Company: SMNR
Filing Date: 2025-10-21
Form Type: S-1
Source: 0001193125-25-245178
Chunk: 18

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-10-21
Form: S-1
Chunk 18
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 protection obtained is not sufficiently broad, we may not be able to compete effectively in our markets. |

| • |     | If our IP rights are invalidated or circumvented, our business will be adversely affected. |

| • |     | Confidentiality agreements with employees may not prevent disclosure of our trade secrets and proprietary information and may not adequately protect our IP, which could limit our ability to compete. |

Risks Related to Government Regulations

| • |     | The regulatory approval processes of the FDA and comparable non-U.S. regulatory authorities are time-consuming and unpredictable, and if we are unable to obtain regulatory approval for our product candidates, our business will be substantially harmed. Moreover, gaining approval for a product candidate in one jurisdiction does not ensure approval in other jurisdictions, which could limit our total market. |

| • |     | If the FDA does not conclude that our product candidate satisfies the requirements for the Section 505(b)(2) regulatory approval pathway, or if the requirements for our product candidate under Section 505(b)(2) are not as we expect, the approval pathway for our product candidate could take significantly longer, cost significantly more and entail greater risks than anticipated, and in either case may not be successful. |

| • |     | Any approved product candidate will be subject to ongoing and continued regulatory requirements, which may result in significant expense and limit our ability to commercialize such products. |

10

Risks Related to Our Relationship with Scilex

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

| • |     | Scilex currently performs or supports many of our important corporate functions. Our financial statements may not necessarily be indicative of the conditions that would have existed or our results of operations if we had been operated as an unaffiliated company of Scilex, and we incurred significant charges in connection with the Business Combination and will incur incremental costs as a stand-alone public company. |

| • |     | Our Executive Chairman and Chief Financial Officer each holds an executive officer position at Scilex and devotes time to both companies, which could cause a diversion of their time and attention from our business. |

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

Risks Related to Ownership of Our Common Stock

| • |     | If our operations and performance do not meet the expectations of investors or securities analysts, the market price of our securities may decline. |