Company: SMNR
Filing Date: 2025-06-11
Form Type: S-4/A
Source: 0001193125-25-139124
Chunk: 592

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-06-11
Form: S-4/A
Chunk 592
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 and Mr. Ma intend continue to dedicate time to both Scilex and New Semnur. During the year ended December 31, 2024, Mr. Shah dedicated approximately 80% of his time to Scilex and 20% to Semnur, Dr. Ji dedicated approximately 99% of his time to Scilex and 1% to Semnur and Mr. Ma dedicated approximately 80% of his time to Scilex and 20% to Semnur. Each officer’s hours fluctuated weekly based on the specific needs of Scilex and Semnur. After the consummation of the Business Combination, each of Mr. Shah, Dr. Ji and Mr. Ma intend to increase the aggregate number of hours he is working and split his time equally between Scilex and New Semnur. During the year ended December 31, 2024, there were no research development expenses as a result of Dr. Ji’s, Mr. Shah’s and Mr. Ma’s time allocated to Semnur and general and administrative expenses as a result of Dr. Ji’s, Mr. Shah’s and Mr. Ma’s time allocated to Semnur during the year ended December 31, 2024 were approximately $406,584. For more information regarding Semnur’s operating expenses, see “ Management’s Discussion and Analysis of Financial Condition and Results of Operations of Semnur — Components of Our Results of Operations” and “ Management’s Discussion and Analysis of Financial Condition and Results of Operations of Semnur — Results of Operations”. On August 30, 2024, the Semnur Board approved the following stock option grants (the “Awards”) to Dr. Ji, Mr. Shah and Mr. Ma under the 2024 Stock Option Plan, with a grant date of August 30, 2024, which grants are subject to the terms and conditions of the 2024 Stock Option Plan and the applicable form of option agreement approved for use thereunder. The exercise price of the following stock option grants is $1.58 per share, with 1/48th of the total amount of the shares vested and shall vest each month after the Grant Date, subject to the executive officer’s providing continuous service (as defined in the 2024 Stock Option Plan) on each such vesting date, inclusive.

|                 |     | Stock Options |            |
| Jaisim Shah     |     |               | 17,500,000 |