Company: SMNR
Filing Date: 2025-07-02
Form Type: S-4/A
Source: 0001193125-25-154936
Chunk: 573

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-02
Form: S-4/A
Chunk 573
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 ordinary share, which is included in footnote (5) above), including interest (as and if applicable) through September 30, 2025. |

| (8) | Represents the aggregate number of shares of New Semnur Common Stock expected to be issued to the Denali Underwriters pursuant to a letter agreement to be entered into between Denali and the Denali Underwriters. |

| (9) | The total number of shares at the Closing under each redemption scenario excludes the potential dilutive effect of the following securities because it is unknown whether such securities will ever be exercised for shares of New Semnur Common Stock: (a) 8,235,378 Public Warrants outstanding, (b) 14,622 Public Warrants underlying the Public Units, (c) 510,000 Denali Private Placement Warrants underlying the Denali Private Placement Units, and (d) 50,000,000 options to acquire shares of New Semnur Common Stock that may be issued to Semnur option holders in connection with the Business Combination (assuming approval of the Option Exchange Proposal). For additional information regarding the dilutive effect of the foregoing securities referenced in this footnote, see the section titled “Questions and Answers About the Business Combination and the Meeting — Questions and Answers About the Business Combination — What are the possible sources and the extent of dilution that public shareholders who elect not to redeem their shares will experience in connection with the Business Combination?” Similarly, up to 6,000,000 shares of New Semnur Series A Preferred Stock that may be issued to Scilex in connection with the Business Combination are also excluded because such shares are not legally convertible into shares of New Semnur Common Stock. |

347

UNAUDITED PRO FORMA CONDENSED COMBINED BALANCE SHEET As of March 31, 2025 (in thousands, except share and per share amounts)

| ASSETS                                                  
 Current assets:                                         |     | Denali       
 Capital      
 Acquisition  
 Corp         
 (Historical) |         |   |     | Semnur           
 Pharmaceuticals, 
 Inc.             
 (Historical)     |          |   |     | Transaction  
 Accounting   
 Adjustments  
 (Assuming No 
 Redemptions) |         |   |     |   |     | Pro Forma    
 Combined     
 (Assuming No 
 Redemptions) |          |   |     | Transaction 
 Accounting  
 Adjustments 
 (25%        
 Redemption  
 Scenario)   |      |   |