Company: SMNR
Filing Date: 2025-08-08
Form Type: S-4/A
Source: 0001193125-25-177097
Chunk: 142

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-08
Form: S-4/A
Chunk 142
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 the final data. |

69

Risks Related to Semnur’s Business and Operations

| • |     | Any disruption in our research and development facilities could adversely affect our business, financial condition and results of operations. |

Risks Related to Semnur’s Intellectual Property

| • |     | If we are unable to maintain patent protection for our product candidates, or if the scope of the patent protection obtained is not sufficiently broad, we may not be able to compete effectively in our markets. |

Risks Related to Government Regulations

| • |     | The regulatory approval processes of the FDA and comparable non-U.S. regulatory authorities are lengthy, time-consuming and inherently unpredictable, and if we are ultimately unable to obtain regulatory approval for our product candidates, our business, financial condition and results of operations will be substantially harmed. Moreover, gaining approval for a product candidate in one country or jurisdiction does not guarantee that we will be able to obtain approval for or commercialize it in any other jurisdiction, which would limit our ability to realize our full market potential. |

Risks Related to Semnur’s Relationship with Scilex

| • |     | Certain of our directors and officers may have actual or potential conflicts of interest because of their positions with Scilex. |

| • |     | We are controlled by Scilex, whose interests may differ from those of our public shareholders. |

Risks Related to Ownership of New Semnur Common Stock

| • |     | If the perceived benefits of the Business Combination do not meet the expectations of investors or securities analysts, the market price of Denali’s securities or, following the Business Combination, New Semnur’s securities, may decline. |

| • |     | New Semnur will be an emerging growth company, and it cannot be certain if the reduced reporting requirements applicable to emerging growth companies will make its common stock less attractive to investors. |

| • |     | Following the Business Combination, New Semnur will be a controlled company within the meaning of the Nasdaq Listing Rules and, as a result, if New Semnur’s Nasdaq listing application is approved, will qualify for, and may rely on, exemptions from certain corporate governance requirements. Stockholders of New Semnur may not have the same protection afforded to stockholders of companies that are subject to such governance requirements. |

Risks Related to Denali and the Business Combination

| • |     | The Sponsor has agreed to vote in favor of the Business Combination, regardless of how Denali