Company: SMNR
Filing Date: 2025-07-23
Form Type: S-4/A
Source: 0001193125-25-163401
Chunk: 564

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-23
Form: S-4/A
Chunk 564
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 with financing to meet our needs, successful completion of such plans is dependent on factors outside of our control. We anticipate that we will continue to incur net losses into the foreseeable future as we support our clinical development to expand approved indications, continue our development of, and seek regulatory approvals for, our product candidate, and expand our corporate infrastructure. As a result, we have concluded that there is substantial doubt about our ability to continue as a going concern within one year after the date that the financial statements are issued. See Note 2 titled “ Liquidity and Going Concern” of the notes to our annual and interim financial statements included elsewhere in this proxy statement/prospectus for additional information. Proceeds from the Business Combination are dependent on the amount of redemptions by Denali’s public shareholders. Net proceeds from the Business Combination, together with our existing cash and cash equivalents, may be insufficient to enable us to fund our operating expenses and capital expenditure requirements for at least the next 12 months. If these sources are insufficient to satisfy our liquidity requirements, we may seek to raise additional funds through equity offerings, debt financings, collaborations, government contracts or other strategic transactions. 339

Cash Flows The following table summarizes our cash flows for each of the periods presented (in thousands):

| Net cash and cash equivalents (used for) provided by: |     | Three Months    
 Ended March 31, 
 2025            |      |   |     | 2024 |        |   |
|:------------------------------------------------------|:----|:----------------|-----:|:--|:----|:-----|-------:|:--|
| Operating activities                                  |     | $               | (399 | ) |     | $    | (2,159 | ) |
| Financing activities                                  |     |                 |  394 |   |     |      |  2,164 |   |
| Net change in cash and cash equivalents               |     | $               |   (5 | ) |     | $    |      5 |   |

|                                                       |     | Year Ended   
 December 31, |   2024 |   |     |   |   2023 |   |
|:------------------------------------------------------|:----|:-------------|-------:|:--|:----|:--|-------:|:--|
| Net cash and cash equivalents (used for) provided by: |     |              |        |   |     |   |        |   |
| Operating activities                                  |     |