Company: SMNR
Filing Date: 2025-07-23
Form Type: S-4/A
Source: 0001193125-25-163401
Chunk: 350

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-23
Form: S-4/A
Chunk 350
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 market potential are based on the underlying assumptions for market size, penetration rates, pricing strategies and competitive landscape. Denali considered the potential uptake of Semnur’s products within target markets, taking into account factors such as expected regulatory approval timeline, existing competition and market access strategies. |

| • |     | Research and Development (R&D) by reviewing the projected R&D expenses, considering the nature and scope of Semnur’s ongoing and planned development activities. This included reviewing the costs associated with clinical trials, regulatory filing and other research initiatives. |

| • |     | Regulatory milestone and timelines by reviewing and assessing the projected regulatory milestones embedded within the projections, such as clinical trials completion, regulatory submissions and approvals. |

As noted above, the Denali Board reviewed and discussed the Semnur Management Projections in connection with its review of the Business Combination, and the Semnur Management Projections were provided to CB Capital in connection with its delivery of its fairness opinion with respect to the transactions contemplated by the Merger Agreement, which fairness opinion was considered by the Denali Board in its review of the Business Combination. Please see the “ Opinion of CB Capital” section below for more information regarding the fairness opinion. As part of its evaluation of the Semnur Management Projections, and the reasonableness thereof, the Denali Board considered the inherent risks of financial projections covering extended periods of time and for product candidates that are subject to the FDA approval. The Denali Board also evaluated the assumptions made by Semnur’s management in preparing the Semnur Management Projections. Accordingly, while the Denali Board found the Semnur Management Projections to be reasonable for its analysis, the Denali Board only viewed the Semnur Management Projections as a potential indicator of future performance. The Denali Board also considered the discounted cash flow analysis performed by CB Capital in connection with providing its fairness opinion. Accordingly, Denali shareholders are strongly cautioned not to place undue reliance, if any, on the Semnur Management Projections in making any decisions regarding the Business Combination. Further, the Semnur Management Projections were just one of many factors the Denali Board considered as part of their evaluation of the proposed Business Combination, and the Denali Board did not consider the Semnur Management Projections as a determinative factor in entering into the Merger Agreement. Please see the “ The Denali Board’s Reasons for the Approval of the Business Combination” section above for more information regarding the Denali Board’s reasons for the approval of the proposed