Company: SMNR
Filing Date: 2025-07-23
Form Type: S-4/A
Source: 0001193125-25-163401
Chunk: 838

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-23
Form: S-4/A
Chunk 838
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antors have agreed to guarantee and act as surety for payment of the Oramed Note and any additional notes issued by Scilex in full or partial substitution of the Oramed Note. Following the execution of the amended and restated security agreement with Oramed on October 8, 2024, and subject to the completion of the Business Combination, the Company will no longer be a Guarantor under the Subsidiary Guarantee.

Note 8. Income Taxes

For U.S. federal and state tax reporting purposes, the Company is a member of Scilex’s consolidated reporting group. The basis of presentation for these financial statements is on a separate standalone basis as if the Company**

<div align='center'>F-80</div>

were not a member of a consolidated group and was operating as an independent entity. Settlements of tax balances that differ from the separate entity computations are treated as either increases or decreases in equity. There were no settlements of tax balances between the entity and the Scilex during the periods presented. Total loss before income taxes for the years ended December 31, 2024 and 2023 did not include a foreign component. There was no income tax provision expense (benefit) for the years ended December 31, 2024 and 2023. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The components of the Company’s net deferred tax assets and related valuation allowance are as follows as of December 31, 2024 and 2023 (in thousands):

|                                                |     | Year Ended   
 December 31, |    2024 |   |     |   |    2023 |   |
|:-----------------------------------------------|:----|:-------------|--------:|:--|:----|:--|--------:|:--|
| Deferred tax assets:                           |     |              |         |   |     |   |         |   |
| Net operating loss carryforwards               |     | $            |  14,517 |   |     | $ |  13,710 |   |
| Research and development tax credits           |     |              |   1,319 |   |     |   |   1,319 |   |
| Capitalized research expenditures              |     |              |     807 |   |     |   |     648 |   |
| Other                                          |