Company: SMNR
Filing Date: 2025-07-23
Form Type: S-4/A
Source: 0001193125-25-163401
Chunk: 364

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-23
Form: S-4/A
Chunk 364
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 in this proxy statement/prospectus should not be regarded as an indication that Semnur, its management, the Semnur Board, or its affiliates, advisors or other representatives considered, or now considers, such projections necessarily to be predictive of actual future results or to support or fail to support your decision whether to vote for or against the Business Combination Proposal.**

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While presented with numerical specificity, the Semnur Management Projections are forward-lookingand reflect numerous estimates and assumptions including, but not limited to, future industry performance under various industry scenarios as well as assumptions for competition, general business, economic, market, regulatory and financial conditions and matters specific to the businesses of Semnur, all of which are difficult to predict and many of which are beyond the preparing parties’ control, including, among other things, the matters described in the sections titled “ Cautionary Note Regarding Forward -LookingStatements” and “ Risk Factors.” In addition, the Semnur Management Projections cover multiple years, and this information by its nature becomes subject to greater uncertainty with each successive year. Semnur has not warranted the accuracy, reliability, appropriateness or completeness of the Semnur Management Projections to anyone, including Denali. Neither Semnur’s management nor any of its respective representatives has made or makes any representations to any person regarding the ultimate performance of Semnur relative to the Semnur Management Projections. The future financial results of Semnur may differ materially from those reflected in the Semnur Management Projections due to factors beyond Denali’s or Denali’s ability to control or predict. The Semnur Management Projections are not included in this proxy statement/prospectus in order to induce any Denali shareholders to vote in favor of any of the proposals at the Meeting. We encourage you to review the financial statements of Semnur included in this proxy statement/prospectus, as well as the financial information in the section of this proxy statement/prospectus titled “ Unaudited Pro Forma Condensed Combined Financial Information” and to not rely on any single financial measure. None of Denali, Semnur or any of their respective affiliates intends to, and, except to the extent required by applicable law, each expressly disclaims any obligation to, update, revise or correct the Semnur Management Projections to reflect circumstances existing or arising after the date such Semnur Management Projections were generated or to reflect the occurrence of future events, even in the event