploring various financing alternatives, including new credit facilities, non-dilutive financing options, and equity financing options. It is also dependent on Scilex to provide services and funding to support operations until external financing is obtained.</li></ul>

SEMNUR PHARMACEUTICALS INC C/WTS 22/09/2030(TO PUR COM) REV SPLT | 10-Q: FY2025 Q3 Revenue: USD 0