Company: SMNR
Filing Date: 2025-07-23
Form Type: S-4/A
Source: 0001193125-25-163401
Chunk: 578

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-23
Form: S-4/A
Chunk 578
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<div align='center'>**NOTES TO THE UNAUDITED PRO FORMA CONDENSED FINANCIAL INFORMATION**</div>

**Note 1 – Description of the Business Combination

Denali is a blank check company incorporated in the Cayman Islands on January 5, 2022. Denali was incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses or entities.

As of March 31, 2025, Denali had not yet commenced operations. All activity for the period from January 5, 2022 (inception) through March 31, 2025 relates to Denali’s formation, organizational activities, activities necessary to prepare for and complete the IPO, identifying a target company for a business combination, and activities in connection with an initial business combination, including with respect to the Business Combination.

Semnur is a late-stage clinical biopharmaceutical company focused on developing and commercializing innovative non-opioid pain management products for the treatment of acute and chronic pain. Semnur targets indications with high unmet needs and large market opportunities with non-opioid therapies for the treatment of patients with acute and chronic pain and is dedicated to advancing and improving patient outcomes. Its lead product candidate, SP-102, if approved, has the potential to become the first FDA approved non-opioid novel injectable corticosteroid gel formulation for patients with moderate to severe LRP (also known as sciatica), containing no preservatives, surfactants, solvents, or particulates and is expected to be available in a pre-filled syringe formulation following approval by the FDA.

The Business Combination

On August 30, 2024, Denali entered into the Merger Agreement with Merger Sub and Semnur. Pursuant to the Merger Agreement, subject to the terms and conditions set forth therein, under the terms of which, Merger Sub will