Company: SMNR
Filing Date: 2025-07-02
Form Type: S-4/A
Source: 0001193125-25-154936
Chunk: 836

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-02
Form: S-4/A
Chunk 836
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 for the granting of stock options, NSOs, stock appreciation rights, restricted stock, restricted stock units, and other awards. Such shared employees’ time and efforts are partially spent on activities attributable to the Company and partially spent on activities attributable to Scilex; Scilex did not have any employees whose activities are solely dedicated or solely attributable to the Company during the years ended December 31, 2024 and 2023. Total stock-based compensation recognized consists of an allocation of such shared employees’ stock-based compensation expense on the same basis as their salaries and benefits. Separate stock-based information of the Company was not applicable due to the allocation of shared employees. The Company recognized no expense from the 2024 Plan during the year ended December 31, 2024 and did not have its own equity incentive plans during the year ended December 31, 2023. Therefore, unless otherwise indicated, the information below is with respect to the stock and stock-based compensation plans of Scilex. Valuation Assumptions Scilex calculates the fair value of stock options granted to employees and nonemployees and employee stock purchase plan (“ESPP”) using the Black-Scholes option pricing method. The Black-Scholes option pricing method requires the use of subjective assumptions. F-77

The following assumptions were used by Scilex in the Black-Scholes option pricing model to estimate stock-based compensation on the date of grant for stock options granted and ESPP shares issued for the year ended December 31, 2024.

|                               |     | Year Ended        
 December 31, 2024 |                |
|:------------------------------|:----|:------------------|---------------:|
| Stock options:                |     |                   |                |
| Expected dividend yield       |     |                   |          0.00% |
| Expected volatility           |     |                   | 72.00%-119.08% |
| Risk-free interest rate       |     |                   |    3.79%-4.71% |
| Term of options (in years)    |     |                   |      3.0 - 6.3 |
| Employee stock purchase plan: |     |                   |                |
| Expected dividend yield       |     |                   |          0.00% |
| Expected volatility           |     |                   |        129.30% |
| Risk-free interest rate       |     |                   |          5.39% |
| Expected life (in years)      |     |