Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 563

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 563
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 have a material impact on the unaudited pro forma condensed combined financial information. As a result, the unaudited pro forma condensed combined financial information does not assume any differences in accounting policies. Note 3 — Transaction Adjustments to Unaudited Pro Forma Condensed Combined Balance Sheet as of March 31, 2025 The unaudited pro forma condensed combined financial information does not give effect to any anticipated synergies, operating efficiencies, tax savings, or cost savings that may be associated with the Business 353

Combination. No tax adjustment has been computed for the pro forma Denali financial results, as it expects to maintain a full valuation allowance against its U.S. deferred tax assets. The unaudited pro forma information does not purport to project the future financial position or operating results of New Semnur. The pro forma adjustments for the Business Combination included in the unaudited pro forma condensed combined balance sheet as of March 31, 2025 are as follows:

| (A) | Reflects the impact to Cash of the following items: |

| (in thousands)                                                                               |     |   |        |   |
|:---------------------------------------------------------------------------------------------|:----|:--|-------:|:--|
| Reclassification of Investments Held in Trust Account                                        |     | $ |  9,145 |   |
| Additional funding to be provided by Scilex to                                               
 Semnur(1)                                                                                    |     |   |  9,245 |   |
| April 2025 Redemptions(2)                                                                    |     |   | (8,618 | ) |
| Payment of estimated transaction costs to be incurred by Denali and Semnur subsequent to the 
 balance sheet date                                                                           |     |   | (6,159 | ) |
| Payment of deferred underwriting fees as of balance sheet date to be settled in cash         |     |   | (2,022 | ) |
| Accounts payable and accrued expenses as of balance sheet date                               |     |   | (4,774 | ) |
| Receipt from additional drawdown of Promissory Note subsequent to the balance sheet date(3)  |     |   |     96 |   |
|                                                                                              |     | $ | (3,087 | ) |

| (1) | Represents additional contributions from Scilex to Semnur which, if required to be made, will increase the                                                                                                                                           
 Aggregate Outstanding Amount to be converted under the Debt Exchange Agreement. The additional