Company: SMNR
Filing Date: 2025-08-12
Form Type: S-4/A
Source: 0001193125-25-178821
Chunk: 72

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-12
Form: S-4/A
Chunk 72
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 and timing of New Semnur’s future funding requirements will depend on many factors, some of which are

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outside of its control. Scilex believes that establishing Semnur as a stand-alone company through the Business Combination will highlight its underlying fundamentals and future growth potential and, as a result, Semnur will be better able to attract investors and obtain the financing necessary to develop and commercialize SP-102. See the sections titled “ Risk Factors — Risks Related to Se m nur’s Relationship with Scilex”, “ Business of Semnur — Employees and Human Capital Resources”, “ Management’s Discussion and Analysis of Financial Condition and Results of Operations of Semnur — Liquidity and Capital Resources — Future Liquidity Needs” and “ Questions and Answers About the Business Combination and the Meeting — Questions and Answers About the Business Combination — Why is Scilex conducting the Business Combination and related transactions?”for further discussions of Semnur’s and Scilex’s ongoing relationship and our liquidity needs.

| Q: | Will any of New Semnur’s directors and officers have actual or potential conflicts of interest because of their positions with Scilex? |

| A: | Following the Business Combination, Mr. Shah, Dr. Ji, Dr. Chun, Mr. Followwill and Dr. Wu will serve on the New Semnur Board. Mr. Shah and Dr. Ji, who will also be New Semnur executive officers, will retain their positions as members of the board of directors of Scilex (and in the case of Dr. Ji, the positions of Executive Chairman of the board of directors of Scilex, and in the case of Mr. Shah, the position of President and Chief Executive Officer). Mr. Ma will be New Semnur’s Chief Financial Officer and will retain his position as Chief Financial Officer, Senior Vice President and Secretary of Scilex. |

Service as an overlapping director or officer of Scilex and New Semnur could create, or appear to create, conflicts of interest with respect to matters involving or affecting more than one of the companies to which such directors or officers owe fiduciary duties. For example, these matters could relate to potential acquisitions of businesses or products, the development and ownership of technologies and product candidates, the sale of products, markets and other matters in which New Semnur’s best interest and the best interests of its stockholders may conflict with the best interests of Scilex and its stockholders. In