Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 584

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 584
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             | — |     |               |  17,500,00 |     |           | 1.58 |     |            | 8/30/2034 |
| Stephen Ma      |     |                     | 8/30/2024 |     |              | 8/30/2024 |     |             | — |     |               |  2,000,000 |     |           | 1.58 |     |            | 8/30/2034 |

| (1) | Each option was granted under the 2024 Stock Option Plan. |

| (2) | 1/48th of the total amount of the shares vested and shall vest each month after the Option Grant Date, subject                           
 to the executive officer’s providing continuous service (as defined in the 2024 Stock Option Plan) on each such vesting date, inclusive. |

369

Equity-BasedIncentive Plan

Semnur Pharmaceuticals, Inc. 2024 Stock Option Plan

The Semnur Board adopted the 2024 Stock Option Plan on August 30, 2024. The 2024 Stock Option Plan was approved by Semnur’s then sole stockholder on
August 30, 2024. Upon adoption, 40,000,000 shares of Semnur Common Stock were authorized for issuance under the 2024 Stock Option Plan. As of the date of this proxy statement/prospectus, options to purchase 40,000,000 shares of Semnur Common
Stock were outstanding under the 2024 Stock Option Plan and no shares were reserved for future issuance under the 2024 Stock Option Plan. Such outstanding options to purchase 40,000,000 shares of Semnur Common Stock are the subject of
“Proposal 8 — The Option Exchange Proposal” and will be forfeited by the holders thereof if such proposal is not approved by Denali’s shareholders at the Meeting.

The 2024 Stock Option Plan will terminate at or prior to and contingent upon the consummation of the Business Combination, and no further awards will be
granted under the 2024 Stock Option Plan thereafter. However, if the Option Exchange Proposal is approved by Denali’s shareholders at the Meeting, the 2024 Stock Option Plan will continue to govern outstanding awards granted thereunder.

The following is only a summary of the material terms of the 2024 Stock Option Plan, is not a complete description of all provisions of the 2024