Company: SMNR
Filing Date: 2025-08-08
Form Type: S-4/A
Source: 0001193125-25-177097
Chunk: 361

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-08
Form: S-4/A
Chunk 361
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 in 2027, product promotion expenses are expected to account for approximately 20% to 25% of total operating expenses.

| (5) | Semnur anticipates operating losses from 2024 to 2027 due to expenditures on the SP-102 clinical trials, CMC, promotional activities and regulatory payments, as well as any royalty and milestone payments following the commercial launch of SP-102 in 2027 to Semnur Equityholders under the Semnur Merger Agreement and the Shah Assignment Agreement. Semnur expects to achieve profitability starting in 2028. |

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In formulating its assumptions with respect to the Semnur Management Projections, Semnur’s management reviewed and relied upon its primary and secondary market research, analysis of prescription and demand data trends, internally developed analogues of new product launches and uptakes, and ability to gain insights by leveraging internal expertise and prior experience. Due to stable market dynamics and conditions, multiple forecasts scenarios were not prepared for strategic planning purposes.

Material Differences in Assumptions for the Base Case and Best Case of Semnur Management Projections

The material differences in assumptions between the base case and best case of Semnur Management Projections relate to the price of SP-102 per injection that Semnur is expected to charge and projected market share.

In the base case projections, the price of SP-102 is set at $400 per injection for the first year following its commercial launch. This pricing is based on an analysis conducted by Syneos Health, which took into account market conditions in 2021. In the best case projection, the price of SP-102 is estimated to be $500 per injection in the first year after its commercial launch. This pricing is informed by Semnur’s research assessment of current market utilization data, alongside Syneos Health’s analysis from 2021. Semnur’s management believes that charging $500 per injection is reasonable given the updated market conditions and inflationary factors.

The projected market share is slightly lower in the best case projection than it is in the base case projection because Semnur’s management expects that some patients may not purchase SP-102 because of the increase in price per injection as described above.

Important Information About the Financial Projections

The Semnur Management Projections are included in this proxy statement/prospectus solely to provide Denali’s shareholders access to information made available in connection with the Denali Board’s consideration of the Business Combination. The Semnur Management Projections should not