Semnur Pharmaceuticals Inc. is a late-stage clinical biopharmaceutical company focused on the development and commercialization of proprietary, non-opioid pain management therapeutics for acute and chronic indications. The company specializes in targeted injectable therapies designed to treat moderate-to-severe lumbar and cervical spinal conditions while mitigating the safety risks associated with opioid dependence and particulate steroid injections. Semnur Pharmaceuticals offers a pipeline of specialized pharmaceutical product candidates, including SP-102 (SEMDEXA), an investigational, non-opioid, particulate-free, surfactant-free, and preservative-free viscous hydrogel formulation of dexamethasone sodium phosphate administered via epidural injection for the treatment of lumbosacral radicular pain (sciatica); sustained-release injectable corticosteroid formulations engineered to provide prolonged localized pain relief without neurotoxicity; and pre-commercial formulation platforms targeting broader spinal and musculoskeletal chronic pain disorders. The company primarily targets interventional pain management specialists, anesthesiologists, spine physicians, and patients suffering from severe radicular back pain within the United States healthcare market. Founded in 2013, Semnur Pharmaceuticals is headquartered in Palo Alto, California, and operates as a majority-owned subsidiary of Scilex Holding Company. In recent major developments, the company completed a business combination with Denali Capital Acquisition Corp. in September 2025, resulting in its public listing on the OTC Markets under the ticker symbol SMNR. Following the transaction, parent company Scilex Holding Company completed a stock dividend distribution of Semnur common stock to its shareholders in mid-2026. In July 2026, Semnur executed a binding term sheet with iHolding Group LLP for a 100 million dollar strategic equity investment to fund clinical development and commercial manufacturing. Concurrently, the company advanced the clinical progression of SEMDEXA under U.S. FDA Fast Track designation, initiating its C.L.E.A.R.-2 Phase 3 clinical study to support the submission of a New Drug Application.