Company: SMNR
Filing Date: 2025-08-08
Form Type: S-4/A
Source: 0001193125-25-177097
Chunk: 362

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-08
Form: S-4/A
Chunk 362
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 be viewed as public guidance and they are neither fact nor a guarantee of actual future performance. You are cautioned to consider that the Semnur Management Projections may be materially different than actual results when relying on such projections in making a decision regarding the Business Combination, particularly because the Semnur Management Projections span a 19 to 20-year time period which creates a significant risk that such projections will not be achieved and the Semnur Management Projections assume that SP-102 receives regulatory approval and there is significant risk that SP-102 may not receive such approval or, if approved, will not gain market acceptance. Furthermore, the Semnur Management Projections do not take into account any circumstances or events occurring after the date on which the Semnur Management Projections were prepared, or commissioned, by Semnur. You are cautioned that the expectations of high and sustained future growth may, given the underlying assumptions as to future events which are subject to change, be unrealistic and may have resulted in inflated valuation conclusions.

Semnur does not, as a matter of general practice, publicly disclose long-term forecasts or internal projections of its future performance, revenue, financial condition, or other results. The Semnur Management Projections were not prepared with a view toward complying with the guidelines established by the SEC or the American Institute of Certified Public Accountants with respect to prospective financial information. The Semnur Management Projections have not been audited. Neither the independent registered public accounting firms of Semnur nor Denali or any other independent accountants, have compiled, reviewed, examined or performed any procedures with respect to the Semnur Management Projections contained herein, nor have they expressed any opinion or any other form of assurance on such information or their achievability, and the independent registered public accounting firms of Semnur and Denali assume no responsibility for, and disclaim any association with, the Semnur Management Projections, as further described in the section titled “Cautionary Note Regarding Forward-LookingStatements.” The reports of the independent registered public accounting firms included in this proxy statement/prospectus relate to Semnur’s and Denali’s historical audited financial statements and do not extend to the unaudited prospective financial information and should not be read to do so.**

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**The Semnur Management Projections were prepared in good faith by Semnur management based on estimates and assumptions believed to be reasonable with respect to the expected future financial performance of Semnur at