Core Insights - Pacira BioSciences reported a transformative year in 2025, achieving significant revenue growth and expanding reimbursement coverage for its flagship product, EXPAREL [4][6]. Group 1: Financial Performance - The company finished 2025 with $726 million in revenue, marking the highest gross margins in its history, while treating over 2.5 million patients [3][6]. - Fourth-quarter EXPAREL sales reached $155.8 million, reflecting approximately 7% volume growth compared to the previous year [9][12]. - For 2026, the company guided total revenue between $745 million and $770 million, with EXPAREL sales projected at $600 million to $620 million [22][24]. Group 2: Market Access and Reimbursement - Pacira exceeded its internal goal by ending 2025 with 102 million covered lives under CMS or commercial coverage outside the surgical bundle, which increased to about 110 million in early 2026 [1][6]. - The NOPAIN Act has been credited as a catalyst for reducing financial barriers to non-opioid postsurgical pain management, with 82% of surveyed physicians viewing it as important for non-opioid stewardship [2][6]. Group 3: Product Development and Pipeline - The company is entering a "data-rich" period with its pipeline, including upcoming clinical milestones for ZILRETTA, iovera°, and PCRX-201 [4][18]. - Pacira plans to initiate a Phase 2 study of PCRX-2002 in bunionectomy patients later this year, which is expected to complement EXPAREL [21]. Group 4: Intellectual Property and Partnerships - The company expanded its intellectual property estate to 21 patents and secured a volume-limited settlement with Fresenius, providing visibility through 2039 [5][16]. - A new partnership with LG Chem aims to commercialize EXPAREL in select Asia-Pacific countries, with revenue contributions expected to begin in 2027 [17]. Group 5: Operational Efficiency and Cost Management - Non-GAAP gross margin improved to 80% in the fourth quarter, attributed to better yields from enhanced production facilities [12][13]. - R&D expenses increased to $34.4 million in the fourth quarter, driven by ongoing development costs for various products [14].

Company Overview - Pacira's mission is to deliver innovative non-opioid pain management therapies to transform lives, focusing on patient-centered care, scientific integrity, and employee well-being [3] - The company reported unaudited sales of $726 million for the previous year and has over 800 engaged employees [3] - Pacira has helped more than 18 million patients to date [3] Product Portfolio - The flagship product of Pacira is EXPAREL, a nerve block solution [4] - Other products include ZILRETTA, a long-acting corticosteroid for osteoarthritis pain, and iovera°, a medical device utilizing cryoneurolysis for pain management [4] Patient Impact - The company highlights success stories, such as a Division 1 soccer player who opted for a non-opioid solution due to family issues with opioid abuse, demonstrating the effectiveness of their products [5]

Summary of Pacira BioSciences FY Conference Call (January 14, 2026) Company Overview - **Company**: Pacira BioSciences (NasdaqGS:PCRX) - **Mission**: Deliver innovative, non-opioid pain management therapies to transform lives [2][3] - **Sales**: Reported unaudited sales of $726 million for the previous year [2] - **Employees**: Over 800 engaged employees [2] - **Patients Served**: More than 18 million patients helped to date [2] Product Portfolio - **Key Products**: - **Exparel**: Flagship product for nerve block - **Zilretta**: Long-acting corticosteroid for osteoarthritis pain - **Iovera**: Medical device using cryoneurolysis for pain management [3] Strategic Developments - **5x30 Strategy**: Aims to help over 3 million patients by 2030, achieve double-digit top-line growth, expand profitability by five points, add five new programs to the pipeline, and establish five partnerships [6][7] - **Partnerships**: - **Johnson & Johnson MedTech**: Triples reach for Zilretta [9] - **LG Chem**: Gains commercial rights for Exparel in Asia-Pacific, with potential for Zilretta sales [10] - **Intellectual Property**: Strong IP estate with 21 patents, providing robust defense against future Paragraph IV filers [5][12] Financial Performance - **Stock Performance**: 40% increase in stock price from January to December [5] - **Profitability**: Expected margins of 80%-82% for the current year [7] - **Share Buyback**: $150 million worth of stock repurchased, reducing outstanding shares to 41 million [11] Pipeline and Data Catalysts - **Upcoming Data Catalysts**: - **PCRX201**: Local gene therapy with promising phase one results [8][22] - **Iovera Spasticity**: Interim readout expected in the first half of the year [21] - **Zilretta for OA of the Shoulder**: Registrational study readout anticipated [21] Market Access and Growth Strategy - **NOPAIN Legislation**: Aimed at reducing opioid prescriptions; 102 million lives covered by the end of the year [19] - **Market Access**: Over 90% of business contracted, with ongoing efforts to educate stakeholders [20][44] - **Volume Growth**: Notable growth in the second half of the year, with 9% and 7% volume growth in Q3 and Q4 respectively [36] Challenges and Future Outlook - **Behavior Change**: Ongoing efforts to drive behavior change among healthcare professionals regarding non-opioid pain management [31] - **Market Education**: Continued focus on educating physicians and patients about the benefits of non-opioid options [41][43] - **Long-term Potential**: Exploration of additional indications for PCRX201, including potential for repeat dosing and expansion to other joints [33][35] Conclusion - **Overall Sentiment**: The company is optimistic about its growth trajectory, driven by a strong product pipeline, strategic partnerships, and a commitment to transforming pain management [28][30]

Table of Contents As filed with the U.S. Securities and Exchange Commission on December 19, 2025 Registration No. 333-290995 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Amendment No. 1 to FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Semnur Pharmaceuticals, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Delaware 2836 98-1659463 (Primary Standard Industrial Classification Code Number) (I ...

Table of Contents As filed with the U.S. Securities and Exchange Commission on October 21, 2025 Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Semnur Pharmaceuticals, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Delaware 2836 98-1659463 (Primary Standard Industrial Classification Code Number) 960 San Antonio Road, Palo A ...

Core Viewpoint - Scilex Holding Company announced the successful closing of a business combination with Denali Capital Acquisition Corp, resulting in the formation of Semnur Pharmaceuticals, Inc., which will focus on non-opioid pain management products [1][2][3] Company Overview - Scilex is dedicated to acquiring, developing, and commercializing non-opioid pain management products for acute and chronic pain, as well as neurodegenerative and cardiometabolic diseases [1][5] - The company aims to address high unmet needs in the market with its innovative therapies [5] Business Combination Details - The combined entity will operate under the name Semnur Pharmaceuticals, Inc., with shares trading on the OTC Markets under the ticker symbols "SMNR" and "SMNRW" [2][6] - Scilex holds approximately 87.5% of Semnur's common stock post-business combination [6] Leadership Statements - Henry Ji, CEO of Scilex, emphasized the importance of public capital markets for business growth and fulfilling the mission of addressing non-opioid pain management needs [3] - Jaisim Shah, CEO of Semnur, expressed pride in leading the development of prescription non-opioid therapeutics and aims to accelerate access to these treatments [3] Product Pipeline - Semnur's lead product candidate, SP-102 (SEMDEXA), is a novel gel formulation for epidural administration targeting chronic radicular pain/sciatica [10] - Scilex has additional product candidates, including SP-103 and SP-104, targeting acute pain and fibromyalgia, respectively [8]

Table of Contents (Exact name of Registrant as specified in its charter) Delaware 2836 92-1062542 (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Classification Code Number) (I.R.S. Employer Identification Number) Scilex Holding Company 960 San Antonio Road Palo Alto, CA 94303 (650) 516-4310 As filed with the U.S. Securities and Exchange Commission on August 4, 2025 Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form ...

Core Viewpoint - Scilex Holding Company has regained compliance with Nasdaq's minimum closing bid price requirement, maintaining a minimum closing bid price of $1.00 per share for at least ten consecutive trading days as of April 30, 2025 [1] Company Overview - Scilex Holding Company is focused on acquiring, developing, and commercializing non-opioid pain management products for acute and chronic pain, as well as neurodegenerative and cardiometabolic diseases [3][5] - The company targets high unmet needs and large market opportunities with non-opioid therapies to improve patient outcomes [3] Commercial Products - Scilex's commercial products include: - ZTlido® (lidocaine topical system) 1.8%, approved for neuropathic pain relief associated with postherpetic neuralgia [3] - ELYXYB®, the only FDA-approved ready-to-use oral solution for acute migraine treatment in adults [3] - Gloperba®, the first liquid oral version of colchicine for the prophylaxis of painful gout flares in adults [3] Product Candidates - Scilex has three product candidates in development: - SP-102 (SEMDEXA), a viscous gel formulation for epidural injections to treat lumbosacral radicular pain, which has completed a Phase 3 study and received Fast Track status from the FDA [4] - SP-103, a next-generation formulation of ZTlido for acute pain, which has recently completed a Phase 2 trial and also received Fast Track status from the FDA [4] - SP-104, a low-dose delayed-release naltrexone hydrochloride for fibromyalgia treatment [4]

Core Viewpoint - Scilex Holding Company has secured a $100 million financing commitment from Perigrove LLC and Graf Holdings to enhance its capital position and support its growth in non-opioid pain management products, aiming for revenues exceeding $1 billion in the next 4-5 years [19][20]. Financing Details - The financing consists of a 5-year term loan with royalty-based payments, intended to repay approximately $85 million of existing senior secured debt to Oramed Pharmaceuticals Inc. and allocate around $15 million for general corporate purposes [19][20]. - Upon receipt of the commitment funds, Scilex will issue a warrant to purchase up to 32,500,000 shares of its common stock at an exercise price of $1.20 [1]. Product Pipeline - Scilex is developing three product candidates: - SP-102, a viscous gel formulation for epidural injections to treat lumbosacral radicular pain, which has completed Phase 3 studies and received Fast Track status from the FDA [4]. - SP-103, a next-generation lidocaine topical system for chronic neck pain, which has recently completed a Phase 2 trial [4]. - SP-104, a low-dose naltrexone hydrochloride for fibromyalgia, with Phase 1 trials completed in Q2 2022 [4]. Company Overview - Scilex Holding Company is focused on acquiring, developing, and commercializing non-opioid pain management products for acute and chronic pain, with a commitment to improving patient outcomes [10][11]. - The company's commercial products include ZTlido®, ELYXYB®, and Gloperba®, with Gloperba expected to launch in the first half of 2024 [10][19]. Strategic Positioning - The financing commitment is expected to enhance Scilex's commercial position and reduce reliance on future capital raising activities, allowing for reinvestment in its commercial products [20][21].

Table of Contents As filed with the U.S. Securities and Exchange Commission on November 6, 2023 Registration No. 333-275117 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Amendment No. 1 to Form S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Scilex Holding Company (Exact name of Registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Delaware 2836 92-1062542 (Primary Standard Industrial Classification Code Number) (I.R.S. E ...