Company: SMNR
Filing Date: 2025-08-12
Form Type: S-4/A
Source: 0001193125-25-178821
Chunk: 852

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-12
Form: S-4/A
Chunk 852
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 March 31, 2025. The Company is dependent upon Scilex to provide services and funding to support the operations of the Company until, at least, such time as external financing is obtained. The Company expects to incur significant expenses and operating losses for the foreseeable future as it continues its efforts to develop and seek regulatory approval for SP-102. The Company will need additional financing to fund its ongoing activities. The Company may obtain additional funding through a combination of equity offerings, debt financings, collaborations, government contracts or other capital sources, including potential collaborations with other companies or other strategic transactions. The Company’s plans are also dependent upon the success of future development and regulatory approval of SP-102. Although the Company believes such plans, if executed, should provide the Company with financing to meet its needs, successful completion of such plans is dependent on factors outside the Company’s control. As a result, management has concluded that the aforementioned conditions, among other things, raise substantial doubt about the Company’s ability to continue as a going concern for one year after the date the financial statements are issued. Note 3. Fair Value Measurements The Company measures and reports certain financial instruments as assets and liabilities at fair value on a recurring basis. The following table presents the Company’s financial assets that are measured at fair value on a recurring basis and the level of inputs used in such measurements (in thousands):

|                                     |     | March 31, 2025 |   |     |               |   |     |             |   |     |              |   |
|:------------------------------------|:----|:---------------|--:|:----|:--------------|--:|:----|:------------|:--|:----|:-------------|:--|
|                                     |     | Balance        |   |     | Quoted Prices 
 in Active     
 Markets       
 (Level 1)     |   |     | Significant 
 Other       
 Observable  
 Inputs      
 (Level 2)   |   |     | Significant  
 Unobservable 
 Inputs       
 (Level 3)    |   |
| Assets                              |     |                |   |     |               |   |     |             |   |     |              |   |
| Money market funds                  |     | $              | 6 |     | $             | 6 |     | $           | — |     | $            | — |
| Total assets measured at fair value |     | $              | 6 |     | $             | 6 |     | $           | — |