Company: SMNR
Filing Date: 2025-10-21
Form Type: S-1
Source: 0001193125-25-245178
Chunk: 167

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-10-21
Form: S-1
Chunk 167
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bination company. Based on our initial analysis, we did not identify any differences that would have a material impact on the unaudited pro forma condensed combined financial information. As a result, the unaudited pro forma condensed combined financial information does not assume any differences in accounting policies. Note 3 — Transaction Adjustments to Unaudited Pro Forma Condensed Combined Balance Sheet as of June 30, 2025 The unaudited pro forma condensed combined financial information does not give effect to any anticipated synergies, operating efficiencies, tax savings, or cost savings that may be associated with the Business Combination. No tax adjustment has been computed for the pro forma Denali financial results, as it expects to maintain a full valuation allowance against its U.S. deferred tax assets. The unaudited pro forma information does not purport to project the future financial position or operating results of New Semnur. The pro forma adjustments for the Business Combination included in the unaudited pro forma condensed combined balance sheet as of June 30, 2025 are as follows:

| (A) | Reflects the impact to Cash of the following items: |

| (in thousands)                                                                                                   |     |   |        |   |
|:-----------------------------------------------------------------------------------------------------------------|:----|:--|-------:|:--|
| Reclassification of Investments Held in Trust Account                                                            |     | $ |    538 |   |
| Additional funding provided by Scilex to Legacy Semnur(1)                                                        |     |   |  2,064 |   |
| Payment of estimated transaction costs incurred by Denali and Legacy Semnur subsequent to the balance sheet date |     |   | (1,749 | ) |
| Payment of deferred underwriting commissions and legal fees as of balance sheet date at Closing                  |     |   |   (350 | ) |
| Net cash repayment of Denali promissory notes as of Closing(2)                                                   |     |   | (1,181 | ) |
| Total                                                                                                            |     | $ |   (678 | ) |

| (1) | Represents additional contributions from Scilex to Legacy Semnur which increased the Aggregate Outstanding Amount converted under the Debt Exchange Agreement. The additional contributions reflect the additional amounts contributed by Scilex subsequent to June 30, 2025. As a result of these additional contributions under the Debt Exchange Agreement subsequent to June 30, 2025, Scilex received 206,379 shares of New Semn