Company: SMNR
Filing Date: 2025-08-12
Form Type: S-4/A
Source: 0001193125-25-178821
Chunk: 843

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-12
Form: S-4/A
Chunk 843
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 tax matters in income tax expense. No interest or penalties have been recognized as of and for the periods ended December 31, 2024 and 2023. The Company believes that no material amount of the liabilities for uncertain tax positions are expected to reverse within 12 months of December 31, 2024.F-83
Note 9. Related Parties Transactions entered into between the Company and Scilex were included within the financial statements and are considered related party transactions. These transactions have been reflected as related party loans, a long-term liability, within the balance sheets and statements of cash flows as they represent a form of indebtedness under the Debt Exchange Agreement. See the “ Basis of Presentation” section of Note 1 for additional details. The total loans received from Scilex for the years ended December 31, 2024 and 2023 are as follows (in thousands):

|                                                                                                 |     | Year Ended   
 December 31, |   2024 |     |   |  2023 |
|:------------------------------------------------------------------------------------------------|:----|:-------------|-------:|:----|:--|------:|
| Loans from Scilex Holding Company — stock-based compensation                                    |     | $            |    660 |     | $ |   840 |
| Loans from Scilex Holding Company — expenses paid by Scilex Holding Company on behalf of Semnur |     |              | 10,872 |     |   | 1,661 |
| Total loans from Scilex Holding Company                                                         |     | $            | 11,532 |     | $ | 2,501 |

Debt Exchange Agreement On August 30, 2024, the Company and Scilex entered into the Debt Exchange Agreement with respect to certain amounts owed to Scilex by the Company, including accrued and unpaid interest thereon, if any, which amount may be updated pursuant to the terms thereof, for certain loans and other amounts provided by Scilex to the Company prior to the closing of the Business Combination (the “Outstanding Indebtedness”). The Outstanding Indebtedness as of December 31, 2024 and 2023 was approximately $49,433,467 and $37,900,873, respectively, but will not exceed $60,000,000 as of immediately prior to the closing of the Business Combination. Pursuant to the Debt Exchange Agreement, effective as of immediately prior to, and contingent upon, the closing of the Business Combination, Sc