Company: SMNR
Filing Date: 2025-06-11
Form Type: S-4/A
Source: 0001193125-25-139124
Chunk: 34

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-06-11
Form: S-4/A
Chunk 34
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 OF DENALI281Overview281Recent Developments281Results of Operations285Liquidity and Capital Resources287Other Contractual Obligations289Critical Accounting Estimates290Quantitative and Qualitative Disclosures About Market Risk290BUSINESS OF SEMNUR291Our Company291Our Strategy293Our Management Team295Our Product Candidate —SP-102296Market Opportunity forSP-102296Clinical Development Overview298Sales and Marketing305Clinical Development and Regulatory307Manufacturing and Supply Chain307Competition308Material Agreements308Intellectual Property311Government Regulation and Product Approval312Employees and Human Capital Resources329Facilities and Properties329Legal Proceedings329Our Corporate History330Website330MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS OF SEMNUR331Overview331Comparability of Our Results and Our Relationship with Scilex332Components of Our Results of Operations333Results of Operations334Comparison of the Three Months Ended March 31, 2025 and 2024334iv

#### PAGEComparison of the Years Ended December 31, 2024 and 2023335Liquidity and Capital Resources335Critical Accounting Policies and Estimates339Recent Accounting Pronouncements340Quantitative and Qualitative Disclosures About Market Risk340Off-BalanceSheet Arrangements340Related Party Transactions340Emerging Growth Company340Smaller Reporting Company341UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION342DIRECTORS AND EXECUTIVE OFFICERS OF DENALI358Current Directors and Executive Officers358Corporate Governance360Code of Ethics362Conflicts of Interest362Limitation on Liability and Indemnification of Officers and Directors364SEMNUR’S EXECUTIVE COMPENSATION366Overview366Summary Compensation Table366Narrative Disclosure to Summary Compensation Table366Potential Payments upon Termination or Change in Control368Perquisites, Health, Welfare and Retirement Benefits368Pension Benefits and Nonqualified Deferred Compensation368Outstanding Equity Awards at Fiscal Year-End 2024368Equity-Based Incentive Plan369Emerging Growth Company Status371New Semnur Executive Officer Compensation Following the Business Combination371SEMNUR’S DIRECTOR COMPENSATION373New Semnur Director Compensation Following the Business Combination373DIRECTORS AND EXECUTIVE OFFICERS OF NEW SEMNUR AFTER THE BUSINESS COMBINATION374Executive Officers and Directors after the Business Combination374Family Relationships377Sorrento Chapter 11 Filing377Composition of the New Semnur Board377Controlled Company Exemption378Director Independence379Role of