Company: SMNR
Filing Date: 2025-10-21
Form Type: S-1
Source: 0001193125-25-245178
Chunk: 174

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-10-21
Form: S-1
Chunk 174
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|:--------------------------------------------------------------------------|:----|:-------------------------------|---------:|:--|
| Pro forma net loss (in thousands)                                         |     | $                              |  (73,401 | ) |
| Weighted average shares outstanding – basic and diluted (thousands)(1)(2) |     |                                |  234,991 |   |
| Net loss per share – basic and diluted                                    |     | $                              |    (0.31 | ) |
|                                                                           |     | Year Ended December 31, 2024   
 Pro Forma Combined             |          |   |
| Pro forma net loss (in thousands)                                         |     | $                              | (592,636 | ) |
| Weighted average shares outstanding – basic and diluted (thousands)(1)(2) |     |                                |  234,991 |   |
| Net loss per share – basic and diluted                                    |     | $                              |    (2.52 | ) |

| (1) | The diluted Earnings Per Share (“EPS”) calculation 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) 8,760,000 New Semnur Warrants outstanding and (b) 50,000,000 options to acquire shares of New Semnur Common Stock issued to Semnur option holders in connection with the Business Combination (given that the Option Exchange Proposal was approved by the Denali shareholders at the Denali Shareholder Meeting). Similarly, 5,423,606 shares of New Semnur Series A Preferred Stock issued to Scilex in connection with the Business Combination are also excluded because such shares are not convertible into shares of New Semnur Common Stock. |

| (2) | The shares of New Semnur Series A Preferred Stock are considered participating securities. Thus, the two-class method is required in determining basic EPS. However, given the holders of New Semnur Series A Preferred Stock are not contractually obligated to share in the losses of New Semnur, the two-class method and subsequent allocation of loss will not be used when New Semnur is in a net loss position. Thus, and as no dividends or distributions have been declared, the shares of New Semnur Series A Preferred Stock have no impact to the calculations of basic EPS. Further, given the shares of New Semnur Series A Preferred Stock are not legally convertible into shares