Company: SMNR
Filing Date: 2025-06-11
Form Type: S-4/A
Source: 0001193125-25-139124
Chunk: 344

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-06-11
Form: S-4/A
Chunk 344
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 performance. The Denali Board also considered the discounted cash flow analysis performed by CB Capital in connection with providing its fairness opinion. Accordingly, Denali shareholders are strongly cautioned not to place undue reliance, if any, on the Semnur Management Projections in making any decisions regarding the Business Combination. Further, the Semnur Management Projections were just one of many factors the Denali Board considered as part of their evaluation of the proposed Business Combination, and the Denali Board did not consider the Semnur Management Projections as a determinative factor in entering into the Merger Agreement. Please see the “ The Denali Board’s Reasons for the Approval of the Business Combination” section above for more information regarding the Denali Board’s reasons for the approval of the proposed Business Combination. 198

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 |     | $