Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 536

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 536
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 our results of
operations would have been had we been a standalone public company and no longer a majority owned subsidiary of Scilex. In particular, certain clinical trial management, regulatory, information technology, legal, accounting and finance, facilities
and other corporate and infrastructural functions have historically been provided to us by Scilex. As we currently do not have any employees who are directly employed by us, we expect that Scilex will continue to provide us with some of the services
related to these functions on a transitional basis. The costs associated with these services and support were allocated to our operating expenses based on the estimated percentage of time certain Scilex employees spent supporting the SP-102 program, and we expect to incur other costs to replace the services and resources that will not be provided by Scilex. We will also incur additional costs as a standalone public company. As a standalone
public company, our total costs related to certain support functions may differ from the costs that

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were historically allocated to us from Scilex. In addition, in the future, we expect to incur internal costs to implement certain new systems, including infrastructure and an ERP system, while our systems are currently being fully supported by Scilex. Components of Our Results of Operations Operating Expenses Research and Development Research and development expenses are expensed when incurred and consist primarily of direct and allocated costs incurred for our research activities, including the development of our product candidate, and include:

| • |     | direct costs related to clinical trials, including contract manufacturing and supply; |

| • |     | allocated portion of salaries, benefits and other related costs, including stock-based compensation expense for 
 Scilex personnel engaged in research and development functions related to the SP-102 program;                   |

| • |     | allocated costs of facilities and support services incurred by Scilex used in drug development related to the SP-102 program; and |

| • |     | direct and allocated costs related to outside consultants engaged in research and development functions related 
 to the SP-102 program.                                                                                          |

We expect our research and development expenses to increase, as we will incur incremental expenses associated with our lead product candidate, SP-102,currently under development and in clinical trials. Product candidates in later stages of clinical development generally have higher development costs, primarily due to the increased size and duration of later-stage clinical trials. Accordingly, we expect to incur significant research and development expenses in connection with our clinical trials for SP-102. General and Administrative General and administrative expenses consist primarily