Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 333

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 333
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 used in Semnur’s business and products, among others) and the combined company realizing the anticipated benefits of the Business Combination on the timeline expected or at all, including due to factors outside of the          
 parties’ control such as new regulatory requirements or changes to existing regulatory requirements (or feedback from regulatory authorities that requires Semnur to modify the design of its clinical trials) and changes in the pharmaceutical         
 market generally. The Denali Board considered that the failure of any of these activities to be completed successfully may decrease the actual benefits of the Business Combination and that Denali shareholders may not fully realize these benefits to 
 the extent that they expected following the completion of the Business Combination. For additional description of these risks, please see the section titled “Risk Factors.”                                                                             |

| • |     | Macroeconomic Risks. Macroeconomic uncertainty and the effects it could have on the combined 
 company’s financial condition and results of operation.                                      |

| • |     | Closing Conditions. The fact that the completion of the Business Combination is conditioned on the 
 satisfaction of certain closing conditions that are not within Denali’s control.                   |

| • |     | Shareholder Vote. The risk that holders of Denali Ordinary Shares may fail to approve the Condition 
 Precedent Proposals.                                                                                |

| • |     | Redemption Risk. The potential that a significant number of holders of Denali Class A Ordinary                                                                                                         
 Shares elect to redeem their public shares prior to the consummation of the Business Combination pursuant to the Current Denali Charter, which would provide less capital to New Semnur after Closing. |

| • |     | Litigation. The possibility of litigation challenging the Business Combination or that an adverse                 
 judgment granting permanent injunctive relief could indefinitely enjoin consummation of the Business Combination. |

| • |     | Listing Risks. The challenges associated with preparing New Semnur and its subsidiaries for the                            
 applicable disclosure and listing requirements to which New Semnur will be subject as a publicly traded company on Nasdaq. |

| • |     | Fees and Expenses. The fees and expenses associated with completing the Business Combination. |

The Denali Board concluded that the potential benefits that it expected Denali and Denali’s shareholders to receive as a result of the Business Combination outweighed the potentially negative factors and other risks associated with the Business Combination. Accordingly, the Denali Board unanimously determined that the 196

Merger Agreement, the other anc