Company: SMNR
Filing Date: 2025-07-23
Form Type: S-4/A
Source: 0001193125-25-163401
Chunk: 34

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-23
Form: S-4/A
Chunk 34
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oted Upon255Recommendation of the Denali Board255MATERIAL U.S. FEDERAL INCOME TAX CONSEQUENCES257U.S. Holders259Non–U.S. Holders266SELECTED HISTORICAL FINANCIAL DATA OF DENALI270SELECTED HISTORICAL FINANCIAL INFORMATION OF SEMNUR271SUMMARY UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION272iii

#### PAGETRADING MARKET AND DIVIDENDS274Denali274Semnur274BUSINESS OF DENALI275General275Initial Public Offering275Offering Proceeds Held in Trust275Fair Market Value of Target Business276Redemption Rights in Connection with Shareholder Approval of Business Combinations276Voting Obligations in Connection with the Meeting276Redemption of Denali Class A Ordinary Shares and Liquidation if No Initial Business Combination276Limitation on Redemption Rights280Facilities280Human Capital Resources280Legal Proceedings280Denali Merger Sub Inc.281MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS OF DENALI282Overview282Recent Developments282Results of Operations286Liquidity and Capital Resources288Other Contractual Obligations290Critical Accounting Estimates291Quantitative and Qualitative Disclosures About Market Risk291BUSINESS OF SEMNUR292Our Company292Our Strategy294Our Management Team296Our Product Candidate —SP-102297Market Opportunity forSP-102297Clinical Development Overview299Sales and Marketing307Clinical Development and Regulatory308Manufacturing and Supply Chain309Competition309Material Agreements310Intellectual Property312Government Regulation and Product Approval314Employees and Human Capital Resources331Facilities and Properties331Legal Proceedings331Our Corporate History331Website332MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS OF SEMNUR333Overview333Comparability of Our Results and Our Relationship with Scilex334Components of Our Results of Operations335Results of Operations336Comparison of the Three Months Ended March 31, 2025 and 2024336iv

#### PAGEComparison of the Years Ended December 31, 2024 and 2023337Liquidity and Capital Resources337Critical Accounting Policies and Estimates341Recent Accounting Pronouncements342Quantitative and Qualitative Disclosures About Market Risk342Off-BalanceSheet Arrangements342Related Party Transactions342Emerging Growth Company342Smaller Reporting Company343UNAUDITED PRO FORMA CONDENSED COMBINED