Company: SMNR
Filing Date: 2025-07-02
Form Type: S-4/A
Source: 0001193125-25-154936
Chunk: 603

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-02
Form: S-4/A
Chunk 603
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 2024 were approximately $406,584. For more information regarding Semnur’s operating expenses, see “ Management’s Discussion and Analysis of Financial Condition and Results of Operations of Semnur — Components of Our Results of Operations” and “ Management’s Discussion and Analysis of Financial Condition and Results of Operations of Semnur — Results of Operations”. On August 30, 2024, the Semnur Board approved the following stock option grants (the “Awards”) to Dr. Ji, Mr. Shah and Mr. Ma under the 2024 Stock Option Plan, with a grant date of August 30, 2024, which grants are subject to the terms and conditions of the 2024 Stock Option Plan and the applicable form of option agreement approved for use thereunder. The exercise price of the following stock option grants is $1.58 per share, with 1/48th of the total amount of the shares vested and shall vest each month after the Grant Date, subject to the executive officer’s providing continuous service (as defined in the 2024 Stock Option Plan) on each such vesting date, inclusive.

|                 |     | Stock Options |            |
| Jaisim Shah     |     |               | 17,500,000 |
| Henry Ji, Ph.D. |     |               | 17,500,000 |
| Stephen Ma      |     |               |  2,000,000 |

The Awards are not exercisable until the earlier to occur of (i) the approval by the shareholders of Denali of the Option Exchange or (ii) the approval by the stockholders of Scilex of the 2024 Stock Option Plan at or prior to the 2025 annual meeting of stockholders of Scilex (and notwithstanding the foregoing, the Awards are not exercisable until all payments and all obligations under the Oramed Note have been paid in full). These Awards are not considered to be granted under accounting rules as neither repayment of the Oramed Note nor closing of the Business Combination has occurred. As such, total amount of stock-based compensation expense attributable to these Awards would be determined based on their accounting grant-date fair value and to be recognized, on a tranche-by-tranche basis, over forty-eight equal monthly tranches. No expense was recorded in connection with the Awards granted under the 2024 Stock Option Plan as of December 31, 2024, as the vesting is contingent upon the repayment of the Oramed Note and the