Company: SMNR
Filing Date: 2025-06-11
Form Type: S-4/A
Source: 0001193125-25-139124
Chunk: 1061

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-06-11
Form: S-4/A
Chunk 1061
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DEXATM, a Phase 3 novel non-opioid, viscous gel formulation of a widely used corticosteroid for epidural injections to treat lumbosacral radicular pain, or sciatica, with FDA Fast Track status. |

| b. | Anticipated proceeds from the proposed business combination are expected to partially fund Semnur’s lead program, SP-102, and a final Phase 3 study in connection with a potential New Drug Application filing with the FDA. |

| c. | Scilex is expected to be the majority holder of the combined company following completion of the proposed business combination. |

| d. | As previously disclosed, the Board of Directors of Scilex approved a resolution to authorize a potential dividend of up to 10% of the Scilex’s ownership interest in Semnur in connection with certain transactions, including a merger, subject to the registration of Semnur’s common stock (or such securities, property or other assets into which or for which such stock may be exchanged or converted in such a transaction) with the SEC. |

| e. | The letter of intent contemplates the combined company changing its name to Semnur Pharmaceuticals, Inc. and being led by Scilex and Semnur’s current management team. |

In connection with our opinion, among other things, we have: ( i) relied on representations of members of the management of DECA, that the financial terms of the Transaction have been set as described above; ( ii) held conference calls with certain members of the management of DECA, to discuss the transaction and related matters, including DECA’s assets, business and operations, DECA’s strategic plans for the Company’s asset portfolio, and projections for the Company’s asset portfolio; ( iii) reviewed research and technical documents provided by DECA relating to the business and prospects of the Company’s asset portfolio; ( iv) reviewed certain marketing materials provided to us by DECA, including market size and projections performed internally; ( v) reviewed proprietary and publicly available information relating to market size and potential cash flows of the Company’s asset portfolio; ( vi) reviewed the financial terms of certain other recent transactions involving companies that we deemed generally comparable to DECA and the Transaction; ( vii) reviewed publicly available information for companies we have determined to be comparable to DECA; ( viii) reviewed asset listings and historic asset valuations provided by DECA; and ( ix) conducted such other studies, analyses, inquiries, and investigations as we