Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 339

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 339
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 Net sales are estimated to be approximately 35% of gross sales, and are determined by subtracting various fees and expenses from gross sales. These deductions include government and commercial rebates, return reserve, 
 chargebacks and service fees. Cost of sales is estimated to be 10% of gross sales, as indicated in footnote (2) above.                                                                                                                                 |

Gross profit projections assume royalty and milestone payments commence concurrently with the launch of SP-102 in fiscal year 2027, and that such payments will range from approximately $34.8 million to $225.4 million, with peak royalty and milestone payments of $225.4 million in fiscal year 2029. Under the Semnur Merger Agreement, assuming SP-102is approved by the FDA, Scilex is obligated to pay the Semnur Equityholders up to $280.0 million in aggregate contingent cash consideration based on the achievement of certain milestones, comprised of a $40.0 million payment that will be due upon obtaining the first approval of a NDA of SP-102by the FDA and additional payments that will be due upon the achievement of certain amounts of net sales of SP-102,as follows: (i) a $20.0 million payment upon the achievement of $100.0 million in cumulative net sales (projected to occur in fiscal year 2028), (ii) a $20.0 million payment upon the achievement of $250.0 million in cumulative net sales (projected to occur in fiscal year 2028), (iii) a $50.0 million payment upon the achievement of $500.0 million in cumulative net sales (projected to occur in fiscal year 2029), and (iv) a $150.0 million payment upon the achievement of $750.0 million in cumulative net sales (projected to occur in fiscal year 2029). The obligation to make the foregoing payments is an obligation of Scilex and Scilex will pay such amounts, if triggered. However, in the event Scilex makes any of these payments, Scilex expects to seek reimbursement of these amounts from Semnur through an intercompany arrangement between Scilex and Semnur. At this time, no such intercompany agreement is in place. See the section titled “ Business of Semnur — Material Agreements— 200

Semnur Merger Agreement” for additional information regarding Scilex’s obligations under the Semnur Merger Agreement. Under the Shah Assignment Agreement,