Company: SMNR
Filing Date: 2025-07-23
Form Type: S-4/A
Source: 0001193125-25-163401
Chunk: 573

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-23
Form: S-4/A
Chunk 573
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nur. The Business Combination is expected to be accounted for as a reverse recapitalization. Because Scilex controls Semnur before the Business Combination and is also expected to control New Semnur following the Business Combination, Denali is expected to be treated as the “acquired” company for financial reporting purposes. Accordingly, the Business Combination will be treated as the equivalent of Semnur issuing stock for the net assets of Denali, accompanied by a recapitalization whereby the net assets of Denali will be stated at historical cost and no goodwill or other intangible assets are recorded. Transaction costs incurred by Semnur which are 345

incremental costs and directly attributable to the proposed Business Combination will be deferred and charged against the proceeds of the transaction instead of expensed. Denali’s transaction costs incurred prior to the Closing are recognized as expenses in Denali’s separate financial statements and, upon the Closing, will be treated as a reduction of the net cash proceeds and deducted from the New Semnur’s additional paid-incapital. Operations prior to the Business Combination will be those of Semnur. In addition to the fact that the Business Combination will not result in a change of control, the Business Combination is expected to be accounted as a reverse recapitalization based on the following facts and circumstances under all of the respective redemption scenarios:

| • |     | Scilex will have the largest voting interest in New Semnur immediately after the Business Combination; |

| • |     | individuals designated by, or representing, Scilex will constitute all of the members of the New Semnur Board immediately after the Business Combination; |

| • |     | Semnur management will continue to hold executive management positions in New Semnur and be responsible for the day-to-day operations; |

| • |     | the post-combination company is assuming the name “Semnur Pharmaceuticals, Inc.”; |

| • |     | the operations of Semnur will comprise the ongoing operations of New Semnur; and |

| • |     | New Semnur is maintaining the existing office facilities of Semnur. |

The following summarizes the pro forma ownership of New Semnur Common Stock following the Business Combination, under each of the above referenced redemption scenarios. As noted below in footnote 9, this table does not reflect shares of New Semnur Series A Preferred Stock that may be issued because such shares are not legally convertible into shares of New Semnur Common Stock.

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