Semnur Pharmaceuticals, Inc.
Semnur Pharmaceuticals, Inc. (OTCQB: SMNR) is a late-stage clinical biopharmaceutical company focused on developing innovative non-opioid pain management products for acute and chronic pain treatment. The company's lead product candidate, SP-102, is a novel injectable viscous gel formulation of dexamethasone sodium… From the company’s description.
Margins and return on equity change in ; everything else in percent. Fewer shares and less debt are shown plainly, not as bad news — it depends what you make of buybacks. Dotted labels explain each measure. is shown separately from the annual figures.
What Semnur Pharmaceuticals, Inc. does
In the company’s own words
Semnur Pharmaceuticals, Inc. (OTCQB: SMNR) is a late-stage clinical biopharmaceutical company focused on developing innovative non-opioid pain management products for acute and chronic pain treatment. The company's lead product candidate, SP-102, is a novel injectable viscous gel formulation of dexamethasone sodium phosphate designed for epidural injection to treat lumbar radicular pain, commonly known as sciatica. SP-102 has received fast-track designation from the FDA and, if approved, would represent the first FDA-approved non-opioid novel injectable corticosteroid gel formulation for moderate to severe sciatica, delivered via pre-filled syringe without preservatives, surfactants, solvents, or particulates.
Semnur was founded in 2013 and subsequently acquired by Scilex Holding Company in March 2019. On September 22, 2025, Semnur completed a business combination with Denali Capital Acquisition Corp., a special purpose acquisition company, resulting in Semnur becoming a publicly traded entity. The company operates as a subsidiary of Scilex while maintaining its independent development and commercialization strategy.
The company's clinical development program includes completion of the pivotal Phase 3 CLEAR trial, which demonstrated statistically significant and clinically meaningful improvements in pain intensity and disability scores compared to placebo. Results were published in PAIN Journal in June 2024. Based on FDA guidance received in November 2023, Semnur designed a confirmatory Phase 3 CLEAR-2 trial, which initiated in September 2025 and is expected to conclude by 2027, positioning the company for a 505(b)(2) new drug application submission and targeted commercial launch in 2028.
The sciatica market represents a substantial opportunity, with over 4.8 million patients estimated to suffer from the condition in the United States. Epidural steroid injections are administered over 12 million times annually despite current products carrying FDA warnings regarding serious neurologic complications. Semnur's strategy emphasizes leveraging Scilex's established commercial infrastructure, including its sales force calling on over 6,000 pain specialists and healthcare providers, to support SP-102's eventual commercialization. The company maintains a lean operational structure with twelve contractors and consultants plus three full-time employees from Scilex dedicated to SP-102 development.
Company details
- Sector
- Healthcare
- Industry
- Pharmaceutical Preparations
- Headquarters
- PALO ALTO, CA
- Fiscal year end
- December
- CIK
- 1913577
- SIC
- 2834
Financial performance, year by year
Fiscal 2022–2025 · USDThe full income statement, balance sheet and cash flow for each of these years — every figure traceable to its filing — is on the Financials tab with a free account.
Who owns Semnur Pharmaceuticals, Inc. — and what changed
Funds as of 2026Q2 · superinvestors as of 2026-06-30
Largest fund holders · Semnur Pharmaceuticals, Inc.’s weight in each
Fund ownership is a floor, not a census — pensions, insurers and people holding shares directly are not visible here.
Fund ownership counts N-PORT filers only, so it is a floor rather than a census — pensions, insurers and direct holders are not visible here, and the remainder is not “held by individuals”.
Could not be determined for this company: bond issues.
Every fund and institutional holder, quarter by quarter, is on the Ownership tab with a free account.
Recent filings
All filings →Each filing opens into its own statements and disclosures here.
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