Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 149

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 149
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 the product or impose restrictions on its 
 distribution in the form of a modified REMS;                                                                  |

| • |     | be sued and held liable for harm caused to patients; or |

| • |     | experience damage to our reputation. |

We may find it difficult to enroll or maintain patients in our clinical trials, which could delay or prevent us from proceeding with clinical trials of our product candidates. Identifying and qualifying patients to participate in any clinical trials of our current and future product candidates is critical to our success. The timing of any clinical trials depends on our ability to recruit patients and to complete required follow-upperiods. If patients are unwilling to participate in our clinical trials due to negative publicity from adverse events, competitive clinical trials for similar patient populations, or for other reasons, the timeline for recruiting patients, conducting trials and potentially obtaining regulatory approval may be delayed. 83

We may also experience delays if patients withdraw from a clinical trial or do not complete the required monitoring period. These delays could result in increased costs, delays in advancing our product candidates, delays in testing the effectiveness of our product candidates or termination of clinical trials altogether. Patient enrollment is affected by many factors, including:

| • |     | the size and nature of the patient population; |

| • |     | the proximity of patients to clinical sites; |

| • |     | the eligibility and exclusion criteria for the trial; |

| • |     | the design of the clinical trial; |

| • |     | competing clinical trials; |

| • |     | the risk that enrolled patients will not complete a clinical trial; |

| • |     | ability to monitor patients adequately during and after treatment; |

| • |     | potential disruptions caused by the COVID-19 pandemic (or other similar                                                                                                                                                                        
 disruptions), including difficulties in initiating clinical sites, enrolling and retaining participants, diversion of healthcare resources away from clinical trials, travel or quarantine policies that may be implemented and other factors; |

| • |     | our ability to recruit clinical trial investigators with the appropriate competencies and experience; and |

| • |     | clinicians’ and patients’ perceptions as to the potential advantages of the product candidate in 
 relation to other available products.                                                            |

The conditions for which we currently plan to evaluate our product candidates are common, but the eligibility criteria of our clinical trials limit the pool of available trial participants. For example, we experienced a delay in the enrollment of our now completed SP-102Phase 3 clinical trial in sciatica due to the selective eligibility criteria