Company: SMNR
Filing Date: 2025-08-12
Form Type: S-4/A
Source: 0001193125-25-178821
Chunk: 854

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-12
Form: S-4/A
Chunk 854
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 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-94

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 recognize over a weighted-average period of approximately 2.1 years. This amount is subject to change based on the actual amount of time certain Scilex employees will spend providing services attributable to the Company. Employee Stock Incentive Plan 2024 Plan On August 30, 2024, the Company’s board of directors adopted the 2024 Plan, under which 40,000,000 shares of the Company’s common stock were reserved for future issuance. On the same day, NSOs to purchase an aggregate of 40,000,000 shares of the Company’s common stock were approved for grant to members of the Company’s executive team