Company: SMNR
Filing Date: 2025-07-02
Form Type: S-4/A
Source: 0001193125-25-154936
Chunk: 33

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-02
Form: S-4/A
Chunk 33
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 Class A Ordinary Shares and Liquidation if No Initial Business Combination275Limitation on Redemption Rights279Facilities279Human Capital Resources279Legal Proceedings279Denali Merger Sub Inc.280MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 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 Marketing306Clinical Development and Regulatory307Manufacturing and Supply Chain308Competition308Material Agreements309Intellectual Property311Government Regulation and Product Approval313Employees and Human Capital Resources330Facilities and Properties330Legal Proceedings330Our Corporate History330Website331MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS OF SEMNUR332Overview332Comparability of Our Results and Our Relationship with Scilex333Components of Our Results of Operations334Results of Operations335Comparison of the Three Months Ended March 31, 2025 and 2024335iv

#### PAGEComparison of the Years Ended December 31, 2024 and 2023336Liquidity and Capital Resources336Critical Accounting Policies and Estimates340Recent Accounting Pronouncements341Quantitative and Qualitative Disclosures About Market Risk341Off-BalanceSheet Arrangements341Related Party Transactions341Emerging Growth Company341Smaller Reporting Company342UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION343DIRECTORS AND EXECUTIVE OFFICERS OF DENALI359Current Directors and Executive Officers359Corporate Governance361Code of Ethics363Conflicts of Interest363Limitation on Liability and Indemnification of Officers and Directors365SEMNUR’S EXECUTIVE COMPENSATION367Overview367Summary Compensation Table367Narrative Disclosure to Summary Compensation Table367Potential Payments upon Termination or Change in Control369Perquisites, Health, Welfare and Retirement Benefits369Pension Benefits and Nonqualified Deferred Compensation369Outstanding Equity Awards at Fiscal Year-End 2024369Equity-Based Incentive Plan370Emerging Growth Company Status372New Semnur Executive Officer Compensation Following the Business Combination372SEMNUR’S DIRECTOR COMPENSATION374New Semnur Director Compensation Following the Business Combination374DIRECTORS AND EXECUTIVE