Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 540

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 540
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 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 336

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. Pursuant to the Transition Services Agreement, Semnur expects to receive approximately $2 million of continued support from Scilex, inclusive of fees, in the twelve months following the consummation of the Business Combination. The continued support from Scilex is expected to consist of (a) clinical support to run the planned Phase 3 trial for approximately $800,000, (b) CMC manufacturing support for approximately $700,000, (c) general and administrative support, such as human resources, legal and accounting, for approximately $400,000 and (d) IT support for approximately $100,000. For additional information regarding the Transition Services Agreement, see the section titled “ Questions and Answers About the Business Combination and the Meeting — Questions and Answers About the Business Combination — Will Scilex have continued voting and operational control over Semnur following the Business Combination and will Semnur continue to rely on funding and services provided by Scilex following the Business Combination?” and the section titled “ Risk Factors — Risks Related to Semnur’s Relationship with Scilex — Scilex currently performs or supports many of our important corporate functions. Accordingly, our financial statements may not necessarily be indicative of the conditions that would have existed or our results of operations if we had been operated as an unaffiliated company of Scilex, and we will incur significant charges in connection with the Business Combination and incremental costs as a stand-alone public company.” 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