Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 425

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 425
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. Holder (generally, any distributions to such U.S. Holder                                                                                                                                               
 during a taxable year of the U.S. Holder that are greater than 125% of the average annual distributions received by such U.S. Holder in respect of the Denali Ordinary Shares during the three preceding taxable years of such U.S. Holder or, if 
 shorter, such U.S. Holder’s holding period for the Denali Ordinary Shares).                                                                                                                                                                       |

Under these rules,

| • |     | the U.S. Holder’s gain or excess distribution will be allocated ratably over the U.S. Holder’s 
 holding period for the Denali securities;                                                      |

| • |     | the amount allocated to the U.S. Holder’s taxable year in which the U.S. Holder recognized the gain or                                                                                                        
 received the excess distribution, or to the period in the U.S. Holder’s holding period before the first day of Denali’s first taxable year in which it qualified as a PFIC, will be taxed as ordinary income; |

| • |     | the amount allocated to other taxable years (or portions thereof) of the U.S. Holder and included in its holding 
 period will be taxed at the highest tax rate in effect for that year and applicable to the U.S. Holder; and      |

| • |     | the interest charge generally applicable to underpayments of tax will be imposed in respect of the tax 
 attributable to each such other taxable year of the U.S. Holder.                                       |

In general, if Denali is determined to be a PFIC, a U.S. Holder may avoid the PFIC tax consequences described above with respect to its Denali Ordinary Shares by making a timely QEF election (or a QEF election along with a purging election), as described below. Pursuant to the QEF election, a U.S. Holder will be required to include in income its pro rata share of Denali’s net capital gain (as long–term capital gain) and other earnings and profits (as ordinary income), on a current basis, whether or not distributed, in the taxable year of the U.S. Holder in which Denali’s taxable year ends. Impact of PFIC Rules on Certain U.S. Holders The impact of the PFIC rules on a U.S. Holder of Denali securities will depend on whether the U.S. Holder has made a timely and effective election to treat Denali as a QEF, for Denali’s first taxable year as a PFIC in which the U