Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 6

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 6
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 See “Unaudited Pro Forma Condensed Combined Financial Information.” For additional information regarding the Scilex Dividend, see the section titled
“Questions and Answers About the Business Combination and the Meeting — What is the impact of Scilex’s previously announced dividend of its ownership interest in Semnur on Denali’s shareholders?”

iii

The following summarizes the pro forma share ownership and percentage of voting power of New Semnur Common Stock and New Semnur Series A Preferred Stock immediately following the Business Combination, under the following redemption scenarios: no additional redemptions, 25% redemptions, 50% redemptions, 75% redemptions, and maximum redemptions. For a more detailed description of such redemption scenarios, see “ Proposal 1 — The Business Combination Proposal — Total Shares of Common Stock and Preferred Stock Outstanding Upon Consummation of the Business Combination.”

|                                                |     | No Redemption 
 Scenario      |             |     |        |       |   |     | 25% Redemption 
 Scenario       |             |     |        |       |   |     | 50% Redemption 
 Scenario       |             |     |        |       |   |     | 75% Redemption 
 Scenario       |             |     |        |       |   |     | 100% Redemption 
 Scenario        |             |     |        |       |   |
|                                                |     | Shares        |             |     | % of   
 Voting 
 Power  |       |   |     | Shares         |             |     | % of   
 Voting 
 Power  |       |   |     | Shares         |             |     | % of   
 Voting 
 Power  |       |   |     | Shares         |             |     | % of   
 Voting 
 Power  |       |   |     | Shares          |             |     | % of   
 Voting 
 Power  |       |   |
| Denali public shareholders                     |     |               |      43,739 |     |        |  0.02 | % |     |                |      32,804 |     |        |  0.01 | % |     |                |      21,869 |     |        |  0.01 | % |     |                |      10,934 |     |        |  0.00 | % |     |                 |           — |     |        |     — |   |
| Denali Initial Shareholders                    |