Company: SMNR
Filing Date: 2025-07-02
Form Type: S-4/A
Source: 0001193125-25-154936
Chunk: 1072

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-02
Form: S-4/A
Chunk 1072
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 Corp. (NASDAQ: DECA) 437 Madison Avenue 27 thFloor New York, NY 10022 Re: Opinion of Value of the Proposed Transaction Among DENALI CAPITAL ACQUISITION CORP. (NASDAQ: DECA). and SEMNUR PHARMACEUTICALS, INC. Dear Denali Board of Directors: We understand that Denali Capital Acquisition Corp., a Cayman Islands corporation and special purpose acquisition company, (NASDAQ: DECA or the “Company”) and Semnur Pharmaceuticals, Inc., (“Semnur”), a wholly owned subsidiary of Scilex Holding Company (NASDAQ: SCLX or “Scilex”), (together referenced as the “Parties”), propose to enter into an Agreement and Plan of Merger (the “Merger Agreement”), and as outlined in the corresponding Letter of Intent dated July 02, 2024, pursuant to which both Parties intend to create a single publicly traded biopharma company to further provide investment into Semnur for the development of a non-opioidproduct, SP-102.Following the consummation of the Merger Agreement which provides for, among other things, the merger (the “Merger” and, together the “Transaction”), the Parties intend to file a registration statement on Form S-4with the Securities and Exchange Commission (the “SEC”), which would include a proxy statement/prospectus, and each party would file other documents regarding the proposed transaction with the SEC. Our understanding of the Parties is summarized as follows

| i. | Semnur Pharmaceuticals, Inc. is a clinical-late stage specialty pharmaceutical company focused on the development and commercialization of a novel non-opioid pain therapies. Semnur’s lead program, SP-102, is the first non-opioid novel gel formulation administered epidurally in development for patients with moderate to severe chronic radicular pain/sciatica. |

| ii. | Scilex Holding Company is an innovative revenue-generating company focused on acquiring, developing and commercializing non-opioid pain management products for the treatment of acute and chronic pain. Scilex targets indications with high unmet needs and large market opportunities with non-opioid therapies for the treatment of patients with acute and chronic pain and are dedicated to advancing and improving patient outcomes. Scliex’s commercial products include: (i) ZTildo® (lidocaine topical system) 1.8%, a prescription of lidocaine topical product approved by the U.S.