Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 824

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 824
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 689 |   |     | $ |          689 |   |

The Company recognized no depreciation expense for each of the three months ended March 31, 2025 and 2024. Costs for long-lived assets not yet placed into service are capitalized as construction-in-progressand depreciated once placed into service. The Company assesses impairment on an annual basis. As of each of March 31, 2025 and December 31, 2024, there was no impairment identified on property and equipment. Accrued Expenses Accrued expenses consist of the following (in thousands):

|                                              |     |   | March 31, 
      2025 |     |   | December 31, 
         2024 |
|:---------------------------------------------|:----|:--|----------:|:----|:--|-------------:|
| Accrued professional service fees            |     | $ |       184 |     | $ |           10 |
| Accrued expense for construction in progress |     |   |        23 |     |   |           23 |
| Accrued other                                |     |   |         — |     |   |            2 |
| Total accrued expenses                       |     | $ |       207 |     | $ |           35 |

Note 5. Stock-Based Compensation The Company does not have any employees who are directly employed by the Company nor did it have its own stock-based compensation plans during each of the three months ended March 31, 2025 and 2024, other than the Semnur Pharmaceuticals, Inc. 2024 Stock Option Plan (the “2024 Plan”) as described below. However, certain shared employees of Scilex 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