Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 373

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 373
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 may be exclusive as to territory, field of use, product, and/or indication, in all cases outside of the United States; |

| • |     | pay, declare or promise to pay any dividends or other distributions with respect to its capital stock, share 
 capital or other equity interests;                                                                           |

| • |     | other than with respect to the Outstanding Indebtedness (as such indebtedness may be adjusted pursuant to the                                                                                                           
 terms of the Debt Exchange Agreement), obtain or incur any indebtedness in excess of $15,000,000 in the aggregate, including in respect of intercompany loans, advances or other debt or funding from Scilex to Semnur; |

| • |     | merge or consolidate with any other entity or acquire any corporation, partnership, association or other business 
 entity or organization or division thereof;                                                                       |

| • |     | make any change in its accounting principles other than in accordance with the applicable accounting policies or                        
 methods or write down the value of any inventory or assets other than in the ordinary course of business consistent with past practice; |

| • |     | extend any loans other than travel or other expense advances to employees in the ordinary course of business or 
 with the principal amount not exceeding $20,000;                                                                |

222

| • |     | issue, redeem or repurchase any capital stock or shares, membership interests or other securities, or issue any                                      
 securities exchangeable for or convertible into any share or any shares of its capital stock, other than as required by the Debt Exchange Agreement; |

| • |     | make or change any material tax election or change any annual tax accounting periods; or |

| • |     | undertake any legally binding obligation to do any of the foregoing actions. |

Conduct of Business by Denali During the Interim Period, Denali has also agreed not to, and to cause Merger Sub not to, except as otherwise contemplated by the Merger Agreement (including in connection with the Domestication) or the ancillary agreements entered into in connection with the Business Combination, as consented to by Semnur in writing (which consent will not be unreasonably conditioned, withheld, delayed or denied) or as required by applicable law:

| • |     | except in connection with any Extension Amendment (as defined in the Merger Agreement), amend, modify or 
 supplement its organizational documents;                                                                 |

| • |     | pay, declare or promise to pay any dividends or other distributions with respect to its capital stock,