Company: SMNR
Filing Date: 2025-07-23
Form Type: S-4/A
Source: 0001193125-25-163401
Chunk: 558

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-23
Form: S-4/A
Chunk 558
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 costs, including stock-based compensation expense for Scilex personnel engaged in research and development functions related to the SP-102 program; |

| • |     | allocated costs of facilities and support services incurred by Scilex used in drug development related to the SP-102 program; and |

| • |     | direct and allocated costs related to outside consultants engaged in research and development functions related to the SP-102 program. |

We expect our research and development expenses to increase, as we will incur incremental expenses associated with our lead product candidate, SP-102,currently under development and in clinical trials. Product candidates in later stages of clinical development generally have higher development costs, primarily due to the increased size and duration of later-stage clinical trials. Accordingly, we expect to incur significant research and development expenses in connection with our clinical trials for SP-102. General and Administrative General and administrative expenses consist primarily of allocated costs related to salaries and other related costs, including stock-based compensation, for personnel in Scilex’s executive, marketing, finance, corporate and business development and administrative functions. General and administrative expenses also include allocated professional fees for legal, patent, accounting, auditing, tax and consulting services. We expect that our general and administrative expenses will vary year over year in the future as we adapt our strategies to changes in the business environment. We also expect to incur increased expenses as a result of operating as a public company after the Closing of the Business Combination, including expenses related to compliance with the rules and regulations of the SEC, listing standards applicable to companies listed on a national securities exchange, additional insurance expenses, investor relations activities and other administrative and professional services. We also expect to allocate additional expenses relating to administrative, finance, legal, and other corporate functions to adapt to the changes above and the anticipated growth of our business. 335

Results of Operations The following tables summarize our results of operations for the three months ended March 31, 2025 and 2024 and the years ended December 31, 2024 and 2023, together with the changes in those items in dollars (in thousands):

| Operating expenses:        |     | Three Months    
 Ended March 31, 
 2025            |      |   |     | 2024 |        |   |     | Change |      |   |
|:---------------------------|:----|:----------------|-----:|:--|:----|:-----|-------:|:--|:----|:-------|-----:|:--|
| Research and