Here are the S-1 registration statements from Semnur Pharms Inc WTS (SMNRW) in our archive over the last 12 months, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
An S-1 covers the registration statement a company files to sell shares publicly, so if you follow SMNRW and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full SMNRW filings page.
Semnur Pharmaceuticals, Inc. has filed an amended registration statement covering the resale of up to 203,737,349 shares of common stock, the issuance of up to 8,760,000 shares upon exercise of warrants, and the resale of up to 510,000 private warrants. The company will receive cash only if holders exercise the 8,250,000 public warrants and 510,000 private placement warrants, while selling securityholders receive any proceeds from share and warrant resales.
Semnur is a late-stage clinical biopharmaceutical company developing non-opioid pain therapies. Its lead Phase 3 candidate, SP-102 (SEMDEXA), is a dexamethasone sodium phosphate viscous gel being developed as a preservative-free, pre-filled syringe epidural steroid injection for lumbosacral radicular pain (sciatica) and has FDA fast track designation. In 2025 Semnur completed a SPAC business combination with Denali Capital Acquisition Corp., redomiciling from the Cayman Islands to Delaware and becoming a Scilex-controlled subsidiary.
The prospectus highlights substantial operating and financial risk. Semnur has a single product candidate, has never generated product revenue, reported net losses of $154.3 million for the nine months ended September 30, 2025 and an accumulated deficit of $269.6 million, holds only $0.1 million of cash, faces going concern uncertainty, relies on key third-party manufacturing and supply relationships, and has identified material weaknesses in internal controls.