Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 830

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 830
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 Parties Transactions entered into between the Company and Scilex were included within the financial statements and are considered related party transactions. These transactions have been reflected as related party loans, a long-term liability, within the balance sheets and statements of cash flows as they represent a form of indebtedness under the Debt Exchange Agreement. See the “ Basis of Presentation” section of Note 1 for additional details. The total loans received from Scilex for the three months ended March 31, 2025 and 2024 are as follows (in thousands):

|                                                                                       |     | Three Months Ended 
 March 31,          |  2025 |     |   |  2024 |
|:--------------------------------------------------------------------------------------|:----|:-------------------|------:|:----|:--|------:|
| Loans from Scilex Holding Company — stock-based compensation                          |     | $                  |    92 |     | $ |   179 |
| Loans from Scilex Holding Company — expenses paid by Scilex Holding Company on behalf 
 of                                                                                    
 the Company                                                                           |     |                    | 1,230 |     |   | 2,164 |
| Total loans from Scilex Holding Company                                               |     | $                  | 1,322 |     | $ | 2,343 |

F-97

Debt Exchange Agreement On August 30, 2024, the Company and Scilex entered into the Debt Exchange Agreement with respect to certain amounts owed to Scilex by the Company, including accrued and unpaid interest thereon, if any, which amount may be updated pursuant to the terms thereof, for certain loans and other amounts provided by Scilex to the Company prior to the closing of the Business Combination (the “Outstanding Indebtedness”). The Outstanding Indebtedness as of March 31, 2025 and December 31, 2024 was approximately $50,754,784 and $49,433,467, respectively, but will not exceed $60,000,000 as of immediately prior to the closing of the Business Combination. Pursuant to the Debt Exchange Agreement, effective as of immediately prior to, and contingent upon, the closing of the Business Combination, Scilex agreed to contribute the Outstanding Indebtedness (as set forth in the Debt Exchange Agreement) to the Company in exchange for the issuance by the Company to Scilex of that number of shares of Series A Preferred Stock, par value $0.0001 per share