Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 531

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 531
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 prosecution.

Employees and Human Capital Resources

As of August 31, 2024, we did not have any full time employees. As a majority owned subsidiary of Scilex, we have been dependent upon the services
provided by Scilex’s executive team and other employees, including the equivalent of four Scilex employees providing full time services to us. We expect that our executive management team and other personnel will be employees of Scilex and
will devote a portion of their time to our business and affairs on an ad hoc basis as necessary to manage and conduct our operations. Scilex has historically had approximately 114 full-time employees, including eight employees who have M.D.s or
Ph.D.s providing services to us. Within that workforce, five employees were primarily engaged in research and development and 40 were primarily engaged in general management and administration. We have approximately 12 contractors and consultants,
along with four full-time employees from Scilex dedicated to the research and development of SP-102. None of Scilex’s employees are represented by labor unions or covered by collective bargaining
agreements.

In connection with the closing of the Business Combination, we will enter into the Transition Services Agreement with Scilex, pursuant to
which we will be able to utilize certain employees and other service providers of Scilex to operate our business, including with respect to the following business functions: finance, human resources, information systems, legal and administrative,
R&D support and commercialization support. Transition services provided by Scilex will be on a cost plus 10% basis, provided that the service fees will not exceed $2,000,000 per annum until all payments under the Oramed Note have been paid in
full in cash, and we will reimburse Scilex for its out of pocket fees, costs or expenses. During the transition period, we plan to engage and increase full time employees to support our research and development, general administrative,
manufacturing, regulatory and commercial functions as we enter the final stage of development and pre-launch commercialization planning. The term of the Transition Services Agreement will be three years
following the closing of the Business Combination, which we believe is sufficient time for us to develop our commercial infrastructure and other business functions.

Facilities and Properties

We
currently maintain our principal executive office in approximately 3,000 square feet of space provided at no cost by Scilex at Scilex’s principal executive office, which is currently located in Palo Alto, California, and consists of
approximately