Company: SMNR
Filing Date: 2025-04-21
Form Type: S-4/A
Source: 0001193125-25-087342
Chunk: 335

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-21
Form: S-4/A
Chunk 335
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 and who vote at the Meeting or any adjournment or postponement thereof. The Business Combination is not structured so that approval of at least a majority of unaffiliated Denali shareholders is required. No unaffiliated representative has been retained to act solely on behalf of the public shareholders of Denali for purposes of negotiating the terms of the Business Combination on their behalf and/or preparing a report concerning the approval of the Business Combination. A majority of the directors who are not employees of Denali did not retain an unaffiliated representative to act solely on behalf of unaffiliated security holders for purposes of negotiating the terms of the Business Combination or prepare a report concerning the approval of the Business Combination. Certain Semnur Projected Financial Information In connection with its evaluation of the Business Combination, the Denali Board considered certain non-publicfinancial projections prepared by Semnur’s management with respect to Semnur as a standalone company (the “Semnur Management Projections”). The Semnur Management Projections were prepared in August 2024 for annual long-termstrategic planning purposes and include revenue forecasts for each of the years in the 20-yearperiod ending December 31, 2043. The Semnur Management Projections include two parts, including base case projections and best case projections. The assumptions and material differences of each case is set out below. The Semnur Management Projections were prepared using a 19 to 20-yeartime horizon, as Semnur believes such time-frameis necessary for long-termstrategic forecasting for pipeline projects. Semnur believes the peak sales for SP-102is expected to occur five to seven years following its commercial launch. Given that Semnur 193

anticipates that SP-102will be launched in 2027, a 19 to 20-yeartime horizon would capture those anticipated peak sales periods. However, there is no guarantee that we will be able to commence a commercial launch of SP-102in 2027 or ever, as any such launch would be subject to regulatory approval, which we may not receive. In addition, given the SP-102patent expires in 2036, the Denali Board requested that Semnur’s management prepare revenue projections for a six to seven year period post-expiration of the SP-102patent. Accordingly, Semnur’s management prepared a 19 to 20-yeartime forecast to capture anticipated peak sales periods and to address Denali’s request for revenue projections after the expiration of