Company: SMNR
Filing Date: 2025-10-21
Form Type: S-1
Source: 0001193125-25-245178
Chunk: 158

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-10-21
Form: S-1
Chunk 158
---
nur Common Stock and Legacy Semnur Options issued and outstanding as of the date of the Merger Agreement (which number is 200,000,000 shares) plus (B) the aggregate number of shares of Legacy Semnur Common Stock and Legacy Semnur Options issued after the date of the Merger Agreement and outstanding immediately prior to the Effective Time. At the Effective Time, 200,000,000 shares of New Semnur Common Stock were beneficially owned by Scilex, as New Semnur’s controlling stockholder, and 30,500,000 Consultant Shares were issued to consultants and other service providers. 50,000,000 shares of New Semnur Common Stock constituting a portion of the Merger Consideration, were reserved for the holders of New Semnur Options.

The Merger Consideration transferred to Legacy Semnur stockholders and holders of Legacy Semnur stock options (given that the Option Exchange Proposal was approved by shareholders at the Denali Shareholder Meeting) at Closing was 280,500,000 shares of New Semnur Common Stock, which is equal to the quotient of (i) the sum of (A) $2.5 billion plus (B) the product of (1) the aggregate number of shares of Legacy Semnur Common Stock and Legacy Semnur Options issued after the date of the Merger Agreement and outstanding immediately prior to the Effective time multiplied by (y) 1.25 multiplied by (2) $10.00, divided by (ii) $10.00.

The unaudited pro forma condensed combined financial information contained herein incorporates the results of Denali’s public shareholders having elected to redeem 30,110 shares of their public shares for approximately $0.4 million in cash based upon actual redemptions as of the Closing.

<div align='center'>101</div>

UNAUDITED PRO FORMA CONDENSED COMBINED BALANCE SHEET As of June 30, 2025 (in thousands, except share and per share amounts)

| ASSETS                                                  
 Current assets:                                         |     | Denali Capital Acquisition 
 Corp                       
 (Historical)               |        |     | Legacy       
 Semnur       
 (Historical) |        |     | Transaction Accounting 
 Adjustments            |         |   |     |    |     | Pro Forma 
 Combined  |         |
|:--------------------------------------------------------|:----|:---------------------------|-------:|:----|:-------------|