Company: SMNR
Filing Date: 2025-07-02
Form Type: S-4/A
Source: 0001193125-25-154936
Chunk: 584

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-02
Form: S-4/A
Chunk 584
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| Additional funding to be provided by Scilex to Semnur subsequent to the balance sheet date (see (A) above) |     | $ |  9,245 |   |
| Plus: Elimination of Related Party Loan as of balance sheet date (see (F) above)                           |     |   | 50,755 |   |
| Plus: Elimination of historical par value Semnur Common Stock (see (I) above)                              |     |   |      2 |   |
| Less: Par value of New Semnur Common Stock issued to Scilex                                                |     |   |    (20 | ) |
| Less: Par value of New Semnur Preferred Stock issued to Scilex                                             |     |   |     (1 | ) |
| Increase in additional paid-in capital due to recapitalization of Semnur                                   |     | $ | 59,981 |   |

| (K) | Reflects pro forma adjustments to accumulated deficit as follows: |

| (In thousands)                                                                                                                                                              |     |   |        |   |
|:----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|:----|:--|-------:|:--|
| Represents estimated transaction costs to be incurred by Semnur subsequent to the balance sheet date for expenses which are not capitalizable, as further discussed in (AA) |     | $ |   (590 | ) |
| Elimination of Denali’s historical retained earnings                                                                                                                        |     |   | 10,737 |   |
| Total                                                                                                                                                                       |     | $ | 10,147 |   |

| (L) | Reflects impact to additional paid-in capital and cash of the redemption scenarios presented: No redemptions, 25% redemptions, 50% redemptions, 75% redemptions and 100% redemptions. The redemptions of the public shares would also reduce the par value of New Semnur Common Stock. However, the impact on the par value in all of the redemption scenarios is less than $1,000 and is not shown separately. |

| (M) | Reflects the amount of negative cash reclassified to accounts payable. New Semnur expects to negotiate with vendors to defer or pay these balances shortly after closing with funds from additional capital raises. |

Note 4 — Transaction Adjustments to Unaudited Pro Forma Condensed Combined Statements of Operations for the three months