Company: SMNR
Filing Date: 2025-04-21
Form Type: S-4/A
Source: 0001193125-25-087342
Chunk: 31

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-21
Form: S-4/A
Chunk 31
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. Holders255Non–U.S. Holders262SELECTED HISTORICAL FINANCIAL DATA OF DENALI266SELECTED HISTORICAL FINANCIAL INFORMATION OF SEMNUR266SUMMARY UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION267iii

#### PAGETRADING MARKET AND DIVIDENDS269Denali269Semnur269BUSINESS OF DENALI270General270Initial Public Offering270Offering Proceeds Held in Trust270Fair Market Value of Target Business271Redemption Rights in Connection with Shareholder Approval of Business Combinations271Voting Obligations in Connection with the Meeting271Redemption of Denali Class A Ordinary Shares and Liquidation if No Initial Business Combination271Limitation on Redemption Rights275Facilities275Human Capital Resources275Legal Proceedings275Denali Merger Sub Inc.276MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS OF DENALI277Overview277Recent Developments277Results of Operations281Liquidity and Capital Resources282Other Contractual Obligations285Critical Accounting Estimates285Quantitative and Qualitative Disclosures About Market Risk286BUSINESS OF SEMNUR287Our Company287Our Strategy288Our Management Team291Our Product Candidate —SP-102291Market Opportunity forSP-102292Clinical Development Overview294Sales and Marketing301Clinical Development and Regulatory302Manufacturing and Supply Chain302Competition303Material Agreements304Intellectual Property306Government Regulation and Product Approval307Employees and Human Capital Resources324Facilities and Properties325Legal Proceedings325Our Corporate History325Website325MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS OF SEMNUR326Overview326Comparability of Our Results and Our Relationship with Scilex327Components of Our Results of Operations328Results of Operations329iv

#### PAGEComparison of the Years Ended December 31, 2024 and 2023329Liquidity and Capital Resources329Critical Accounting Policies and Estimates332Recent Accounting Pronouncements333Quantitative and Qualitative Disclosures About Market Risk333Off-BalanceSheet Arrangements333Related Party Transactions333Emerging Growth Company333Smaller Reporting Company334UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION335DIRECTORS AND EXECUTIVE OFFICERS OF DENALI350Current Directors and Executive Officers350Corporate Governance352Code of Ethics354Conflicts of Interest354Limitation on Liability and Indemnification