Company: SMNR
Filing Date: 2025-08-08
Form Type: S-4/A
Source: 0001193125-25-177097
Chunk: 553

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-08
Form: S-4/A
Chunk 553
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, diversion of resources, and other factors, and there can be no assurances that favorable outcomes will be obtained.**

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**Our Corporate History

We were incorporated in Delaware in June 2013. We were acquired by Scilex on March 18, 2019, pursuant to, and in connection with the transactions contemplated by, the Semnur Merger Agreement between Scilex, us, Sigma Merger Sub, Semnur Equityholders’ Representative, and Sorrento, for limited purposes.

Denali is an “emerging growth company” as defined in the JOBS Act. As an emerging growth company, we are eligible for exemptions from various reporting requirements applicable to other public companies that are not emerging growth companies, including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act and reduced disclosure obligations regarding executive compensation.

Additionally, Denali is currently a “smaller reporting company” as defined in Item 10(f)(1) of Regulation S-K. Smaller reporting companies may take advantage of certain reduced disclosure obligations, including, among other things, providing only two years of audited financial statements. Following the Business Combination, Denali expects that New Semnur will remain a smaller reporting company immediately following the Business Combination because New Semnur will have annual revenues of less than $100 million and is expected to have a public float of less than $700 million.

Website

Our website address is www.semnurpharma.com. We do not incorporate the information on, or accessible through, our website into this proxy statement/prospectus, and you should not consider any information on, or accessible through, our website as part of this proxy statement/prospectus. We have included our website address in this proxy statement/prospectus solely as an inactive textual reference.**

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MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL

CONDITION AND RESULTS OF OPERATIONS OF SEMNUR**</div>

**Unless the context otherwise requires, references in this “Management’s Discussion and Analysis of Financial Condition and Results of Operations of Semnur” to “we,” “us,” “our,” “Semnur,” and “the Company” generally refer to Semnur Pharmaceuticals, Inc. in the present tense or New Semnur from and after the Business Combination.

The following discussion and analysis of our financial condition and results of operations