Company: SMNR
Filing Date: 2025-08-12
Form Type: S-4/A
Source: 0001193125-25-178821
Chunk: 34

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-12
Form: S-4/A
Chunk 34
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 Results of Operations334Results of Operations335Comparison of the Three Months Ended March 31, 2025 and 2024335iv

#### PAGEComparison of the Years Ended December 31, 2024 and 2023336Liquidity and Capital Resources336Critical Accounting Policies and Estimates340Recent Accounting Pronouncements341Quantitative and Qualitative Disclosures About Market Risk341Off-BalanceSheet Arrangements341Related Party Transactions341Emerging Growth Company341Smaller Reporting Company342UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION343DIRECTORS AND EXECUTIVE OFFICERS OF DENALI359Current Directors and Executive Officers359Corporate Governance361Code of Ethics363Conflicts of Interest363Limitation on Liability and Indemnification of Officers and Directors365SEMNUR’S EXECUTIVE COMPENSATION367Overview367Summary Compensation Table367Narrative Disclosure to Summary Compensation Table367Potential Payments upon Termination or Change in Control369Perquisites, Health, Welfare and Retirement Benefits369Pension Benefits and Nonqualified Deferred Compensation369Outstanding Equity Awards at Fiscal Year-End 2024369Equity-Based Incentive Plan370Emerging Growth Company Status372New Semnur Executive Officer Compensation Following the Business Combination372SEMNUR’S DIRECTOR COMPENSATION374New Semnur Director Compensation Following the Business Combination374DIRECTORS AND EXECUTIVE OFFICERS OF NEW SEMNUR AFTER THE BUSINESS COMBINATION375Executive Officers and Directors after the Business Combination375Family Relationships378Sorrento Chapter 11 Filing378Composition of the New Semnur Board378Controlled Company Exemption379Director Independence380Role of Board in Risk Oversight Process380Board Leadership Structure380Board Diversity380Committees of the New Semnur Board381Code of Business Conduct and Ethics385Compensation Committee Interlocks and Insider Participation385Limitation of Liability and Indemnification of Directors and Officers385SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT387DESCRIPTION OF DENALI’S SECURITIES391Public Units391Ordinary Shares391Founder Shares394v
|                                                                                                     |     | PAGE |     |
| Register of Members                                                                                 |     |      | 395 |
| Public Warrants                                                                                     |     |      | 396 |
| Denali Private Placement Units                                                                      |     |      | 400 |
| Denali Private Placement Warrants                                                                   |     |      | 400 |
| Dividends                                                                                           |     |      | 400 |
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