Company: SMNR
Filing Date: 2025-04-21
Form Type: S-4/A
Source: 0001193125-25-087342
Chunk: 564

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-21
Form: S-4/A
Chunk 564
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|:------------------------------------------------------------------------------------------------------------------------------------------------------------|:----|:--|-------:|:--|
| Represents estimated transaction costs incurred by Semnur through the Effective Date for expenses which are not capitalizable, as further discussed in (AA) |     | $ |   (808 | ) |
| Elimination of Denali’s historical retained earnings                                                                                                        |     |   | 10,418 |   |
| Total                                                                                                                                                       |     | $ |  9,610 |   |

| (L) | Reflects impact to additional paid-in capital and cash of the redemption scenarios presented: No redemptions, 25% redemptions, 50% redemptions, 75% redemptions and 100% redemptions. The redemptions of the public shares would also reduce the par value of New Semnur Common Stock. However, the impact on the par value in all of the redemption scenarios is less than $1,000 and is not shown separately. |

| (M) | Reflects the amount of negative cash reclassified to accounts payable. New Semnur expects to negotiate with vendors to defer or pay these balances shortly after closing with funds from additional capital raises. |

Note 4 — Transaction Adjustments to Unaudited Pro Forma Condensed Combined Statement of Operations for the year ended December 31, 2024

(AA) Represents adjustments to general and administrative expenses as follows:

| (In thousands)                                                |     | For the year ended 
 December 31, 2024  |         |
|:--------------------------------------------------------------|:----|:-------------------|--------:|
| Represents Semnur expenses not eligible for capitalization(1) |     | $                  |     808 |
| New compensation arrangements with executives(2)              |     |                    | 278,480 |
| Advisor Fees(3)                                               |     |                    |  80,000 |
|                                                               |     | $                  | 359,288 |

| (1) | Represents transaction costs estimated to be incurred through the Effective Date which do not qualify to be capitalized as a result of not being incremental and directly attributable to the Business Combination. The costs which are not capitalizable are primarily related to certain services provided by Scilex employees on behalf of Semnur in connection with the Business Combination as well as certain accounting advisory and audit fees incurred in preparation of Semnur’s annual audited financial statements and interim unaudited financial statements. Semnur’s other