Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 39

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 39
---
-alone public company that is potentially able to raise capital to support its ongoing cash requirements to carry out necessary clinical trials and execute its business plans based on Semnur’s value, without the overhang from Scilex’s debt, stock volatility and low market capitalization. This approach will potentially allow Semnur to raise capital more efficiently, facilitating the completion of its clinical trials in order to achieve the launch and commercialization of SP-102. Scilex’s long-term plan for Semnur is to expand Semnur’s product candidates and develop a product portfolio by developing or acquiring non-opioid therapeutics that complement Semnur’s current and future product candidates and future product portfolio and leverage Semnur’s existing research and development infrastructure to continuously evaluate opportunities to develop non-opioid therapeutics for pain management indications that are not adequately served with existing treatment options. The expansion plans for Semnur include investing in both early- and late-stage research programs to develop Semnur’s pipeline and capabilities by selectively acquiring differentiated technologies, investing in technologies to prepare for commercialization, and evaluating strategic partnerships to improve patient experience or enable greater patient access. Additionally, Scilex plans to pursue strategic partnerships and collaborations to enhance the value of Semnur’s pipeline and platform technologies, while also in-licensing non-opioid therapeutics that complement Semnur’s product portfolio. Scilex determined to retain a significant amount of New Semnur’s voting securities in order to allow time for the execution of its plans to position Semnur for long-term success. This approach aims to maximize value for both Scilex stockholders and New Semnur stockholders before rewarding them with tangible benefits, such as dividend distributions or the benefits of other strategic transactions. As Semnur grows and these longer-term plans unfold, Scilex may determine to make additional distributions of New Semnur Common Stock to its stockholders. The payment of any future dividends or other distributions to Scilex stockholders in the form of New Semnur Common Stock will be dependent upon Scilex’s revenues and earnings, if any, capital requirements, tax implications to Scilex and its stockholders, and general financial condition and any such dividend or distribution will be within the discretion of Scilex’s board of directors, including as to timing, size and method of distribution subject to any consent rights of the holder of the Oramed Note and the holders of the Tranche B Senior Secured Convertible Notes issued by Scilex on October