Company: SMNR
Filing Date: 2025-07-23
Form Type: S-4/A
Source: 0001193125-25-163401
Chunk: 851

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-23
Form: S-4/A
Chunk 851
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 support the Company and also participate in Scilex’s stock-based compensation plans that provide 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 three months ended March 31, 2025 and 2024. 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 three months ended March 31, 2025 and did not have its own equity incentive plans during the three months ended March 31, 2024. 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 F-93

method requires the use of subjective assumptions. There were no new stock options granted nor new ESPP purchases during the three months ended March 31, 2025. Total stock-based compensation expense related to Scilex’s equity incentive plans and allocated to the Company was recorded in the statements of operations as follows (in thousands):

|                                        |     | Three Months Ended 
 March 31,          | 2025 |     |   | 2024 |
|:---------------------------------------|:----|:-------------------|-----:|:----|:--|-----:|
| Research and development               |     | $                  |   27 |     | $ |   21 |
| General and administrative             |     |                    |   65 |     |   |  158 |
| Total stock-based compensation expense |     | $                  |   92 |     | $ |  179 |

**As of March 31, 2025, the total unrecognized compensation costs related to certain unvested Scilex employee stock option grants that are expected to be allocated to the Company’s future operating expenses were $0.7 million, of which the Company expects to