Company: SMNR
Filing Date: 2025-10-21
Form Type: S-1
Source: 0001193125-25-245178
Chunk: 171

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-10-21
Form: S-1
Chunk 171
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110 public shares subsequent to the balance sheet date, which would also reduce the par value of New Semnur Common Stock. However, the impact on the par value is less than $1,000 and is not shown separately. |

Note 4 — Transaction Adjustments to Unaudited Pro Forma Condensed Combined Statements of Operations for the six months ended June 30, 2025 and the year ended December 31, 2024

| (AA) | Represents adjustments to general and administrative expenses as follows: |

|                                                                      | (In thousands) |   |  For the six months 
 ended June 30, 2025 |     |   | For the year ended 
  December 31, 2024 |
|:---------------------------------------------------------------------|:---------------|:--|--------------------:|:----|:--|-------------------:|
| Represents Legacy Semnur expenses not eligible for capitalization(1) |                | $ |                   — |     | $ |                210 |
| New compensation arrangements with executives(2)                     |                |   |              69,744 |     |   |            278,480 |
| Advisor Fees(3)                                                      |                |   |                   — |     |   |            305,000 |
| Total                                                                |                | $ |              69,744 |     | $ |            583,690 |

113

| (1) | Represents estimated transaction costs incurred subsequent to the balance sheet date which do not qualify to be capitalized as a result of not being incremental and directly attributable to the Business Combination. The costs which are not capitalizable are primarily related to certain services provided by Scilex employees on behalf of Legacy Semnur in connection with the Business Combination as well as certain accounting advisory and audit fees incurred in preparation of Legacy Semnur’s annual audited financial statements and interim unaudited financial statements. Legacy Semnur’s other estimated Business Combination costs, including costs relating to certain legal and other advisory services, were deemed to be incremental and directly related to the Business Combination and are reflected as equity issuance costs, reducing New Semnur’s additional paid-in capital balances. |

| (2) | Represents compensation expense associated with certain options to purchase Legacy Semnur Common Stock which were granted on August 30, 2024 and were exchanged into options to purchase New Semnur Common Stock pursuant to the terms of the Merger Agreement (given that the Option Exchange Proposal was approved by the Denali shareholders at the