Company: SMNR
Filing Date: 2025-10-21
Form Type: S-1
Source: 0001193125-25-245178
Chunk: 114

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-10-21
Form: S-1
Chunk 114
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, elected or appointed to the Board as more fully described in the Stockholder Agreement. Scilex shall also have the right to designate a replacement director for any Stockholder Designee that has been removed from the Board and the right to appoint a representative of Scilex to attend all meetings of the committees of the Board. Notwithstanding the foregoing, the parties have agreed to ensure that the Board complies with all applicable requirements of the stock exchange, including independence requirements. The Stockholder Agreement also provides that we are prohibited from taking certain actions without the consent of Scilex. Such actions include, among other things, amendments to the Certificate of Designations, increases or decreases in the size of the Board, the incurrence of certain amounts of indebtedness and the payment of dividends on Common Stock. For more information on the terms of the Series A Preferred Stock, see the section titled “ Description of Securities—Preferred Stock” and the section titled “ Certain Relationships and Related Party Transactions — Certain Transactions of Denali — Stockholder Agreement with Scilex.” Risks Related to Ownership of Our Common Stock If our operations and performance do not meet the expectations of investors or securities analysts, the market price of our securities may decline. Any of the factors listed below could have a negative impact on your investment in our securities, and our securities may trade at prices significantly below the price you paid for them. In such circumstances, the trading price of our securities may not recover and may experience a further decline. Factors affecting the trading price of our securities may include:

| • |     | our ability to commercialize its product candidate, if approved; |

| • |     | the status and cost of our marketing commitments for its product candidate; |

| • |     | announcements regarding results of any clinical trials relating to our product candidate; |

| • |     | unanticipated serious safety concerns related to the use of any of our product candidate; |

| • |     | adverse regulatory decisions; |

| • |     | changes in laws or regulations applicable to our product candidate, including but not limited to clinical trial requirements for approvals; |

| • |     | legal disputes or other developments relating to proprietary rights, including patents, litigation matters and our ability to obtain patent protection for its product candidate, government investigations and the results of any proceedings or lawsuits, including, but not limited to, patent or stockholder litigation; |

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| • |     | our decision to initiate a clinical trial, not initiate a clinical trial or to terminate an existing clinical trial; |