Company: SMNR
Filing Date: 2025-10-21
Form Type: S-1
Source: 0001193125-25-245178
Chunk: 261

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-10-21
Form: S-1
Chunk 261
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31, 2024 were approximately $406,584. For more information regarding Semnur’s operating expenses, see “ Management’s Discussion and Analysis of Financial Condition and Results of Operations of Semnur — Components of Our Results of Operations” and “ Management’s Discussion and Analysis of Financial Condition and Results of Operations of Semnur — Results of Operations”. On August 30, 2024, the Legacy Semnur Board approved the following stock option grants (the “Awards”), as adjusted for the option exchange, to Dr. Ji, Mr. Shah and Mr. Ma under the 2024 Stock Option Plan, with a grant date of August 30, 2024, which grants are subject to the terms and conditions of the 2024 Stock Option Plan and the applicable form of option agreement approved for use thereunder. The exercise price, after giving effect to the option exchange completed in connection with the Business Combination, of the following stock option grants is $1.27 per share, with 1/48th of the total amount of the shares vested and shall vest each month after the Grant Date, subject to the executive officer’s providing continuous service (as defined in the 2024 Stock Option Plan) on each such vesting date, inclusive.

|                 |     | Stock Options |            |
| Jaisim Shah     |     |               | 21,875,000 |
| Henry Ji, Ph.D. |     |               | 21,875,000 |
| Stephen Ma      |     |               |  2,500,000 |

The Awards became eligible for exercise upon the approval by the shareholders of Denali of the Option Exchange (and notwithstanding the foregoing, the Awards are not exercisable until all payments and all obligations under the Oramed Note have been paid in full). These Awards are not considered to be granted under accounting rules as repayment of the Oramed Note has not occurred. As such, total amount of stock-based compensation expense attributable to these Awards would be determined based on their accounting grant-date fair value and to be recognized, on a tranche-by-tranche basis, over forty-eight equal monthly tranches. No expense was recorded in connection with the Awards granted under the 2024 Stock Option Plan as of December 31, 2024, as the vesting is contingent upon the repayment of the Oramed Note and the closing of the Business Combination. Potential Payments upon Termination or Change in Control During the year ended December 31, 2024,