Company: SMNR
Filing Date: 2025-04-21
Form Type: S-4/A
Source: 0001193125-25-087342
Chunk: 134

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-21
Form: S-4/A
Chunk 134
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 and Operations”, “— Risks Related to Semnur’s Intellectual Property”, “— Risks Related to Government Regulations” and “— Risks Related to Semnur’s Relationship with Scilex” to “we,” “us,” “our,” and “the Company” generally refer to Semnur in the present tense or New Semnur from and after the Business Combination. Risks Related to Semnur’s Limited Operating History, Financial Condition and Capital Requirements We are a clinical-late stage specialty pharmaceutical company and have incurred significant losses since our inception. We anticipate that we will incur continued losses for the foreseeable future. We are a late-stage clinical biopharmaceutical company focused on developing and commercializing innovative non-opioidpain management products for the treatment of acute and chronic pain, and we have a limited operating history. We have not commenced revenue-producing operations and to date, we have focused on organizing and staffing our company, business planning, raising capital, identifying potential non-opioidpain therapy candidates, undertaking preclinical studies and clinical trials of our product candidate and establishing research and development collaborations. Our relatively short operating history as a company makes any assessment of our future success and viability subject to significant uncertainty. Investment in biopharmaceutical product development is highly speculative because it entails substantial upfront capital expenditures and significant risk that any potential product candidate will fail to demonstrate adequate effect or an acceptable safety profile, gain regulatory approval and become commercially viable. We will encounter risks and difficulties frequently experienced by early-stage biopharmaceutical companies in rapidly evolving fields, and we have not yet demonstrated an ability to overcome such risks and difficulties successfully. Our ability to execute on our business model and generate revenues depends on a number of factors including our ability to:

| • |     | successfully complete ongoing pre-clinical studies and clinical trials and obtain regulatory approvals for our current and future product candidates; |

| • |     | identify new acquisition or in-licensing opportunities; |

| • |     | successfully identify new product candidates and advance those product candidates into pre-clinical studies and clinical trials; |

| • |     | raise additional funds when needed and on terms acceptable to us; |

| • |     | attract and retain experienced management and advisory teams; |

| • |     | add operational, financial and management information systems and personnel, including personnel to support clinical, pre-clinical manufacturing and planned future commercialization efforts and operations; |

| • |     | launch commercial sales of our current and future product candidates, whether alone or