Company: SMNR
Filing Date: 2025-07-02
Form Type: S-4/A
Source: 0001193125-25-154936
Chunk: 129

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-02
Form: S-4/A
Chunk 129
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 20,169,958 |   |
| Cash balance of Denali prior to Business                
 Combination(2)                                          |     |   |   2,736 |     | Payment of Denali Promissory 
 Notes(5)                     |     |   |   2,986,380 |   |
| Existing Cash held in Trust                             
 Account(3)                                              |     |   | 535,667 |     | Remaining Cash on Balance    
 Sheet(6)                     |     |   | (22,610,556 | ) |
| Total Sources                                           |     | $ | 545,782 |     | Total Uses                   |     | $ |     545,782 |   |

| (1) | Totals may be affected by rounding. |

| (2) | As of March 31, 2025. |

| (3) | Reflects cash plus accrued interest as of April 15, 2025. |

| (4) | Reflects the repayment of an estimated legal, audit, consulting and other transaction-related expenses. |

| (5) | Reflects the estimated repayment amount of the Denali Promissory Notes due to the Sponsor, FutureTech and Scilex of $2,986,380 in aggregate principal and interest as of June 30, 2025, assuming each monthly extension fee payment is made through June 2025. |

| (6) | Reflects the cash on balance sheet after giving effect to the repayment and uses for funding the Business Combination. New Semnur will receive intercompany funding and capital support from Scilex until New Semnur obtains sufficient financing on its own. New Semnur will also seek to raise additional funds through various potential sources, such as equity offerings, debt financings, collaborations, government contracts or other capital sources, including potential collaborations with other companies or other strategic transactions. There is no assurance that any such financings will be obtained. See the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations of Semnur — Liquidity and Capital Resources — Future Liquidity Needs.” |

50% Redemptions Scenario The following table summarizes the sources and uses for funding the Business Combination assuming 50% redemptions of public shares and approximately $9.1 million of cash remaining in the Trust Account:

| Sources of Funds(1)                                     |     |   |         |     | Uses of Funds(1)                                    |     |   |             |   |
|