Company: SMNR
Filing Date: 2025-07-23
Form Type: S-4/A
Source: 0001193125-25-163401
Chunk: 345

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-23
Form: S-4/A
Chunk 345
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 particulates. If approved by the FDA, SP-102 will be available in a pre-filled syringe formulation and will be administered as an epidural injection for the treatment of sciatica. |

| • |     | Commercial Potential of SP-102. The belief that no viable competitor in the late clinical stage currently exists and therefore SP-102 uptake is not expected to face significant competition in the next five years. Semnur, and following the closing of the Business Combination, New Semnur, intends to capitalize on SP-102’s market position and establish SP-102 as the new standard of care for moderate to severe chronic radicular pain/sciatica by educating patients and physicians on the advantages of non-particulate and |

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| preservative free steroids. Additionally, if SP-102 receives a separate J code, SP-102 could be reimbursed separately from the cost of procedure and may be included on formulary with favorable access across commercial and CMS payers, which may provide optimal access and may minimize barriers for utilization. |

| • |     | Due Diligence. Denali’s management and external advisors conducted significant due diligence investigations of Semnur. This included detailed commercial, financial and tax due diligence reviews including market research and meetings and calls with Semnur’s management regarding Semnur’s business model, operations and forecasts. As part of its evaluation of Semnur, Denali’s Board and management also considered the financial profiles of publicly traded companies in the same and adjacent sectors. |

| • |     | Reasonableness of Merger Consideration. Following a review of the financial data provided to Denali, including the historical financial statements of Semnur and certain unaudited projected financial information discussed in the section titled “Proposal 1 — The Business Combination Proposal — Certain Semnur Projected Financial Information” and Denali’s due diligence review and financial and valuation analyses of Semnur, the Denali Board determined the transaction consideration was reasonable in light of such data and financial information. The Denali Board applied a discount to (i) the estimated range implied by the risk-adjusted net asset valuation performed by CB Capital, (ii) the estimated range implied by the cost approach valuation performed by CB Capital and (iii) the estimated range implied by the discounted cash flow valuation performed by CB Capital. For more information, See “Proposal 1 — The Business Combination Proposal — Opinion of CB Capital.” |

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