Company: SMNR
Filing Date: 2025-08-12
Form Type: S-4/A
Source: 0001193125-25-178821
Chunk: 352

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-12
Form: S-4/A
Chunk 352
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 commercial launch of SP-102, research and development costs are expected to decline to approximately 4-5% of total operating expenses. In contrast, prior to the commercial launch of SP-102, salaries and benefits are projected to constitute approximately 8-9% of operating expenses and following such launch, salaries and benefits are expected to increase significantly to approximately 33-42% (with peak expense in 2028) of total operating expenses, due to the expansion of the sales force necessary to support commercialization of SP-102. No product promotion costs will be incurred prior to the commercial launch of SP-102. Following the launch in 2027, product promotion expenses are expected to account for approximately 20% to 25% of total operating expenses.

| (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)              |     | $      |          — |   |     | $