Semnur Pharmaceuticals, Inc.

SMNRdata completeness 63%4 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'capex'; no data for concept 'totalDebt'

i. The business — what you’d actually own

Figure	FY 2022	FY 2023	FY 2024	FY 2025
Revenue	—	—	—	—
Net income	−$419,390¹	$632,536²	−$4.69M³	−$160.4M³
Operating cash flow	−$426,095⁴	−$632,783⁵	−$4.89M⁶	−$5.87M⁶
Capital expenditure	—	—	—	—
Free cash flow (derived)	—	—	—	—
Total debt	—	—	—	—
Cash & equivalents	$819,747⁷	$204,464⁷	$12,000⁸	$20,000⁸
Diluted shares	—	—	200.0M	204.8M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal

If you owned

Net assets behind them

−$1.01

your share of equity

Profit it earned you last year

−$7.83

Free cash flow it threw off

—

Debt you’d be carrying

—

10 shares is a claim on −$1.01 of net worth that earned you −$7.83 last year.

iii. Is this a good business?

Moat signal · return on equity

— avg · 4y

Not enough data in the filings for a return-on-capital reading.

Management signal · capital allocation

+2% shares · 4y

Share count is up 2% over 4 years — owners have been diluted. Worth asking what they got for it.

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

DCF · Growth Exit 10Y

not applicable

only 0 years of FCF (need ≥3) — model not applicable

DCF · Growth Exit 5Y

not applicable

only 0 years of FCF (need ≥3) — model not applicable

Earnings Power Value

not applicable

normalized (5y-median) earnings non-positive — EPV undefined

Graham Number

not applicable

diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts