Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 344

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 344
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 a period of three years following the closing of the Business Combination. |

The main categories in operating expenses include (i) salaries and benefits, (ii) product promotions and (iii) research and development. Prior to the commercial launch of SP-102 in 2027, research and development expense is projected to constitute approximately 67-70% of operating expenses, which includes clinical costs and CMC costs. Following the commercial launch of SP-102, research and development costs are expected to decline to approximately 4-5% of total operating expenses. In contrast, prior to the commercial launch of SP-102, salaries and benefits are projected to constitute approximately 8-9% of operating expenses and following such launch, salaries and benefits are expected to increase significantly to approximately 33-42% (with peak expense in 2028) of total operating expenses, due to the expansion of the sales force necessary to support commercialization of SP-102. No product promotion costs will be incurred prior to the commercial launch of SP-102. Following the launch in 2027, product promotion expenses are expected to account for approximately 20% to 25% of total operating expenses.

| (5) | Semnur anticipates operating losses from 2024 to 2027 due to expenditures on the                                                                                        
 SP-102 clinical trials, CMC, promotional activities and regulatory payments, as well as any royalty and milestone payments following the commercial launch of SP-102 in 
 2027 to Semnur Equityholders under the Semnur Merger Agreement and the Shah Assignment Agreement. Semnur expects to achieve profitability starting in 2028.             |

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In formulating its assumptions with respect to the Semnur Management Projections, Semnur’s management
reviewed and relied upon its primary and secondary market research, analysis of prescription and demand data trends, internally developed analogues of new product launches and uptakes, and ability to gain insights by leveraging internal expertise
and prior experience. Due to stable market dynamics and conditions, multiple forecasts scenarios were not prepared for strategic planning purposes.

Material Differences in Assumptions for the Base Case and Best Case of Semnur Management Projections

The material differences in assumptions between the base case and best case of Semnur Management Projections relate to the price of SP-102 per injection that Semnur is expected to charge and projected market share.

In the base case projections, the
price of SP-102 is set at $400 per injection for the first year