Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 343

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 343
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-102 in fiscal year 2027, and that such payments will range from approximately $40.7 million to $230.5 million, with peak royalty and milestone payments of $230.5 million in fiscal year 2029. Under the Semnur Merger Agreement, assuming SP-102is approved by the FDA, Scilex is obligated to pay the Semnur Equityholders up to $280.0 million in aggregate contingent cash consideration based on the achievement of certain milestones, comprised of a $40.0 million payment that will be due upon obtaining the first approval of a NDA of SP-102by the FDA and additional payments that will be due upon the achievement of certain amounts of net sales of SP-102,as follows: (i) a $20.0 million payment upon the achievement of $100.0 million in cumulative net sales (projected to occur in fiscal year 2028), (ii) a $20.0 million payment upon the achievement of $250.0 million in cumulative net sales (projected to occur in fiscal year 2028), (iii) a $50.0 million payment upon the achievement of $500.0 million in cumulative net sales (projected to occur in fiscal year 2029), and (iv) a $150.0 million payment upon the achievement of $750.0 million in cumulative net sales (projected to occur in fiscal year 2029). The obligation to make the foregoing payments is an obligation of Scilex and Scilex will pay such amounts, if triggered. However, in the event Scilex makes any of these payments, Scilex expects to seek reimbursement of these amounts from Semnur through an intercompany arrangement between Scilex and Semnur. At this time, no such intercompany agreement is in place. See the section titled “ Business of Semnur — Material Agreements — Semnur Merger Agreement” for additional information regarding Scilex’s obligations under the Semnur Merger Agreement. Under the Shah Assignment Agreement, there is also a royalty payout of 1.5% of net sales for annual net sales of up to $250.0 million and 2.5% of net sales for annual net sales of greater than $250.0 million (projected to start from fiscal year 2028).

| (4) | Operating expenses projections are based on the assumption that Semnur will continue to depend on shared   
 services provided by Scilex for