Company: SMNR
Filing Date: 2025-08-08
Form Type: S-4/A
Source: 0001193125-25-177097
Chunk: 562

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-08
Form: S-4/A
Chunk 562
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 the costs of acquiring, licensing or investing in businesses, product candidates and technologies; |

| • |     | the effect of competing products and product candidates and other market developments; |

| • |     | the number and types of future products or product candidates we develop and commercialize; |

| • |     | any product liability or other lawsuits related to our current or future product candidates; |

| • |     | the expenses needed to attract, hire and retain skilled personnel; |

| • |     | the costs associated with being a public company after the Closing of the Business Combination; |

| • |     | our need to implement additional internal systems and infrastructure, including financial and reporting systems; |

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| • |     | the number of public shares that are redeemed by Denali’s public shareholders; |

| • |     | the costs of preparing, filing and prosecuting patent applications and maintaining, enforcing and defending intellectual property-related claims; and |

| • |     | the extent and scope of our general and administrative expenses. |

Should the clinical programs of our product candidate not materialize at the anticipated rate contemplated in our business plan, we will need to raise additional capital in order to continue to fund our research and development, including our plans for clinical and preclinical trials and new product development, as well as to fund operations generally. We will seek to raise additional funds through various potential sources, such as equity offerings, debt financings, collaborations, government contracts or other capital sources, including potential collaborations with other companies or other strategic transactions. We cannot be certain that we will be able to secure additional sources of funds to support our operations on acceptable terms, or at all, or, if such funds are available to us, that such additional financing will be sufficient to meet our needs. These conditions, among others, raise substantial doubt about our ability to continue as a going concern. If we raise additional funds by issuing equity or convertible debt securities, it could result in dilution to our existing stockholder or increased fixed payment obligations. In addition, as a condition to providing additional funds to us, future investors may demand, and may be granted, rights superior to those of existing stockholders. If we incur indebtedness, we could become subject to covenants that would restrict our operations and potentially impair our competitiveness, such as limitations on our ability to incur debt, limitations on our ability to acquire, sell or license intellectual property rights and other operating restrictions that could adversely impact our ability to conduct our business. Additionally, any future collaborations we enter into