Company: SMNR
Filing Date: 2025-08-12
Form Type: S-4/A
Source: 0001193125-25-178821
Chunk: 423

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-12
Form: S-4/A
Chunk 423
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The following table sets forth certain information regarding the anticipated benefits of the New Semnur Options, if the Option Exchange is approved.

| Name and Position at New Semnur                              |     | Number of        
 Semnur           
 Options Prior    
 to the Effective 
 Time             |            |     | Number of     
 New Semnur    
 Options       
 Following the 
 Effective     
 Time(1)       |            |     | Dollar Value ($)(2) |             |
|:-------------------------------------------------------------|:----|:-----------------|-----------:|:----|:--------------|-----------:|:----|:--------------------|------------:|
| Henry Ji, Ph.D., Executive Chairperson and Director          |     |                  | 17,500,000 |     |               | 21,875,000 |     | $                   | 218,750,000 |
| Jaisim Shah, Chief Executive Officer, President and Director |     |                  | 17,500,000 |     |               | 21,875,000 |     | $                   | 218,750,000 |
| Stephen Ma, Chief Financial Officer                          |     |                  |  2,000,000 |     |               |  2,500,000 |     | $                   |  25,000,000 |
| All other Scilex employees                                   |     |                  |  3,000,000 |     |               |  3,750,000 |     | $                   |  37,500,000 |
| Total                                                        |     |                  | 40,000,000 |     |               | 50,000,000 |     | $                   | 500,000,000 |

| (1) | Reflects approval of this Option Exchange Proposal and an Exchange Ratio of 1.25. |

| (2) | The aggregate dollar value of the Semnur Options following the Effective Time set forth in this table is included for illustrative purposes only and is based on an assumed per share value of $10.00. |

Rationale for the Option Exchange The Denali Board recommends that Denali’s shareholders approve the Option Exchange for the following primary reasons:

| • |     | The grant of the Semnur Options and the Option Exchange provides compensation to the Scilex employees who provide services to Semnur. Such awards will facilitate the growth of Semnur, which the Denali Board believes will create significant value for New Semnur, which