Company: SMNR
Filing Date: 2025-07-23
Form Type: S-4/A
Source: 0001193125-25-163401
Chunk: 147

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-23
Form: S-4/A
Chunk 147
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seen costs and expenses associated with creating an internal sales and marketing organization. |

74

Even after the completion of the Business Combination, we will require substantial additional funding, which may not be available to us on acceptable terms, or at all. Our operations have consumed substantial amounts of cash since inception. We expect to significantly increase our spending to advance development of our current product candidate and launch and commercialize any product candidate for which we receive regulatory approval. Furthermore, following the Business Combination, we expect to incur additional costs associated with operating as a public company. We will also require additional capital to fund our other operating expenses and capital expenditures. As of March 31, 2025, our cash and cash equivalents were approximately $7,000 and we had an accumulated deficit of approximately $116.0 million. The amount and timing of our future funding requirements will depend on many factors, some of which are outside of our control, including but not limited to:

| • |     | the scope, progress, results and costs of conducting studies and clinical trials for our product candidate, SP-102; |

| • |     | the timing of, and the costs involved in, obtaining regulatory approvals for our product candidate; |

| • |     | the costs of manufacturing our product candidate; |

| • |     | the timing and amount of any milestone, royalty or other payments we are required to make pursuant to any current or future collaboration or license agreements; |

| • |     | our ability to maintain existing, and establish new, strategic collaborations, licensing or other arrangements and the financial terms of any such agreements, including the timing and amount of any future milestone, royalty or other payments due under any such agreement; |

| • |     | the extent to which our product candidate, if approved for commercialization, are adopted by the physician community; |

| • |     | our need to expand our research and development activities; |

| • |     | the costs of acquiring, licensing or investing in businesses, product candidate and technologies; |

| • |     | the effect of competing products and product candidates and other market developments; |

| • |     | the number and types of future products or product candidates we develop and commercialize; |

| • |     | any product liability or other lawsuits related to our current or future product candidates; |

| • |     | the expenses needed to attract, hire and retain skilled personnel; |

| • |     | the costs associated with being a public company after the closing of the Business Combination; |

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