Company: SMNR
Filing Date: 2025-10-21
Form Type: S-1
Source: 0001193125-25-245178
Chunk: 473

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-10-21
Form: S-1
Chunk 473
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ramed Note and any additional notes issued by Scilex in full or partial substitution of the Oramed Note. Following the execution of the amended and restated security agreement with Oramed on October 8, 2024, and upon completion of the Business Combination, as of September 22, 2025, the Company was no longer a Guarantor under the Subsidiary Guarantee.

<div align='center'>F-98</div>

**Note 7. Related Parties**

Transactions entered into between the Company and Scilex were included within the financial statements and are considered related party transactions. These transactions have been reflected as related party loans, a long-term liability, within the balance sheets and statements of cash flows as they represent a form of indebtedness under the Debt Exchange Agreement. See the “ Basis of Presentation ” section of Note 1 for additional details. The total loans received from Scilex for the six months ended June 30, 2025 and 2024 are as follows (in thousands):

|                                                                                                      |     | Six Months Ended June 30, |  2025 |     |   |  2024 |
|:-----------------------------------------------------------------------------------------------------|:----|:--------------------------|------:|:----|:--|------:|
| Loans from Scilex Holding Company — stock-based compensation                                         |     | $                         |   211 |     | $ |   371 |
| Loans from Scilex Holding Company — expenses paid by Scilex Holding Company on behalf of the Company |     |                           | 2,528 |     |   | 3,063 |
| Total loans from Scilex Holding Company                                                              |     | $                         | 2,793 |     | $ | 3,434 |

**Debt Exchange Agreement**

On August 30, 2024, the Company and Scilex entered into the Debt Exchange Agreement with respect to certain amounts owed to Scilex by the Company, including accrued and unpaid interest thereon, if any, which amount may be updated pursuant to the terms thereof, for certain loans and other amounts provided by Scilex to the Company prior to the closing of the Business Combination (the “Outstanding Indebtedness”). The Outstanding Indebtedness as of June 30, 2025 and December 31, 2024 was approximately $ 52,172,274and $ 49,433,467, respectively, but will not exceed $ 60,000,000