Company: SMNR
Filing Date: 2025-04-21
Form Type: S-4/A
Source: 0001193125-25-087342
Chunk: 341

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-21
Form: S-4/A
Chunk 341
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102. Following the launch in 2027, product promotion expenses are expected to account for approximately 20% to 25% of total operating expenses.

197

| (5) | Semnur anticipates operating losses from 2024 to 2027 due to expenditures on the SP-102 clinical trials, CMC, promotional activities and regulatory payments, as well as any royalty and milestone payments following the commercial launch of SP-102 in 2027 to Semnur Equityholders under the Semnur Merger Agreement and the Shah Assignment Agreement. Semnur expects to achieve profitability starting in 2028. |

Semnur Management Projections – Best Case Projections The key financial metrics of the Semnur Management Projections provided to Denali and relied upon by Denali in its valuation analysis are set forth in the table below:

|                             |     | FY2024 |            |   |     | FY2025 |             |   |     | FY2026 |             |   |     | FY2027 |             |   |     | FY2028 |             |     | FY2029 |               |     | FY2030 |               |     | FY2031 |               |     | FY2032 |               |     | FY2033 |               |
|:----------------------------|:----|:-------|-----------:|:--|:----|:-------|------------:|:--|:----|:-------|------------:|:--|:----|:-------|------------:|:--|:----|:-------|------------:|:----|:-------|--------------:|:----|:-------|--------------:|:----|:-------|--------------:|:----|:-------|--------------:|:----|:-------|--------------:|
| Gross Sales(1)              |     | $      |          — |   |     | $      |           — |   |     | $      |           — |   |     | $      |  66,926,992 |   |     | $      | 539,577,494 |     | $      | 1,874,281,697 |     | $      | 4,875,349,080 |     | $      | 5,850,758,760 |     | $      | 6,170,230,920 |     | $      | 6,397,939,800 |
| Cost of Sales(2)