Company: SMNR
Filing Date: 2025-08-08
Form Type: S-4/A
Source: 0001193125-25-177097
Chunk: 33

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-08
Form: S-4/A
Chunk 33
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252Vote Required for Approval252Resolution to be Voted Upon252Recommendation of the Denali Board253PROPOSAL 9 — THE ADJOURNMENT PROPOSAL254Consequences if the Adjournment Proposal is Not Approved254Vote Required for Approval254Resolution to be Voted Upon254Recommendation of the Denali Board254MATERIAL U.S. FEDERAL INCOME TAX CONSEQUENCES256U.S. Holders258Non–U.S. Holders265SELECTED HISTORICAL FINANCIAL DATA OF DENALI269SELECTED HISTORICAL FINANCIAL INFORMATION OF SEMNUR270SUMMARY UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION271iii

#### PAGETRADING MARKET AND DIVIDENDS273Denali273Semnur273BUSINESS OF DENALI274General274Initial Public Offering274Offering Proceeds Held in Trust274Fair Market Value of Target Business275Redemption Rights in Connection with Shareholder Approval of Business Combinations275Voting Obligations in Connection with the Meeting275Redemption of Denali 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 History331Website331MANAGEMENT’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 Resources