Company: SMNR
Filing Date: 2025-07-23
Form Type: S-4/A
Source: 0001193125-25-163401
Chunk: 351

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-23
Form: S-4/A
Chunk 351
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 Business Combination. 199

Semnur Management Projections – Base Case Projection The key financial metrics of the Semnur Management Projections provided to Denali and relied upon by Denali in its valuation analysis are set forth in the table below:

|                             |     | FY2024 |            |   |     | FY2025 |             |   |     | FY2026 |             |   |     | FY2027 |             |   |     | FY2028 |             |     | FY2029 |               |     | FY2030 |               |     | FY2031 |               |     | FY2032 |               |     | FY2033 |               |
|:----------------------------|:----|:-------|-----------:|:--|:----|:-------|------------:|:--|:----|:-------|------------:|:--|:----|:-------|------------:|:--|:----|:-------|------------:|:----|:-------|--------------:|:----|:-------|--------------:|:----|:-------|--------------:|:----|:-------|--------------:|:----|:-------|--------------:|
| Gross Sales(1)              |     | $      |          — |   |     | $      |           — |   |     | $      |           — |   |     | $      |  55,772,493 |   |     | $      | 449,647,912 |     | $      | 1,561,901,414 |     | $      | 4,062,790,900 |     | $      | 4,875,632,300 |     | $      | 5,141,859,100 |     | $      | 5,331,616,500 |
| Cost of Sales(2)            |     | $      |          — |   |     | $      |           — |   |     | $      |           — |   |     | $      |   5,577,249 |   |     | $      |  44,964,791 |     | $      |   156,190,141 |     | $      |   406,279,090 |     | $      |   487,563,230 |     | $      |   514,185,910 |     | $      |   533,161,