Company: SMNR
Filing Date: 2025-07-02
Form Type: S-4/A
Source: 0001193125-25-154936
Chunk: 138

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-02
Form: S-4/A
Chunk 138
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-102, from a sole or single source supplier and manufacturer, and we may not be able to find an alternative source on commercially reasonable terms, or at all. In addition, if any such supplier or manufacturer fails to comply with FDA regulations we may be subject to sanctions or delays in the delivery of our clinical supplies which could affect the development of SP-102. |

| • |     | We rely on third parties to conduct our clinical trials and intend to rely on third parties to conduct all of our future clinical trials. If these third parties do not successfully carry out their contractual duties, fail to comply with applicable regulatory requirements or meet expected deadlines, we may be unable to obtain regulatory approval for our current and future product candidates. |

| • |     | Interim “top-line” and preliminary data from our clinical trials that we announce or publish from time to time may change as more patient data become available and are subject to audit and verification procedures that could result in material changes in the final data. |

Risks Related to Semnur’s Business and Operations

| • |     | Any disruption in our research and development facilities could adversely affect our business, financial condition and results of operations. |

Risks Related to Semnur’s Intellectual Property

| • |     | If we are unable to maintain patent protection for our product candidates, or if the scope of the patent protection obtained is not sufficiently broad, we may not be able to compete effectively in our markets. |

Risks Related to Government Regulations

| • |     | The regulatory approval processes of the FDA and comparable non-U.S. regulatory authorities are lengthy, time-consuming and inherently unpredictable, and if we are ultimately unable to obtain regulatory approval for our product candidates, our business, financial condition and results of operations will be substantially harmed. Moreover, gaining approval for a product candidate in one country or jurisdiction does not guarantee that we will be able to obtain approval for or commercialize it in any other jurisdiction, which would limit our ability to realize our full market potential. |

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Risks Related to Semnur’s Relationship with Scilex

| • |     | Certain of our directors and officers may have actual or potential conflicts of interest because of their positions with Scilex. |

| • |     | We are controlled by Scilex, whose interests may differ from those of our public shareholders. |

Risks Related to Ownership of New Semnur Common Stock

| • |     | If the perceived benefits of the Business Combination do not meet the expectations of investors