Company: SMNR
Filing Date: 2025-04-21
Form Type: S-4/A
Source: 0001193125-25-087342
Chunk: 411

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-21
Form: S-4/A
Chunk 411
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,500,000 |     |               | 21,875,000 |     | $                   | 218,750,000 |
| Jaisim Shah, Chief Executive Officer, President and Director |     |                  | 17,500,000 |     |               | 21,875,000 |     | $                   | 218,750,000 |
| Stephen Ma, Chief Financial Officer                          |     |                  |  2,000,000 |     |               |  2,500,000 |     | $                   |  25,000,000 |
| All other Scilex employees                                   |     |                  |  3,000,000 |     |               |  3,750,000 |     | $                   |  37,500,000 |
| Total                                                        |     |                  | 40,000,000 |     |               | 50,000,000 |     | $                   | 500,000,000 |

| (1) | Reflects approval of this Option Exchange Proposal and an Exchange Ratio of 1.25. |

| (2) | The aggregate dollar value of the Semnur Options following the Effective Time set forth in this table is included for illustrative purposes only and is based on an assumed per share value of $10.00. |

Rationale for the Option Exchange The Denali Board recommends that Denali’s shareholders approve the Option Exchange for the following primary reasons:

| • |     | The grant of the Semnur Options and the Option Exchange provides compensation to the Scilex employees who provide services to Semnur. Such awards will facilitate the growth of Semnur, which the Denali Board believes will create significant value for New Semnur, which will in turn benefit Denali’s shareholders after the Business Combination. |

| • |     | The Denali Board believes that the Option Exchange provides additional incentives and further aligns Scilex employees’ interests with New Semnur’s long-term strategic direction, reducing the possibility of business decisions at the Scilex level that favor short-term results of New Semnur at the expense of long-term value creation. |

| • |     | The Option Exchange is proposed in light of the grantees’ instrumental role in the development of |

| • |     | Semnur and their efforts in pursuing capital raising and other strategic opportunities of Semnur. |

| • |     | The incentive awards provided to the grantees