Company: SMNR
Filing Date: 2025-07-02
Form Type: S-4/A
Source: 0001193125-25-154936
Chunk: 344

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-02
Form: S-4/A
Chunk 344
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 not retain an unaffiliated representative to act solely on behalf of unaffiliated security holders for purposes of negotiating the terms of the Business Combination or prepare a report concerning the approval of the Business Combination.

Certain Semnur Projected Financial Information

In connection with its evaluation of the Business Combination, the Denali Board considered certain non-public financial projections prepared by Semnur’s management with respect to Semnur as a standalone company (the “Semnur Management Projections”). The Semnur Management Projections were prepared in August 2024 for annual long-term strategic planning purposes and include revenue forecasts for each of the years in the 20-year period ending December 31, 2043. The Semnur Management Projections include two parts, including base case projections and best case projections. The assumptions and material differences of each case is set out below.

The Semnur Management Projections were prepared using a 19 to 20-year time horizon, as Semnur believes such time-frame is necessary for long-term strategic forecasting for pipeline projects. Semnur believes the peak sales for SP-102 is expected to occur five to seven years following its commercial launch. Given that Semnur anticipates that SP-102 will be launched in 2027, a 19 to 20-year time horizon would capture those anticipated peak sales periods. However, there is no guarantee that Semnur will be able to commence a commercial launch of SP-102 in 2027 or ever, as any such launch would be subject to regulatory approval, which Semnur may not receive. In addition, given the SP-102 patent expires in 2036, the Denali Board requested that Semnur’s management prepare revenue projections for a six to seven year period post-expiration of the SP-102 patent. Accordingly, Semnur’s management prepared a 19 to 20-year time forecast to capture anticipated peak sales periods and to address Denali’s request for revenue projections after the expiration of the SP-102 patent.

All amounts set forth in each of the base case and best case scenarios of the Semnur Management Projections are estimates as of the date such projections were prepared by Semnur. These projections assume that Semnur’s product candidate, SP-102, receives regulatory approval in the first half of 2027 with commercial launch in the second half of 2027. To achieve that timeline, Semnur intends to (i) commence the Phase 3 CLEAR-2 trial in the second half of