Company: SMNR
Filing Date: 2025-06-11
Form Type: S-4/A
Source: 0001193125-25-139124
Chunk: 550

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-06-11
Form: S-4/A
Chunk 550
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 an accumulated deficit of approximately $115.4 million as of December 31, 2024. We are dependent upon Scilex and its affiliates to provide services and funding to support our operations until, at least, such time as external financing is obtained. We expect to incur significant expenses and operating losses for the foreseeable future as we continue our efforts to develop and seek regulatory approval for SP-102. Future Liquidity Needs We expect to have cash and cash equivalents of approximately up to $3.1 million after the Business Combination, depending on, among other factors, the amount of shareholders who exercise their redemption rights. See the section titled “ Unaudited Pro Forma Condensed Combined Financial Information.” We estimate that our planned operating expenses are expected to be approximately $21 million during the twelve months following the consummation of the Business Combination, which includes the cost of clinical work of approximately $10 million. We do not anticipate significant increases in our costs of clinical work during this period. In the twelve months following the consummation of the Business Combination, we expect our primary sources of liquidity to include our existing cash on hand and continued support from Scilex pursuant to the Transition 335

Services Agreement and we are currently exploring various financing alternatives, including new credit facilities, non-dilutive financing options, such as collaborations with international partners to out-license SP-102, debt financings and royalty financings, and equity financing options, such as standby equity purchase arrangements or private placements. We have based our anticipated operating capital requirements on assumptions that may prove to be incorrect and we may use all our available capital resources sooner than we expect. The amount and timing of our future funding requirements will depend on many factors, some of which are outside of our control, including but not limited to:

| • |     | the scope, progress, results and costs of conducting studies and clinical trials for our product candidate, SP-102; |

| • |     | the timing of, and the costs involved in, obtaining regulatory approvals for our product candidate; |

| • |     | the costs of manufacturing our product candidate; |

| • |     | the timing and amount of any milestone, royalty or other payments we are required to make pursuant to any current or future collaboration or license agreements; |

| • |     | our ability to maintain existing, and establish new, strategic collaborations, licensing or other arrangements and the financial terms of any such agreements, including the timing and amount of any future milestone, royalty or other payments due under any such agreement;