Company: SMNR
Filing Date: 2025-07-02
Form Type: S-4/A
Source: 0001193125-25-154936
Chunk: 140

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-02
Form: S-4/A
Chunk 140
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ary Note Regarding Forward-Looking Statements,” before making a decision on how to vote your Denali Ordinary Shares. If any of these risks actually occur, it may materially harm our business, financial condition, liquidity and results of operations. These risk factors are not exhaustive. We may face additional risks and uncertainties that are not presently known to us, or that we currently deem immaterial. The following discussions should be read in conjunction with our financial statements and the notes to the financial statements included therein. Unless the context otherwise requires, references in the subsection “— Risks Related to Semnur’s Limited Operating History, Financial Condition and Capital Requirements”, “— Risks Related to Semnur’s Product Development”, “— Risks Related to Semnur’s Business 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:

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