Denali Capital Acquisition Corp.
DECA · OTC
NO ACTION REQUIRED
Nothing left to do
The purchase completed and the shares became shares in the company it bought. There is no deadline left to miss.
Cash at settlement
No cash-per-share figure was filed for this vehicle before it finished.
Last close
Daily close
No price history on file yet — daily closes accumulate from the market data feed.
Trust settled · There is no line to draw here. This vehicle has finished: the cash was paid back or spent closing the deal, so the last filed figure describes an account that no longer exists and would be a floor under nothing.
SpacBrain’s read
Trust settled
The deal closed — SPAC shares became the target's shares, so there is no trust left to redeem (nobody missed a window; holders who wanted cash elected it at the vote).
Whatever was left here was microscopic: 43,739 public shares at the last figures filed while this was still a SPAC. Treat any return figure on this name as arithmetic on a closed account rather than an opportunity.
In plain terms
- What it is
- A SPAC from Scilex Holding Co, listed on OTC in April 2022.
- What it's doing now
- It agreed to buy Semnur Pharmaceuticals, Inc., a non-opioid pain management pharmaceuticals company. That purchase completed, and it stopped being a SPAC — the shares became shares in the business it bought.
- What you should know
- Nearly all the original shareholders have already taken their money back — 43,739 shares are left of the 8.3M sold at listing. This SPAC has finished. The purchase completed, and the shares became shares in the company it bought — anyone who wanted the cash instead asked for it at the vote, so there is no cash left here to claim and no deadline left to miss.
At a glance
- Where it stands
- Closed (deSPAC)
- The business it bought
- Semnur Pharmaceuticals, Inc. — Pharmaceuticals, Inc.
- Industry
- Health Care — non-opioid pain management pharmaceuticals
- Deal value
- not stated in the filings we hold
- Price vs cash at settlement
- no live price on file
- Cash in trust when it settled
- not yet extracted into a snapshot — the filings below may state it
- the last trust total filed while this was still a SPAC — the account has since been paid out or used to close the deal
- IPO
- 7 April 2022
- size not on file
- Headquarters
- 960 SAN ANTONIO ROAD, PALO ALTO, CA, 94303
- registered in Delaware
- Lead underwriter
- not extracted from the prospectus yet
- Key officers
- Navani Annu (Director) · SHAH JAISIM (Director) · Ma Stephen Hoi (See Remarks)
- Listed securities
- DECA common
This vehicle has finished, so there is no window to file a cash-per-share figure for and none will follow. No estimate is shown in its place.
At the 11 April 2025 event. Almost the entire public float took the cash; what is left is a thin float carrying the whole deal.
Nothing dated is on file. That is an absence in the record, not a statement that nothing is coming.
Yield to redemption
Nothing left to redeem — no yield to compute.
This SPAC has finished — its trust was paid back or used to close the deal, so there is nothing left to redeem and no yield to compute. A yield to redemption is a claim that you can hand these shares back for the trust cash. That account is closed, so this page will not print a number here.
What happened to the cash
The reasoning behind the verdict above, in the order the filings establish it.
- The deal closed — SPAC shares became the target's shares, so there is no trust left to redeem (nobody missed a window; holders who wanted cash elected it at the vote).
- 94.18% of the public shares were handed back at the 11 April vote — the holders who wanted cash rather than shares in the new company took it then.
What has happened, and what is coming
6 dated milestonesEvery dated step from the day it listed to the next date you may have to act on. Where you have to do something, the day your broker needs the instruction is marked too.
83.4% of the public float took the cash
94.2% of the public float took the cash
Show the earlier 3 milestones
- 7 April 2022IPOpassed
IPO size not on file
45.0% of the public float took the cash
The deal
terms as filedWhat it is buying, on what terms, and how much of the combined company new shares take from you.
- closedHealth CareDeal structureSEC-primary — BCA 8-K / S-4 / DEFM14A
- PIPE
- ≈ $20M · unsourced
PIPE terms — instrument, coupon, conversion price and any reset floor — are not sourced for this deal. The size above is itself unsourced — a stored figure no filing we hold states — so neither the size nor the terms should be read as cited.
stated in:0001193125-25-335407
Who has already taken their money back
3 filed eventsEach time shareholders were offered their cash back, some took it. Heavy cash-outs drain the account and shrink the number of shares left — whatever remains has to carry the deal.
Worst single event
94.18%
of the public float walked at a single vote
Shares redeemed, all events
8.21M
≈100% of the earliest known float
Every figure below is stated in the linked filing; nothing here is estimated.
- Apr 11, 2025Extension94.18%
Show the other 2 cash-out events
- Jul 10, 2024Extension83.43%
- Oct 11, 2023Extension45%
The score
deterministic, from filed fieldsDECA is not in the scored universe, so no score is shown. A withheld score is a fact about the record, not a verdict about the company.
The score is only published for names that carry both a price and a filed cash-per-share figure — 295 of the tracked fleet today. The rest keep an empty dial rather than a modelled one, and fill in by themselves as the fields land.
The company
from SEC filingsRead the full profile
Denali Capital Acquisition Corp. was a blank-check company whose common stock traded on the over-the-counter market under the ticker DNQAF. The company priced its initial public offering on April 7, 2022, under SEC file number 333-263123, registering shares sold for cash. It was classified under SEC SIC industry code 2834 for Pharmaceutical Preparations. The vehicle completed a business combination and no longer files, with a change in shell company status reported in an 8-K filed on September 26, 2025. EDGAR now files the entity under SEC CIK 0001913577 as Semnur Pharmaceuticals, Inc.
Material findings
from the full read of every filingEvery document this company files gets read whole — body and exhibits. These are the ones the read flagged as material, newest first, each citing its filing.
The company is critically undercapitalized with only $39K cash, dependent on parent Scilex for funding, and has missed scheduled promissory note payments to the Sponsor, FutureTech, and Denali underwriters. With both PIPE and crypto treasury financing deals terminated and no Nasdaq listing (trading on OTCQB), the path to funding its Phase 3 SP-102 program is highly uncertain.
A $100 million primary investment at a fixed $10.00 per share would transform the balance sheet of a clinical-stage de-SPAC, but the conditions attached are extensive — due diligence, definitive documents, two boards, a stockholder vote and regulatory clearance — and the company warns that failure to agree could itself produce disputes or litigation. The same investor signed an identical $100 million term sheet with Scilex Holding at $15.00 per share on the same day, which is context a holder should weigh when assessing execution risk.
Unlike most versions in this series, this one fixes an actual date, time and place for the vote — 9:00 a.m. ET on September 3, 2025 — so it is the version a holder would work backwards from to a redemption deadline. Class A and Class B shares vote together as a single class, meaning the sponsor's founder shares are counted alongside the public shares rather than voting separately. The registered securities span four separate lines: 292,476,239 common shares, 524,622 units, 6,000,000 Series A preferred and 8,760,000 warrants; the preferred and warrant lines sit outside the common count.
The fee table is where the registered amounts are stated most precisely, and two things stand out in it. The 281,100,000-share line is registered at a nominal $0.0000333 per share while the 2,091,617-share line is priced at $11.21 — the two fall under different Rule 457 subsections and are not comparable as value, so the total offering amount of $130,657,257.13 is a fee-calculation figure and not a valuation of the deal. The entire $20,003.66 of fees was met by offsets, leaving no net fee due.
The target is not independent: Semnur is a majority owned subsidiary of Scilex Holding Company, so the counterparty across the table is a controlling parent whose interests need not align with either the SPAC's public holders or Semnur's minority. Class A and Class B shares vote together as a single class, so the sponsor's founder shares count alongside public shares rather than voting separately. The four registered lines — 292,476,239 common, 524,622 units, 6,000,000 Series A preferred and 8,760,000 warrants — are separate claims and the preferred and warrants sit outside the common count.
The resale prospectus is the substantive disclosure here: up to 201,118,000 shares of the post-combination company are being registered for RESALE by existing holders, alongside the 292,476,239 shares being newly issued. Registered resale shares can be sold into the market once the registration is effective, so this figure is the size of the potential post-closing selling pressure, and it is a different question from the dilution implied by the issuance line. The two numbers should never be added together or substituted for one another.
Show 7 more material filings
The registered common-stock line in this version is 261,976,239 shares, while the units, Series A preferred and warrant lines are unchanged at 524,622, 6,000,000 and 8,760,000 respectively. That common figure is the ceiling this version sets on the equity issuable, and it should be quoted against this filing rather than against later or earlier ones, since the cover figure moves between versions of this registration statement. The venue is fixed but no date or time is, so no deadline follows from this filing.
The registered ceiling in this version is 261,976,239 common shares alongside 524,622 units, 6,000,000 Series A preferred and 8,760,000 warrants — four separate claims on the equity that should not be collapsed into one number. Class A and Class B vote together as a single class, so the sponsor's founder shares are counted with the public shares rather than voting separately. The venue is named but no date or time is, so this version sets no deadline.
The four registered lines — 261,976,239 common shares, 524,622 units, 6,000,000 Series A preferred and 8,760,000 warrants — are already set at this first amendment and the common figure holds through several later versions of this registration statement. Class A and Class B vote together as a single class, so the sponsor's founder shares are counted with the public shares rather than voting separately. The meeting venue is fixed but the date and time are not, so this version sets no deadline.
The $12.13 floor is intact and grows only marginally: $0.02 per share per month adds about $0.16 across the full eight-month runway, so the extension is cheap for the sponsor and adds little for holders who stay. Because the deposits are funded by promissory notes repayable at closing, the extension cost ultimately comes out of deal proceeds, not the sponsor's pocket. With the Semnur Pharmaceuticals merger signed August 30, 2024 still unclosed, redemption at $12.13 is the low-risk election.
The registered block is unusually broad for a SPAC deal: 262,684,337 shares of common stock, 524,622 units, 6,000,000 shares of Series A preferred stock and 8,760,000 warrants, so a Denali holder is being diluted by a preferred class and a unit tranche as well as by common. The target is not independent — Semnur is a wholly owned subsidiary of Scilex Holding Company, so this is a carve-out of a listed parent's asset into the SPAC. The extraordinary general meeting date and time are left blank in this preliminary version.
Each month is bought cheaply: the sponsor, Denali Capital Global Investments LLC, or its affiliates deposit into trust the lesser of $20,000 in aggregate or $0.02 per remaining public share, in exchange for a non-interest bearing promissory note payable on consummation — so the cost falls as holders redeem and the sponsor is repaid only if a deal closes. The extension supports the January 25, 2023 merger agreement with Holdco, as amended April 11, 2023, which terminates automatically if the deal fails.
The Merger Consideration is $128,000,000 less the value of every Longevity option and warrant that rolls into a Holdco option or warrant, all divided by $10.00 — so the rolled-over derivatives reduce the share count going to Longevity's common holders rather than adding to the total. Each Denali ordinary share becomes one share of Holdco common stock unless the holder validly redeems, in which case it is paid in cash instead. Denali warrants exercisable at $11.50 carry over to Holdco on the same terms, and a Nasdaq listing is a condition to closing.
Filings
live EDGAR feedEverything this company has filed with the SEC recently, newest first, each with a plain summary of what changed and why it matters.
What changed: Post-combination Semnur Pharmaceuticals (formerly Denali Capital Acquisition Corp.) reported $39K cash, $284.7M accumulated deficit, and $29.7M stockholders' deficit as of June 30, 2026, with management raising substantial going concern doubt. Both the $20M PIPE SPA and the $100M Bitcoin purchase agreement with Biconomy were terminated on April 20, 2026, eliminating two key financing sources. Why it matters: The company is critically undercapitalized with only $39K cash, dependent on parent Scilex for funding, and has missed scheduled promissory note payments to the Sponsor, FutureTech, and Denali underwriters. With both PIPE and crypto treasury financing deals terminated and no Nasdaq listing (trading on OTCQB), the path to funding its Phase 3 SP-102 program is highly uncertain.
going-concern doubtnothing moved · 1 with no prior record of ours
- Going-concern doubt
- stated · unchanged
The clause …“has concluded that the aforementioned conditions, among other things, raise substantial doubt about the Company’s ability to continue as a going concern for one year after the date the condensed consolidated financial statements are 7”…
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
What changed: Semnur Pharmaceuticals, Inc., the Denali Capital Acquisition Corp. successor, entered a binding term sheet on July 3, 2026 with iHolding Group LLP, a private investment group based in Almaty, Kazakhstan, contemplating that iHolding will purchase $100,000,000 of newly issued common stock at an expected $10.00 per share, or roughly 10,000,000 shares. The investment is subject to due diligence, definitive agreements, board and stockholder approval and regulatory clearance, and the filing warns there is no assurance it will be entered into or consummated. Why it matters: A $100 million primary investment at a fixed $10.00 per share would transform the balance sheet of a clinical-stage de-SPAC, but the conditions attached are extensive — due diligence, definitive documents, two boards, a stockholder vote and regulatory clearance — and the company warns that failure to agree could itself produce disputes or litigation. The same investor signed an identical $100 million term sheet with Scilex Holding at $15.00 per share on the same day, which is context a holder should weigh when assessing execution risk.
Show the other 10 filings
going-concern doubtnothing moved · 1 with no prior record of ours
- Going-concern doubt
- stated · unchanged
The clause …“has concluded that the aforementioned conditions, among other things, raise substantial doubt about the Company’s ability to continue as a going concern for one year after the date the condensed consolidated financial statements are”…
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
What changed: Semnur Pharmaceuticals, Inc., the successor to Denali Capital Acquisition Corp., noticed its 2026 annual meeting for Thursday, June 25, 2026 at 9:00 a.m. Pacific Time, held virtually, record date April 28, 2026. Quorum requires a majority of the voting power of the outstanding Common Stock and Series A Preferred Stock voting together, and the proxy reports 230,209,142 shares on the record date. The business combination closed September 22, 2025 under an agreement and plan of merger dated August 30, 2024, as amended by Amendment No. 1 dated April 16, 2025 and a later Amendment No. 2. Why it matters: This is the first annual meeting after the September 22, 2025 closing, so the Denali trust has already been released and no redemption right remains. The structural point for holders is that Series A Preferred votes alongside common on quorum and on matters generally, meaning the post-deal preferred investors hold voting weight in addition to whatever liquidation preference they carry ahead of the 230.2 million common shares.
What changed vs 2025-03-27going concern APPEAREDsponsor loan $1.3M → $1.5Mgoing-concern doubt, sponsor loans outstanding, trust account +12 moved · 2 with no prior record of ours
- Going-concern doubt
- not statedstated
- Sponsor loans outstanding
- $1.3M$1.5M
- Trust account
- $9.1Mnot matched in this filing
- Combination deadline
- 2025-04-11not matched in this filing
SpacBrain reads this as the substantial-doubt sentence is in this filing and not in the previous one.
The clause …“principles except for an explanatory paragraph in such report regarding substantial doubt about Denali’s ability to continue as a going concern. During the fiscal year ended December 31, 2024 and the subsequent interim period”…
SpacBrain reads this as the sponsor has advanced $215,037 more.
The clause …“total limit up to $2,000,000. As of March 31, 2025, there was an amount of $1,523,237 outstanding under Working Capital Loans in the form of (i) the Sponsor Convertible Promissory Note and (ii) the convertible promissory note, dated”…
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
The sponsor
The people who set this company up, what they have done before, and the advisers around the deal.
Scilex Holding Conamed as sponsor in this SPAC’s filings — but with no researched track record behind it yet.
A missing score, not a score of zero — why
A Sponsor Score is only published once the sponsor’s prior vehicles have been verified on EDGAR and their post-close outcomes priced. That record does not exist for this sponsor yet, so no number and no tier is shown. That is a missing score, not a score of zero — and not a neutral 50 either.
Coverage so far: 301 of 1280 tracked SPACs (24%) are attached to a scored sponsor. This card fills in by itself as the research lands.
The record
The reference detail — how the shares were structured at listing, how thinly they trade, and where the company is registered.
Show the reference detail
Unit structure
from 424B3 0001193125-26-297098
Trading & liquidity
Company profile
Directors & officers
- Navani AnnuDirector
- SHAH JAISIMDirector
- Ma Stephen HoiSee Remarks
- Wu Yue AlexanderDirector
- Followwill DormanDirector
- Chun JayDirector
Institutional holders
from SC 13G/13DFunds that have declared a stake above 5%. Heavy ownership by arbitrage funds usually means heavy cash-outs at the next vote.
Show the declared stakes
11 filers with a stake on file · 0 re-affirmed in the last 12 months. A stake with no amendment since is the filer’s last word on it, not proof it is still held — and percentages filed in different years are percentages of different floats, because this vehicle’s share count collapses at every redemption.
- Denali Capital Global Investments LLCwith 1 other reporting person on the same schedule65.6% · SC 13G/ASep 16, 2024 stale
- METEORA CAPITAL, LLCwith 1 other reporting person on the same schedule47.4% · SC 13G/ADec 6, 2024 stale
- MIZUHO FINANCIAL GROUP INC5.6% · SC 13GFeb 14, 2023 stale
- Feis Lawrence Michaelwith 1 other reporting person on the same schedule2.9% · SC 13G/AJan 31, 2023 stale
- GLAZER CAPITAL, LLCwith 1 other reporting person on the same schedule0.0% · SC 13G/ANov 14, 2024 stale
- Polar Asset Management Partners Inc.0.0% · SC 13G/ANov 14, 2024 stale
- CALAMOS INVESTMENT TRUST/IL0.0% · SC 13G/AOct 7, 2024 stale
- Shaolin Capital Management LLC0.0% · SC 13G/AFeb 22, 2024 stale
- BOOTHBAY FUND MANAGEMENT, LLCwith 1 other reporting person on the same schedule0.0% · SC 13G/AFeb 13, 2024 stale
- ATW SPAC MANAGEMENT LLCwith 2 other reporting persons on the same schedule0.0% · SC 13G/AFeb 13, 2024 stale
- Hudson Bay Capital Management LPwith 1 other reporting person on the same schedule0.0% · SC 13G/AFeb 2, 2024 stale
One line per filer, not per reporting person: a joint schedule names the management company, its funds and often the individual who controls them, and all of them report the same shares. Click a name for that filer’s whole footprint across every SPAC it has declared a stake in.
News
company wires and the financial pressReporting we have matched to this ticker. Headlines belong to the outlets that wrote them.
Show the headlines
- Semnur Pharmaceuticals to go public in SPAC deal of up to $2 billion with Denali Capital Acquisition Corp.
Reutersundated by the source
Sources on file
harvested pages, kept in fullEvery public page we have read about this company, stored in full so a source can never go missing.
Show the sources
33 full SEC filing texts archived — searchable, never lost.
- Vault note — DECA (Denali Capital Acquisition Corp.)
vault-note · /vault/tickers/DECA
- Vault deal note — Semnur Pharmaceuticals, Inc. (DECA)
vault-note · /vault/deals/semnur-pharmaceuticals-inc
- Ihre Datenschutzeinstellungen
news · consent.yahoo.com
- Ihre Datenschutzeinstellungen
news · consent.yahoo.com
- Ihre Datenschutzeinstellungen
news · consent.yahoo.com
- Semnur inks $100M equity term sheet with iHolding | SMNR 8-K Filing
news · stocktitan.net
- Ihre Datenschutzeinstellungen
news · consent.yahoo.com
In plain English
tap a term to open itEvery piece of jargon this page could have used, and what it actually means.
Open the plain-English guide
No floor / floorlessthe cash guarantee is gone — the price is unprotected
A SPAC's downside protection is not the cash in trust; it is your right to demand that cash. Once the redemption window closes, the cash stays with the company and the share can trade anywhere.
Redemption deadlinethe last day to hand shares back for cash
Set by the filing that calls the meeting. Tender after it and the company is under no obligation to pay you the trust value.
Broker action datethe day your broker needs the instruction — earlier than the official date
Brokers batch redemption instructions to the transfer agent, so the practical cutoff is roughly two business days before the published deadline. This is the date that actually costs people the floor.
Cash in trust / trust per sharethe cash the company is holding for each public share
Filed quarterly in the 10-Q's XBRL. It earns interest between filings, so the figure on a given day is slightly higher than the last filed one — where we show that we label it an estimate.
Trust discountbuying below the cash held for you
Only meaningful while a redemption right exists. On a floorless name the same arithmetic is not a discount, it is the market pricing distress, and this product will not call it a yield.
Dilutionhow much of the company new shares take from you
Sponsor promote, PIPE shares, warrants and rights all issue stock that did not pay $10 for it. The headline deal value is before that; the effective value is after.
Pro-forma equitywhat the company is valued at once the deal closes
The combined company's equity value assuming the announced terms and the redemptions that have actually happened.
ARShow much upside you get per unit of downside
SpacBrain's asymmetric-return score. It is deterministic — the same inputs always produce the same number — and it is capped, not zeroed, when the floor is gone.
De-SPACthe day the SPAC becomes the real company
The shares stop being a claim on a pot of cash and start being equity in an operating business. Roughly 80% of recent de-SPACs traded below $10 within a year.
Outside datethe contractual long-stop for closing the deal
A deadline between the SPAC and its target, not between the SPAC and you. It confers no right to cash, which is exactly why it must never be counted as a redemption window.
Accession numberthe SEC's unique id for one filing
Every figure on this page carries the accession of the filing that states it, so you can open the primary document rather than trust us.
Accreted NAV (estimate)the last filed cash figure, plus the interest it should have earned since
A model, not a filing: last filed value compounded at the 3-month T-bill for the days elapsed. Always shown in italic with the word estimate, and never printed beside a filed number without it.
Ask the brain
from its filingsData provenance & audit trail5 internal entries
Written by SpacBrain’s data agents whenever a figure is captured, corrected or flagged, and kept verbatim so every number on this page can be traced back to the filing that states it. This is a running log, not the current record: an early entry may be superseded by a later correction — the panels above always hold the current values.
admitted from EDGAR's QUARTERLY FORM INDEX, walked without any SIC filter. The SIC 6770 census could not reach this registrant: EDGAR reassigns a shell's SIC the day it stops being one, and this CIK now files under 2834 (Pharmaceutical Preparations). The screen found it by filing SHAPE instead — S-1 2022-03-01 → 8-A12B 2022-04-06 → 424B3 2022-04-07 — which nothing rewrites. Admission rule: src/lib/universe-admit.ts. SIC 2834 + self-described blank check in 424B3 0001575872-22-000253; 424B 0001575872-22-000253 priced 2022-04-07 under S-1 0001575872-22-000181 (file 333-263123, an offering for cash); common ticker DECA off 10-Q 0001213900-23-085292 (2023-11-09); lifecycle EXITED. The pricing prospectus was filed under SEC file number 333-263123, which belongs to S-1 0001575872-22-000181 (2022-03-01) — a registration of shares sold for CASH, which is what makes it an IPO rather than merger consideration. Blank-check status from the registrant's own first-person sentence in that prospectus (EDGAR full-text search, 424B3 2022-04-07). Ending PROVEN, not inferred: CLOSED per 8-K 0001193125-25-220455 (2025-09-26) — 8-K item 5.06 "Change in Shell Company Status" (EDGAR item index, items: 1.01,2.01,2.03,3.02,3.03,4.01,5.01,5.02,5.03,5.05,5.06,7.01,8.01,9.01). EDGAR now files this CIK as "Semnur Pharmaceuticals, Inc." — the SPAC's own name is kept here and the successor is the target. ipoSizeM and deadline left NULL: gross-proceeds prose conflates the over-allotment with the offering, and a charter deadline belonging to a vehicle that has ended is a date nobody can act on. ipoDate is the 424B pricing date.
sponsor "Scilex Holding Co" (SEC CIK 0001820190) sourced from Form 3 reportingOwner (10% owner) acc 0001193125-25-213763.
[CLOSED-RENAME] EDGAR CIK 0001913577 records "Denali Capital Acquisition Corp." ending 2025-09-23; the registrant continues as "Semnur Pharmaceuticals, Inc.". The rename is the SEC's own record of what the vehicle became, keyed by CIK. Closed 2025-09-23. No deal value is set — a rename says what was acquired, never for how much. No date column is set: Deal has announcedAt, voteDate and expectedCloseAt and nowhere to record an actual close, so the SEC's date is kept here until that column exists. [DEAL-STRUCTURE-MINED] pipeSizeM=20 from primary filings (0001193125-25-335407).
pipeBasis set to UNSOURCED: the size came from the research seed / an earlier record and no filing we hold states it — surfaces now label it "unsourced"; an LLM re-read to FILED replaces this when credits allow
OTHER -> BIOTECH, on S-4/A 0001193125-25-178821: "We are a late-stage clinical biopharmaceutical company focused on developing and commercializing innovative non-opioid pain management products for the treatmen"