Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 49

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 49
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 board of directors of Scilex (the “Scilex Board”) prior to the payment date therefor) and shares of New Semnur Series A Preferred Stock, as such shares are not convertible into shares of New Semnur Common Stock.                                   |

| *** | Excludes the shares issuable upon conversion of the promissory note held by Scilex, which shares are included 
 in Scilex’s holdings above.                                                                                   |

Denali’s Net Tangible Book Value Per Share, As Adjusted and Dilution Dilution per share to the original investors in Denali is determined by Denali’s net tangible book value per share, as adjusted, excluding the Business Combination itself and giving effect to material probable or consummated transactions and other material effects on the net tangible book value per share, from the initial public offering price per share paid by original investors in Denali as set forth below under the five redemption scenarios:

|                                                                                                  |     | Assuming      
 No Redemption 
 Scenario      |       |   |     | Assuming   
 25%        
 Redemption 
 Scenario   |       |   |     | Assuming   
 50%        
 Redemption 
 Scenario   |       |   |     | Assuming   
 75%        
 Redemption 
 Scenario   |       |   |     | Assuming   
 Maximum    
 Additional 
 Redemption 
 Scenario   |       |   |
|:-------------------------------------------------------------------------------------------------|:----|:--------------|------:|:--|:----|:-----------|------:|:--|:----|:-----------|------:|:--|:----|:-----------|------:|:--|:----|:-----------|------:|:--|
| Initial public offering price per share of Denali                                                |     | $             | 10.00 |   |     | $          | 10.00 |   |     | $          | 10.00 |   |     | $          | 10.00 |   |     | $          | 10.00 |   |
| Pro forma net tangible book value per share as of March 31, 2025, as adjusted(1)                 |     | $             | (0.29 | ) |     | $          | (0.29 | ) |     | $          | (0.29 | ) |     | $          | (0.30 | ) |     | $          | (0.30 | ) |
| Difference between initial public offering price of Denali and pro forma