Company: SMNR
Filing Date: 2025-08-12
Form Type: S-4/A
Source: 0001193125-25-178821
Chunk: 347

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-12
Form: S-4/A
Chunk 347
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 in connection with its review of the Business Combination, and the Semnur Management Projections were provided to CB Capital in connection with its delivery of its fairness opinion with respect to the transactions contemplated by the Merger Agreement, which fairness opinion was considered by the Denali Board in its review of the Business Combination. Please see the “ Opinion of CB Capital” section below for more information regarding the fairness opinion. As part of its evaluation of the Semnur Management Projections, and the reasonableness thereof, the Denali Board considered the inherent risks of financial projections covering extended periods of time and for product candidates that are subject to the FDA approval. The Denali Board also evaluated the assumptions made by Semnur’s management in preparing the Semnur Management Projections. Accordingly, while the Denali Board found the Semnur Management Projections to be reasonable for its analysis, the Denali Board only viewed the Semnur Management Projections as a potential indicator of future performance. The Denali Board also considered the discounted cash flow analysis performed by CB Capital in connection with providing its fairness opinion. Accordingly, Denali shareholders are strongly cautioned not to place undue reliance, if any, on the Semnur Management Projections in making any decisions regarding the Business Combination. Further, the Semnur Management Projections were just one of many factors the Denali Board considered as part of their evaluation of the proposed Business Combination, and the Denali Board did not consider the Semnur Management Projections as a determinative factor in entering into the Merger Agreement. Please see the “ The Denali Board’s Reasons for the Approval of the Business Combination” section above for more information regarding the Denali Board’s reasons for the approval of the proposed Business Combination. 198

Semnur Management Projections – Base Case Projection The key financial metrics of the Semnur Management Projections provided to Denali and relied upon by Denali in its valuation analysis are set forth in the table below:

|                             |     | FY2024 |            |   |     | FY2025 |             |   |     | FY2026 |             |   |     | FY2027 |             |   |     | FY2028 |             |     | FY2029 |               |     | FY2030 |               |     | FY2031 |               |     | FY2032 |               |     | FY2033 |               |
|:----------------------------|:----|:-------|-----------:|:--|:----|:-------