Company: SMNR
Filing Date: 2025-07-02
Form Type: S-4/A
Source: 0001193125-25-154936
Chunk: 358

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-02
Form: S-4/A
Chunk 358
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 not been audited. Neither the independent registered public accounting firms of Semnur nor Denali or any other independent accountants, have compiled, reviewed, examined or performed any procedures with respect to the Semnur Management Projections contained herein, nor have they expressed any opinion or any other form of assurance on such information or their achievability, and the independent registered public accounting firms of Semnur and Denali assume no responsibility for, and disclaim any association with, the Semnur Management Projections, as further described in the section titled “Cautionary Note Regarding Forward-LookingStatements.” The reports of the independent registered public accounting firms included in this proxy statement/prospectus relate to Semnur’s and Denali’s historical audited financial statements and do not extend to the unaudited prospective financial information and should not be read to do so.

The Semnur Management Projections were prepared in good faith by Semnur management based on estimates and assumptions believed to be reasonable with respect to the expected future financial performance of Semnur at the time the Semnur Management Projections were prepared in August 2024. As of the date of this proxy statement/prospectus, Semnur’s management has affirmed to the Denali Board that the Semnur Management Projections continue to reflect the view of Semnur’s management about Semnur’s future performance.

The inclusion of the Semnur Management Projections in this proxy statement/prospectus should not be regarded as an indication that Semnur, its management, the Semnur Board, or its affiliates, advisors or other representatives considered, or now considers, such projections necessarily to be predictive of actual future results or to support or fail to support your decision whether to vote for or against the Business Combination Proposal.**

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While presented with numerical specificity, the Semnur Management Projections are forward-lookingand reflect numerous estimates and assumptions including, but not limited to, future industry performance under various industry scenarios as well as assumptions for competition, general business, economic, market, regulatory and financial conditions and matters specific to the businesses of Semnur, all of which are difficult to predict and many of which are beyond the preparing parties’ control, including, among other things, the matters described in the sections titled “ Cautionary Note Regarding Forward -LookingStatements” and “ Risk Factors.” In addition, the Semnur Management Projections cover multiple years, and this information by its nature becomes subject to greater