Company: SMNR
Filing Date: 2025-07-23
Form Type: S-4/A
Source: 0001193125-25-163401
Chunk: 589

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-23
Form: S-4/A
Chunk 589
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 impact the amount of share-based compensation expense for these options because the awards would not be subject to be remeasured at fair value once the awards are classified in equity. Because management cannot predict these factors and the impact of such factors on the share-based compensation expense, the share-based compensation expense reflected in these pro formas assumes that the fair value of the options is unchanged from the assumptions described above. The preliminary estimated share-based compensation expense reflected in these unaudited pro forma condensed combined financial statements is presented for illustrative purposes and does not purport to represent the actual stock-based compensation to be recognized by New Semnur. |

| (3) | Represents non-recurring compensation expense relating to the issuance of 24.4 million shares of Semnur Common Stock to certain Semnur consultants and other service providers, which shares will be converted into an aggregate of 30,500,000 shares of New Semnur Common Stock in connection with the Business Combination pursuant to the terms of the Merger Agreement. The foregoing shares issued to the consultants and service providers are in respect of fees payable by Semnur for certain consulting and advisory services related to Semnur’s and its affiliates’ business, financing, and mergers and acquisitions opportunities. Based on the assumed redemption scenarios reflected within these unaudited pro formas, such consultants and other service providers will be entitled to receive 30.5 million shares in all of the redemption scenarios. Additionally, the expense reflected above assumes that the fair value of the New Semnur Common Stock to be issued to the advisors is $10.00 and assumed to be recognized during the year ended December 31, 2024 as if the Business Combination had occurred on January 1, 2024. The expense related to the Consultant Shares will not have a continuing impact on the operations of New Semnur. |

| (AB) | Reflects the reversal of interest expense on Denali’s Notes Payable which are assumed to be settled as part of the Business Combination. |

(AC) Reflects the elimination of Income on Investments in Trust Account. Note 5 — Net Income (Loss) per Share Net income (loss) per share is calculated based on the weighted average of New Semnur Common Stock outstanding and the issuance of additional shares in connection with the Business Combination, assuming the shares were outstanding since January 1, 2025 for the three months ended March 31, 2025, and as of January 1, 2024 for 358

the year ended