Company: SMNR
Filing Date: 2025-10-21
Form Type: S-1
Source: 0001193125-25-245178
Chunk: 447

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-10-21
Form: S-1
Chunk 447
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 information of the Company was not applicable due to the allocation of shared employees. The Company recognized no expense from the 2024 Plan during the year ended December 31, 2024 and did not have its own equity incentive plans during the year ended December 31, 2023. Therefore, unless otherwise indicated, the information below is with respect to the stock and stock-based compensation plans of Scilex.

**Valuation Assumptions**

Scilex calculates the fair value of stock options granted to employees and nonemployees and employee stock purchase plan (“ESPP”) using the Black-Scholes option pricing method. The Black-Scholes option pricing method requires the use of subjective assumptions.

The following assumptions were used by Scilex in the Black-Scholes option pricing model to estimate stock- based compensation on the date of grant for stock options granted and ESPP shares issued for the year ended December 31, 2024.

|                               |     | Year EndedDecember 31, 2024 |
|:------------------------------|:----|----------------------------:|
| Stock options:                |     |                             |
| Expected dividend yield       |     |                       0.00% |
| Expected volatility           |     |              72.00%-119.08% |
| Risk-free interest rate       |     |                 3.79%-4.71% |
| Term of options (in years)    |     |                   3.0 - 6.3 |
| Employee stock purchase plan: |     |                             |
| Expected dividend yield       |     |                       0.00% |
| Expected volatility           |     |                     129.30% |
| Risk-free interest rate       |     |                       5.39% |
| Expected life (in years)      |     |                        0.50 |

<div align='center'>F-78</div>

Total stock-based compensation expense related to Scilex’s equity incentive plans and allocated to the Company was recorded in the statements of operations as follows (in thousands):

|                                        |     | Year EndedDecember 31, | 2024 |     |   | 2023 |
|:---------------------------------------|:----|:-----------------------|-----:|:----|:--|-----:|
| Research and development               |     | $                      |  128 |     | $ |   73 |
| General and administrative             |     |                        |  532 |     |   |  767 |
| Total