Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 330

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 330
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, from a financial point of view, of between $2.001 billion and $2.554 billion and from a financial point of view, the Business Combination is a fair one. Under the terms of its engagement letter, Denali has agreed to pay CB Capital a fee of approximately $45,000 for its services. The Denali Board’s Reasons for the Approval of the Business Combination Denali was organized for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. In evaluating the Business Combination, the Denali Board consulted with Denali’s management and financial, legal and other advisors and considered a number of factors. In particular, the Denali Board considered, among other things, the following factors, although not weighted or in any order of significance:

| • |     | Large Addressable Market and Growth Potential. The lower back pain (“LBP”) treatment                                                                                                                                                                                                                   
 market size was valued at $2.46 billion in 2023 and is projected to grow at a compounded annual growth rate of 9.52% to an expected value of $6.12 billion by 2033. North America held the largest revenue share of 48.12% in 2023. Growing                                                            
 prevalence of LBP due to obesity, sedentary lifestyle and psychological distress has driven global market growth of LBP. Semnur, and following the closing of the Business Combination, New Semnur, has the potential to capture the rapidly growing LBP                                               
 market with its lead program SP-102, which, if approved, could be the first non-opioid novel injectable corticosteroid gel formulation for patients with moderate to                                                                                                                                   
 severe lumbosacral radicular pain (also known as sciatica), containing no preservatives, surfactants, solvents, or particulates. If approved by the FDA, SP-102 will be available in a pre-filled syringe formulation and will be administered as an epidural injection for the treatment of sciatica. |

| • |     | Commercial Potential of SP-102. The belief that no viable                                                                                                                                                    
 competitor in the late clinical stage currently exists and therefore SP-102 uptake is not expected to face significant competition in the next five years. Semnur, and following the closing of the Business 
 Combination, New Semnur, intends to capitalize on SP-102’s market position and establish SP-102 as the new standard of care for moderate to severe