Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 334

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 334
---
illary agreements referenced therein, and the transactions contemplated thereby were advisable to and in the best interests of Denali and its shareholders.

The Business Combination Proposal requires the affirmative vote of the majority of the Denali Ordinary Shares present in person or represented by proxy and
entitled to vote thereon and who vote at the Meeting or any adjournment or postponement thereof. The Business Combination is not structured so that approval of at least a majority of unaffiliated Denali shareholders is required. No unaffiliated
representative has been retained to act solely on behalf of the public shareholders of Denali for purposes of negotiating the terms of the Business Combination on their behalf and/or preparing a report concerning the approval of the Business
Combination.

A majority of the directors who are not employees of Denali did not retain an unaffiliated representative to act solely on behalf of
unaffiliated security holders for purposes of negotiating the terms of the Business Combination or prepare a report concerning the approval of the Business Combination.

Certain Semnur Projected Financial Information

In connection with its evaluation of the Business Combination, the Denali Board considered certain non-public financial
projections prepared by Semnur’s management with respect to Semnur as a standalone company (the “Semnur Management Projections”). The Semnur Management Projections were prepared in August 2024 for annual long-term strategic planning purposes and include revenue forecasts for each of the years in the 20-year period ending December 31, 2043. The Semnur Management
Projections include two parts, including base case projections and best case projections. The assumptions and material differences of each case is set out below.

The Semnur Management Projections were prepared using a 19 to 20-year time horizon, as Semnur believes such time-frame is necessary for long-term strategic forecasting for pipeline projects. Semnur believes the peak sales for SP-102 is
expected to occur five to seven years following its commercial launch. Given that Semnur anticipates that SP-102 will be launched in 2027, a 19 to 20-year time horizon
would capture those anticipated peak sales periods. However, there is no guarantee that Semnur will be able to commence a commercial launch of SP-102 in 2027 or ever, as any such launch would be subject to
regulatory approval, which Semnur may not receive. In addition, given the SP-102 patent expires in 2036, the Denali Board requested that Semn