Company: SMNR
Filing Date: 2025-07-23
Form Type: S-4/A
Source: 0001193125-25-163401
Chunk: 241

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-23
Form: S-4/A
Chunk 241
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 New Semnur expects its operating results to be subject to quarterly, and possibly annual, fluctuations. New Semnur’s net loss and other operating results will be affected by numerous factors, including:

| • |     | variations in the level of expenses related to New Semnur’s development programs; |

| • |     | the addition or termination of clinical trials; |

| • |     | any intellectual property infringement lawsuit in which New Semnur may become involved; |

| • |     | regulatory developments affecting New Semnur’s product candidate, regulatory approvals of its product candidate, and the level of underlying demand for such product candidate and purchasing patterns; |

| • |     | New Semnur’s execution of any collaborative, licensing or similar arrangements, and the timing of payments New Semnur may make or receive under these arrangements; and |

| • |     | the effect on pharmaceutical purchases and prices of the timing during which patients who purchase our product satisfy their deductibles under the reimbursement requirements of their health providers’ plans. |

**If New Semnur’s quarterly or annual operating results fall below the expectations of investors or securities analysts, the price of its common stock could decline substantially. Furthermore, any quarterly or annual fluctuations in New Semnur’s operating results may, in turn, cause the price of its common stock to fluctuate substantially. New Semnur’s cash and cash equivalents could be adversely affected if the financial institutions in which New Semnur hold its cash and cash equivalents fail. On March 10, 2023, the Federal Deposit Insurance Corporation (the “FDIC”) announced that Silicon Valley Bank had been closed by the California Department of Financial Protection and Innovation and on March 12, 2023, Signature Bank was closed by the New York State Department of Financial Services and the FDIC was named receiver. Although Semnur does not maintain any bank accounts with Silicon Valley Bank or Signature Bank, Semnur regularly maintains and New Semnur will regularly maintain cash balances at third-party financial institutions in excess of the FDIC insurance limit. Any failure of a depository institution to return any of New Semnur’s deposits, or any other adverse conditions in the financial or credit markets affecting depository institutions, could impact access to New Semnur’s invested cash or cash equivalents and could adversely impact its operating liquidity and financial performance. 133

If securities or industry analysts do not publish research or reports about New Semnur’s business, or if they issue an adverse opinion regarding its