Company: SMNR
Filing Date: 2025-06-11
Form Type: S-4/A
Source: 0001193125-25-139124
Chunk: 564

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-06-11
Form: S-4/A
Chunk 564
---
 About the Business Combination — What are the possible sources and the extent of dilution that public shareholders who elect not to redeem their shares will experience in connection with the Business Combination?” Similarly, up to 6,000,000 shares of New Semnur Series A Preferred Stock that may be issued to Scilex in connection with the Business Combination are also excluded because such shares are not legally convertible into shares of New Semnur Common Stock. |

346

UNAUDITED PRO FORMA CONDENSED COMBINED BALANCE SHEET As of March 31, 2025 (in thousands, except share and per share amounts)

| ASSETS                                                  
 Current assets:                                         |     | Denali       
 Capital      
 Acquisition  
 Corp         
 (Historical) |         |   |     | Semnur           
 Pharmaceuticals, 
 Inc.             
 (Historical)     |          |   |     | Transaction  
 Accounting   
 Adjustments  
 (Assuming No 
 Redemptions) |         |   |     |   |     | Pro Forma    
 Combined     
 (Assuming No 
 Redemptions) |          |   |     | Transaction 
 Accounting  
 Adjustments 
 (25%        
 Redemption  
 Scenario)   |      |   |     |   |     | Pro Forma   
 Combined    
 (Assuming   
 25%         
 Redemption) |          |   |     | Transaction 
 Accounting  
 Adjustments 
 (50%        
 Redemption  
 Scenario)   |      |   |     |   |     | Pro Forma   
 Combined    
 (Assuming   
 50%         
 Redemption) |          |   |     | Transaction 
 Accounting  
 Adjustments 
 (75%        
 redemption  
 scenario)   |      |   |     |   |     | Pro Forma   
 Combined    
 (Assuming   
 75%         
 Redemption) |          |   |     | Transaction 
 Accounting  
 Adjustments 
 (100%       
 Redemption  
 Scenario)   |      |   |     |   |     | Pro Forma   
 Combined    
 (Assuming   
 100%        
 Redemption) |          |   |
|:--------------------------------------------------------|:----|:-------------|--------:|:--|:----|:-----------------|---------:|:--|:----|:-------------|--------:|:--|:----|:--|:----|:-------------|---------:|:--|:----|:------------|-----:|:--|:----|:--|:----|: