Company: SMNR
Filing Date: 2025-10-21
Form Type: S-1
Source: 0001193125-25-245178
Chunk: 467

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-10-21
Form: S-1
Chunk 467
---
     |                                |        |   |
| Expected dividend yield       |     |                                |   0.00 | % |
| Expected volatility           |     |                                |  96.30 | % |
| Risk-free interest rate       |     |                                |   4.17 | % |
| Term of options (in years)    |     |                                |    6.3 |   |
| Employee stock purchase plan: |     |                                |        |   |
| Expected dividend yield       |     |                                |   0.00 | % |
| Expected volatility           |     |                                | 112.87 | % |
| Risk-free interest rate       |     |                                |   4.31 | % |
| Expected life (in years)      |     |                                |   0.49 |   |

Total stock-based compensation expense related to Scilex’s equity incentive plans and allocated to the Company was recorded in the statements of operations as follows (in thousands):

|                                        |     | Six Months Ended June 30, | 2025 |     |   | 2024 |
|:---------------------------------------|:----|:--------------------------|-----:|:----|:--|-----:|
| Research and development               |     | $                         |  107 |     | $ |   54 |
| General and administrative             |     |                           |  104 |     |   |  317 |
| Total stock-based compensation expense |     | $                         |  211 |     | $ |  371 |

**As of June 30, 2025, the total unrecognized compensation costs related to certain unvested Scilex employee stock option grants that are expected to be allocated to the Company’s future operating expenses were $ 0.8million, of which the Company expects to recognize over a weighted-average period of approximately 1.8years. This amount is subject to change based on the actual amount of time certain Scilex employees will spend providing services attributable to the Company.

Employee Stock Incentive Plan

2024 Plan

On August 30, 2024, the Company’s board of directors adopted the 2024 Plan, under which 40,000,000shares of the Company’s common stock were reserved for future issuance. On the same day, NSOs to purchase**

<div align='center'>F-95</div>

an aggregate of 40,000,000shares of the Company’s common stock were