On March 13, 2026, Semnur Pharmaceuticals, Inc. disclosed in an 8-K filing that Jaisim Shah, the Chief Executive Officer and President, has retired and resigned from his positions, effective immediately. This decision was not due to any disagreements regarding the company's operations or policies. Following his departure, the board of directors has reduced its size from six to five members. In connection with his exit, Shah will receive a severance package that includes six months of continued salary at a rate of $1,250,000 per year and a 90-day extension to exercise any vested stock options. The company has appointed Henry Ji, Ph.D., who has been with Semnur since its inception, as the new CEO and President. Dr. Ji has extensive experience in the pharmaceutical industry, having held various leadership roles in other companies, including Scilex Holding Company. The transition in leadership is expected to maintain continuity in the company's strategic direction, although the immediate impact on operations and governance remains to be seen. The board's decision to decrease its size may reflect a strategic move to streamline governance and enhance decision-making efficiency. The company is also navigating its relationship with Scilex, its controlling stockholder, following a recent business combination that has positioned Semnur as a wholly owned subsidiary of Denali Capital Acquisition Corp. The ongoing relationship with Scilex and the implications of these leadership changes will be critical for Semnur's future performance and strategic initiatives.

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