Overview

• Semnur Pharmaceuticals and Denali Capital Acquisition Corp. closed their previously announced business combination on September 22, 2025.
• Semnur’s common stock and warrants are expected to trade on the OTC Markets starting September 23 under the tickers SMNR and SMNRW.
• Scilex, including affiliates, holds approximately 87.5% of Semnur’s common stock following the deal.
• Scilex signed a Securities Purchase Agreement to exchange $200 million of Semnur shares for $200 million in Bitcoin at $16 per share for 12.5 million shares, subject to customary closing conditions and expected to close on or about September 23.
• Semnur plans to advance a second Phase 3 trial of SP-102 (SEMDEXA), a dexamethasone viscous gel for sciatica that previously completed a Phase 3 study and received FDA Fast Track designation in 2017.