Semnur Pharmaceuticals, Inc. (“Semnur”), a Majority-Owned Subsidiary of Scilex Holding Company (Nasdaq: SCLX, “Scilex”), and Denali Capital Acquisition Corp. Announce the Closing of Their Previously Announced Business Combination
Semnur Pharmaceuticals (OTC: SMNR), a majority-owned subsidiary of Scilex Holding Company (Nasdaq: SCLX), has completed its previously announced business combination with Denali Capital Acquisition Corp. Following the merger, Scilex and its affiliates maintain approximately 87.5% ownership of Semnur's common stock.
The combined entity will continue operating as Semnur Pharmaceuticals, with its shares and warrants trading on the OTC Markets under symbols SMNR and SMNRW. The company focuses on developing non-opioid pain management therapeutics, with its lead candidate SP-102 currently in Phase 3 clinical development for chronic radicular pain/sciatica treatment.
Semnur Pharmaceuticals (OTC: SMNR), una controllata per maggioranza di Scilex Holding Company (Nasdaq: SCLX), ha completato la fusione commerciale precedentemente annunciata con Denali Capital Acquisition Corp. A seguito dell'unione, Scilex e le sue affiliate detengono circa 87,5% delle azioni ordinarie di Semnur.
L'entità combinata opererà come Semnur Pharmaceuticals, con le sue azioni e warrant quotati sul mercato OTC con i simboli SMNR e SMNRW. L'azienda si concentra sullo sviluppo di terapie non oppiacee per la gestione del dolore, con il candidato principale SP-102 attualmente in sviluppo clinico di fase 3 per il trattamento del dolore radicolare cronico/ernia del nervo sciatico.
Semnur Pharmaceuticals (OTC: SMNR), una subsidiaria de mayoría de Scilex Holding Company (Nasdaq: SCLX), ha completado la fusión empresarial anunciada previamente con Denali Capital Acquisition Corp. Tras la fusión, Scilex y sus filiales mantienen aproximadamente un 87,5% de la propiedad de las acciones ordinarias de Semnur.
La entidad combinada continuará operando como Semnur Pharmaceuticals, y sus acciones y warrants se negocian en OTC Markets bajo los símbolos SMNR y SMNRW. La empresa se centra en desarrollar terapias de manejo del dolor no opioides, con su candidato principal SP-102 actualmente en desarrollo clínico de fase 3 para el tratamiento del dolor radicular crónico/ciática.
Semnur Pharmaceuticals (OTC: SMNR)는 Scilex Holding Company (Nasdaq: SCLX)의 다수 지분 자회사로서, Denali Capital Acquisition Corp와의 이전에 공시된 기업결합을 완료했습니다. 합병 후 Scilex 및 계열사는 Semnur의 보통주 약 87.5%를 보유하게 됩니다.
합병 법인은 Semnur Pharmaceuticals로 계속 운영되며, 주식과 워런트는 OTC Markets에서 SMNR와 SMNRW 기호로 거래됩니다. 이 회사는 비마약성 통증 관리 치료제 개발에 집중하고 있으며, 선도 후보물질 SP-102는 만성 방사통/좌골신경통 치료를 위한 3상 임상 개발 중입니다.
Semnur Pharmaceuticals (OTC: SMNR), une filiale majoritaire de Scilex Holding Company (Nasdaq: SCLX), a conclu la fusion d'entreprise préalablement annoncée avec Denali Capital Acquisition Corp. Suite à la fusion, Scilex et ses filiales détiennent environ 87,5% des actions ordinaires de Semnur.
L'entité fusionnée continuera d'opérer sous le nom de Semnur Pharmaceuticals, et ses actions et warrants seront négociés sur OTC Markets sous les symboles SMNR et SMNRW. L'entreprise se concentre sur le développement de thérapies non opioïdes pour la gestion de la douleur, avec son candidat principal SP-102 actuellement en développement clinique de phase 3 pour le traitement de la douleur radiculaire chronique/sciatique.
Semnur Pharmaceuticals (OTC: SMNR), eine Mehrheitsbeteiligung von Scilex Holding Company (Nasdaq: SCLX), hat die zuvor angekündigte Transaktion mit Denali Capital Acquisition Corp abgeschlossen. Nach der Fusion behalten Scilex und seine Tochtergesellschaften etwa 87,5 % der Stammaktien von Semnur.
Die fusionierte Einheit wird weiterhin unter dem Namen Semnur Pharmaceuticals operieren, und ihre Aktien sowie Warrants werden an der OTC Markets unter den Symbolen SMNR und SMNRW gehandelt. Das Unternehmen konzentriert sich auf die Entwicklung nicht-opioider Schmerzmanagement-Therapien, wobei der Spitzenkandidat SP-102 derzeit in der klinischen Entwicklung der Phase 3 zur Behandlung von chronischen radikulären Schmerzen/Ischias steht.
Semnur Pharmaceuticals (OTC: SMNR)، وهي شركة تابعة مملوكة بنسبة أغلبية لشركة Scilex Holding Company (ناسداك: SCLX)، قد أكملت صفقة الدمج التجاري التي أُعلنت سابقاً مع Denali Capital Acquisition Corp. بعد الدمج، تحتفظ Scilex وشركاتها التابعة بنحو 87.5% من ملكية أسهم Semnur العادية.
ستستمر الكيـان المدموجة في العمل كـ Semnur Pharmaceuticals، وتتم تداول أسهمها ووَوارِنتها في أسواق OTC تحت الرمزين SMNR و SMNRW. تركز الشركة على تطوير علاجات لإدارة الألم غير الأفيونية، مع المرشح الرائد SP-102 حالياً في تطوير سريري في المرحلة 3 لعلاج الألم العصبي القشري/عرق النسا.
Semnur Pharmaceuticals (OTC: SMNR)，为 Scilex Holding Company (纳斯达克: SCLX) 的控股子公司，已完成其此前宣布的与 Denali Capital Acquisition Corp 的商业合并。合并后，Scilex及其关联公司对 Semnur 的普通股持有约 87.5%。
合并后的实体将以 Semnur Pharmaceuticals 的名义继续运营，其股票及认股权证在 OTC Markets 以 SMNR 和 SMNRW 的代码交易。公司专注于开发非阿片类的疼痛管理治疗药物，其主先导候选药物 SP-102 目前处于慢性坐骨神经痛/坐骨神经痛治疗的三期临床开发阶段。
- None.
- Trading on OTC Markets rather than major exchange
- High dependency on clinical trial outcomes for SP-102
- Significant majority control by Scilex may limit independent decision-making
Insights
Scilex's subsidiary Semnur completes SPAC merger, maintaining OTC listing while positioning for growth in non-opioid pain management.
The closing of the business combination between Semnur Pharmaceuticals (majority-owned by Scilex Holding Company) and Denali Capital Acquisition Corp represents a strategic move to access public capital markets without changing Scilex's controlling position. Post-merger, Scilex maintains approximately
This transaction structure is notable as it allows Semnur to potentially raise capital independently while remaining under Scilex's control. For Scilex shareholders, this creates a partially independent publicly-traded asset without full dilution of their economic interest. The SPAC merger provides Semnur with potential access to capital for advancing their non-opioid pain management portfolio, particularly their lead candidate SP-102 which is in second Phase 3 clinical development for chronic radicular pain/sciatica.
This transaction exemplifies an increasingly popular corporate structure strategy where parent companies maintain majority ownership while allowing subsidiaries to access public markets separately. The deal appears designed to unlock shareholder value by creating a separate valuation mechanism for Semnur's assets while maintaining Scilex's strategic control. For investors, this creates a more granular investment option specifically focused on Semnur's non-opioid therapeutics pipeline.
- Semnur’s shares of common stock and warrants are expected to continue to trade on the OTC Markets under the ticker symbols “SMNR” and “SMNRW”, respectively.
- Scilex (together with its affiliates) owns approximately
87.5% of Semnur common stock post Business Combination
PALO ALTO, Calif., Sept. 22, 2025 (GLOBE NEWSWIRE) -- Scilex Holding Company (“Scilex” or the “Company”) (Nasdaq: SCLX) , an innovative revenue-generating company focused on acquiring, developing and commercializing non-opioid pain management products for the treatment of acute and chronic pain and neurodegenerative and cardiometabolic disease, today announced that its majority-owned subsidiary, Semnur Pharmaceuticals, Inc. (“Semnur”), and Denali Capital Acquisition Corp (“Denali”), a special purpose acquisition company, announced the closing of their previously announced business combination (the "Business Combination").
The combined company will operate as “Semnur Pharmaceuticals, Inc.” and its shares of common stock and warrants are expected to continue trading on the OTC Markets under the ticker symbols “SMNR” and “SMNRW”, respectively.
“Semnur is entering an exciting phase as the resources of the public capital markets will be available to enhance our business growth and enable us to continue to fulfill our mission to address patient non-opioid pain management needs”, said Henry Ji, Ph.D., Executive Chairman and Chief Executive Officer and President of Scilex and Executive Chairperson of Semnur. “Our unique model continues to demonstrate the multiple ways in which we can unlock value for our stockholders. We appreciate our partnership with the team at Denali as we prepare for this next chapter.”
“Our Semnur team and I are proud to continue our leadership in the creation of prescription non-opioid therapeutics addressing moderate to severe chronic radicular pain/sciatica," said Jaisim Shah, Chief Executive Officer and President of Semnur. "As a public company, we aim to accelerate our mission to increase access to prescription non-opioid therapeutics by advancing our second Phase 3 clinical development in SP-102, and expanding public and private payer adoption. We are grateful to all of our investors for supporting us through our successful transition."
Paul Hastings LLP served as legal counsel to Semnur. Winston & Strawn LLP served as legal counsel to Denali.
For more information on Scilex Holding Company, refer to www.scilexholding.com
For more information on Semnur Pharmaceuticals, Inc., refer to www.semnurpharma.com
For more information on ZTlido® including Full Prescribing Information, refer to www.ztlido.com.
For more information on ELYXYB®, including Full Prescribing Information, refer to www.elyxyb.com.
For more information on Gloperba®, including Full Prescribing Information, refer to www.gloperba.com.
https://www.facebook.com/scilex.pharm
https://www.linkedin.com/company/scilex-holding-company/
About Scilex Holding Company
Scilex is an innovative revenue-generating company focused on acquiring, developing and commercializing non-opioid pain management products for the treatment of acute and chronic pain and neurodegenerative and cardiometabolic disease. Scilex targets indications with high unmet needs and large market opportunities with non-opioid therapies for the treatment of patients with acute and chronic pain and is dedicated to advancing and improving patient outcomes. Scilex’s commercial products include: (i) ZTlido® (lidocaine topical system)
In addition, Scilex has three product candidates: (i) SP-102 (10 mg, dexamethasone sodium phosphate viscous gel) (“SEMDEXA” or “SP-102”), which is owned by Semnur and is a novel, viscous gel formulation of a widely used corticosteroid for epidural injections to treat lumbosacral radicular pain, or sciatica, for which Scilex has completed a Phase 3 study and was granted Fast Track status from the FDA in 2017; (ii) SP-103 (lidocaine topical system)
Scilex is headquartered in Palo Alto, California.
About Semnur Pharmaceuticals, Inc.
Semnur is a clinical late-stage specialty pharmaceutical company focused on the development and commercialization of novel non-opioid pain therapies. Semnur’s product candidate, SP-102 (SEMDEXA™), is the first non-opioid novel gel formulation administered epidurally in development for patients with moderate to severe chronic radicular pain/sciatica.
Semnur Pharmaceuticals, Inc. is headquartered in Palo Alto, California
Forward-Looking Statements
This press release includes forward-looking statements that involve risks and uncertainties. Forward-looking statements are statements that are not historical facts and may be accompanied by words that convey projected future events or outcomes, such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook” or variations of such words or by expressions of similar meaning. These forward-looking statements include, but are not limited to, statements regarding future events, the Business Combination between Semnur and Denali, the estimated or anticipated future results and benefits of the combined company following the Business Combination, future opportunities for the combined company, the combined company’s future business strategies, Semnur’s long-term objectives and commercialization plans, Semnur’s current and prospective product candidates, planned clinical trials and preclinical activities and potential product approvals, as well as the potential for market acceptance of any approved products and the related market opportunity, statements regarding SP-102, if approved by the FDA, Semnur’s potential to attract new capital and avoid the effects of negative debt leverage and other statements that are not historical facts. These statements are based on management’s current expectations of and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on, by any investor as a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Scilex and Semnur. These statements are subject to a number of risks and uncertainties regarding Scilex’s and Semnur’s businesses and the Business Combination, and actual results may differ materially. These risks and uncertainties include, but are not limited to, general economic, political and business conditions; the ability of the combined company to achieve the benefits of the Business Combination, including future financial and operating results of the combined company; risks related to the outcome of any legal proceedings that may be instituted against the parties regarding the Business Combination; the risk that the Business Combination disrupts current plans and operations as a result of the consummation of the Business Combination; the ability of the combined company to develop and successfully market SP-102 or other products; the ability of the combined company to grow and manage growth profitably and retain its key employees; the risk that the potential product candidates that Semnur develops may not progress through clinical development or receive required regulatory approvals within expected timelines or at all; risks relating to uncertainty regarding the regulatory pathway for Semnur’s product candidates; the risk that Semnur’s product candidates may not be beneficial to patients or successfully commercialized; the risk that Semnur has overestimated the size of the target patient population, their willingness to try new therapies and the willingness of physicians to prescribe these therapies; risks that the prior results of the clinical trials of SP-102 may not be replicated; regulatory and intellectual property risks; the risk of failure to realize the anticipated benefits of the Business Combination and other risks and uncertainties indicated from time to time and other risks set forth in Scilex’s and Semnur’s (f/k/a Denali) filings with the SEC, including in Denali’s final prospectus relating to the Business Combination dated August 12, 2025. There may be additional risks that Semnur and Scilex presently do not know or that Semnur or the Company currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements provide Semnur’s and the Company’s expectations, plans or forecasts of future events and views as of the date of the communication. Semnur and Scilex anticipate that subsequent events and developments will cause such assessments to change. However, while Semnur and Scilex may elect to update these forward-looking statements at some point in the future, each of Semnur and Scilex specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing Semnur’s or Scilex’s assessments as of any date subsequent to the date of this communication. Accordingly, investors are cautioned not to place undue reliance on these forward-looking statements.
Contacts:
Investors and Media
Scilex Holding Company
960 San Antonio Road
Palo Alto, CA 94303
Office: (650) 516-4310
Email: investorrelations@scilexholding.com
Website: www.scilexholding.com
SEMDEXA™ (SP-102) is a trademark owned by Semnur Pharmaceuticals, Inc., a majority-owned subsidiary of Scilex Holding Company. A proprietary name review by the FDA is planned.
ZTlido® is a registered trademark owned by Scilex Pharmaceuticals Inc., a wholly-owned subsidiary of Scilex Holding Company.
Gloperba® is the subject of an exclusive, transferable license to use the registered trademark by Scilex Holding Company.
ELYXYB® is a registered trademark owned by Scilex Holding Company.
Scilex Bio™ is a trademark owned by Scilex Holding Company, Inc.
All other trademarks are the property of their respective owners.
© 2025 Scilex Holding Company All Rights Reserved.
FAQ
What is the ownership structure of Semnur Pharmaceuticals after the merger with Denali Capital?
Where will Semnur Pharmaceuticals (SMNR) shares trade after the merger?
What is Semnur Pharmaceuticals' main product in development?
Who are the key executives leading Semnur Pharmaceuticals after the merger?
What is the strategic focus of Semnur Pharmaceuticals (SMNR)?
