Company: SMNR
Filing Date: 2025-08-12
Form Type: S-4/A
Source: 0001193125-25-178821
Chunk: 144

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-12
Form: S-4/A
Chunk 144
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 we have incurred significant net losses, with net losses of $4.7 million and $3.3 million for the years ended December 31, 2024 and 2023, respectively. For the three months ended March 31, 2025 and 2024, we had net losses of $0.7 million and $1.5 million, respectively. As of March 31, 2025, we had an accumulated deficit of approximately $116.4 million. For the foreseeable future, we expect to continue to incur significant expenses related to the research and development of our product candidate, SP-102.We expect to incur substantial losses for the foreseeable future and may never become profitable. We are subject to risks incidental to the development of new biopharmaceutical products, and we may encounter unforeseen expenses, difficulties, complications, delays and other unknown factors that may adversely affect our business. If we do achieve profitability, we may not be able to sustain or increase profitability on a quarterly or annual basis. Our failure to become and remain profitable could impair our ability to raise capital, maintain our research and development efforts, expand our business or continue our operations. We have only one product candidate, SP-102,no products approved for commercial sale, have never generated any revenue from product sales and may never be profitable. We currently only have one product candidate, SP-102.Our ability to generate revenue from product sales and achieve profitability will depend on our ability, alone or with collaborators, to successfully complete the development of, and obtain the regulatory approvals necessary to commercialize, SP-102and any future product candidates, if any. As a result, we intend to devote a substantial portion of our research and development resources and business efforts to the development of SP-102.We do not anticipate generating revenues from product sales for the next several years, if ever. Our ability to generate future revenue from product sales depends heavily on our, or our future collaborators’, ability to successfully:

| • |     | identify additional product candidates and complete research and preclinical and clinical development of SP-102 and any other product candidates we may identify; |

| • |     | seek and obtain regulatory and marketing approvals for any product candidates for which we complete clinical trials; |

| • |     | launch and commercialize any product candidates for which we obtain regulatory and marketing approval by establishing a sales force, marketing and distribution infrastructure or, alternatively, collaborating with a commercialization partner; |

| • |     | qualify for coverage and adequate reimbursement by government and third-party pay