Company: SMNR
Filing Date: 2025-08-08
Form Type: S-4/A
Source: 0001193125-25-177097
Chunk: 588

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-08
Form: S-4/A
Chunk 588
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 |                |   |               69,744 |     |   |            278,480 |
| Advisor Fees(3)                                               |                |   |                    — |     |   |            305,000 |
|                                                               |                | $ |               69,744 |     | $ |            584,070 |

| (1) | Represents estimated transaction costs to be incurred subsequent to the balance sheet date which do not qualify to be capitalized as a result of not being incremental and directly attributable to the Business Combination. The costs which are not capitalizable are primarily related to certain services provided by Scilex employees on behalf of Semnur in connection with the Business Combination as well as certain accounting advisory and audit fees incurred in preparation of Semnur’s annual audited financial statements and interim unaudited financial statements. Semnur’s other estimated Business Combination costs, including costs relating to certain legal and other advisory services, were deemed to be incremental and directly related to the Business Combination and are reflected as equity issuance costs, reducing New Semnur’s additional paid-in capital balances. |

356

| (2) | Represents compensation expense associated with certain options to purchase Semnur Common Stock which were granted on August 30, 2024 and will be exchanged into options to purchase New Semnur Common Stock pursuant to the terms of the Merger Agreement (if the Option Exchange Proposal is approved by Denali’s shareholders). The awards vest monthly over a 4-year term. The exercisability of the options is contingent on the approval of the Option Exchange Proposal and the unaudited pro forma condensed combined statement of operations reflects the expense to be recognized subsequent to such approval. As a result of the options containing an “other” exercisability condition, the expense for the options is recognized on a tranche-by-tranche basis with the expense attributable to each tranche recognized over the time-based vesting period of such tranche in these pro forma financial statements. The exercisability of the options is also contingent on Scilex’s repayment of certain indebtedness owed by Scilex. Because such exercise contingency is not a service, a performance or a market condition, the options are initially expected to be liability-classified awards and subject to be remeasured at fair value in subsequent periods pursuant to guidance in ASC Topic 718. Once the exercise condition relating to repayment of certain Scilex indebtedness owed by Scilex is met, the options are expected to be classified from liability-classified awards to