Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 129

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 129
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 on third parties to conduct our clinical trials and intend to rely on third parties to conduct all of our                                                                                                                                        
 future clinical trials. If these third parties do not successfully carry out their contractual duties, fail to comply with applicable regulatory requirements or meet expected deadlines, we may be unable to obtain regulatory approval for our current 
 and future product candidates.                                                                                                                                                                                                                           |

| • |     | Interim “top-line” and preliminary data from our clinical                                                                                                                                                           
 trials that we announce or publish from time to time may change as more patient data become available and are subject to audit and verification procedures that could result in material changes in 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