Company: SMNR
Filing Date: 2025-07-02
Form Type: S-4/A
Source: 0001193125-25-154936
Chunk: 580

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-02
Form: S-4/A
Chunk 580
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 Combined Balance Sheet There are no autonomous entity adjustments made to the unaudited pro forma condensed combined balance sheet as of March 31, 2025 as management does not anticipate any net asset impact to be derived from expected contractual arrangements, such as the Transition Services Agreement, to be executed in connection with the closing of the Business Combination. Autonomous Entity Adjustments to Unaudited Pro Forma Condensed Combined Statements of Operations The autonomous entity adjustments included in the unaudited pro forma condensed combined statements of operations for the three months ended March 31, 2025 and the year ended December 31, 2024 reflect adjustments to the estimated incremental portion of the cost of transition services to be provided by Scilex, pursuant to the execution of the Transition Services Agreement that is expected to be entered with Scilex upon closing of the Business Combination. Since Semnur has historically operated as part of Scilex and the amounts associated with these transition services were allocated to Semnur’s historical financial statements at cost, these adjustments are comprised of the incremental 10% mark-up of the estimated cost for these services in accordance with the expected Transition Services Agreement, and are necessary to establish New Semnur as an autonomous entity subsequent to the Business Combination. No adjustment to income tax expense is needed to account for the impact of autonomous entity adjustment based on New Semnur’s estimated annual effective tax rate for the year ended December 31, 2024 and New Semnur having a full valuation allowance on its net deferred tax asset. Note 2 — Accounting Policies Upon consummation of the Business Combination, we will perform a comprehensive review of the two entities’ accounting policies. As a result of the review, we may identify differences between the accounting policies of the two entities which, when conformed, could have a material impact on the financial statements of the post-combination company. Based on its initial analysis, we did not identify any differences that would 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