Company: SMNR
Filing Date: 2025-08-12
Form Type: S-4/A
Source: 0001193125-25-178821
Chunk: 47

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-12
Form: S-4/A
Chunk 47
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’s management has conservatively estimated ESI market growth of 0.9% in 2028 and 0.5% thereafter. See the section titled “ Proposal 1 — The Business Combination — Certain Semnur Projected Financial Information”. 9

| Q: | What are Scilex’s short-term and long-term plans for Semnur? |

| A: | Scilex’s short-term plan for Semnur is to raise sufficient capital to fund Semnur’s Phase 3 Corticosteroid Lumbar Epidural Analgesia (“CLEAR”)-2 clinical trials and execute the clinical development plan agreed with the FDA, in order to obtain FDA approval and launch SP-102 in accordance with its anticipated timeline. |

Scilex chose to merge with Denali because, despite the proceeds currently in the Trust Account and the prospects for additional redemptions that may entirely deplete such account, it views the Business Combination as the quickest path for Semnur to achieve its short-term plans. Specifically, merging with Denali will enable Semnur to become a stand-alone public company that is potentially able to raise capital to support its ongoing cash requirements to carry out necessary clinical trials and execute its business plans based on Semnur’s value, without the overhang from Scilex’s debt, stock volatility and low market capitalization. This approach will potentially allow Semnur to raise capital more efficiently, facilitating the completion of its clinical trials in order to achieve the launch and commercialization of SP-102. Scilex’s long-term plan for Semnur is to expand Semnur’s product candidates and develop a product portfolio by developing or acquiring non-opioid therapeutics that complement Semnur’s current and future product candidates and future product portfolio and leverage Semnur’s existing research and development infrastructure to continuously evaluate opportunities to develop non-opioid therapeutics for pain management indications that are not adequately served with existing treatment options. The expansion plans for Semnur include investing in both early- and late-stage research programs to develop Semnur’s pipeline and capabilities by selectively acquiring differentiated technologies, investing in technologies to prepare for commercialization, and evaluating strategic partnerships to improve patient experience or enable greater patient access. Additionally, Scilex plans to pursue strategic partnerships and collaborations to enhance the value of Semnur’s pipeline and platform technologies, while also in-licensing non-opioid therapeutics that complement Semnur’s product portfolio. Scilex determined to retain a significant amount of New