Semnur Pharmaceuticals, Inc. is a late-stage clinical biopharmaceutical company focused on non-opioid pain management products. The company's lead product candidate, SP-102 (dexamethasone sodium phosphate viscous gel), is being developed for moderate to severe LRP (sciatica) and has Fast Track designation from the FDA. A pivotal Phase 3 CLEAR-1 study completed in March 2022 met primary and secondary endpoints, showing decreased pain intensity for over a month and statistically significant improvement in disability. The FDA, in November 2023, requested a confirmatory trial (CLEAR-2) for SP-102 due to risks associated with interventional procedures and the absence of existing FDA-approved epidural steroid products for sciatica. The Phase 3 CLEAR-2 trial, designed with FDA guidance for a larger safety database and confirmatory efficacy through repeat injections, initiated in September 2025 and is expected to complete by 2027. The company aims for a 505(b)(2) NDA submission after CLEAR-2 completion and a targeted commercial launch of SP-102 in 2028, if approved. Semnur reported a net loss of $160.4 million for the year ended December 31, 2025, compared to $4.7 million in 2024, and an accumulated deficit of $275.8 million. Cash and cash equivalents were $20 thousand as of December 31, 2025, with $5.9 million cash used in operations during 2025. The company is dependent on its parent, Scilex Holding Company, for services and funding, and expects to incur approximately $21.0 million in operating expenses, including $10.0 million for clinical work, over the next twelve months. Two significant capital raises, a PIPE SPA for $20.0 million and a Bitcoin SPA for $100.0 million, had not closed as of December 31, 2025, with non-breaching parties having termination options. Promissory notes totaling $3.5 million are due in less than a year, and a long-term related party loan of $11.9 million is due to Scilex. The company's securities were suspended from trading on Nasdaq on April 16, 2025, and began trading on the OTCQB marketplace on April 17, 2025. Semnur is exploring various financing alternatives, including new credit facilities, non-dilutive options (collaborations, debt, royalty financings), and equity financing. The company adopted ASU 2023-08 for cryptocurrency accounting effective January 1, 2025, which will require fair value measurement and recognition of gains/losses in net income, potentially increasing financial volatility. An Insider Trading Policy and Clawback Policy were adopted, effective September 22, 2025.