Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 564

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 564
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 contributions reflect the estimated additional contributions which Scilex is expected to contribute subsequent to March 31, 2025, which may be funded 
 up to $60,000,000 pursuant to the Debt Exchange Agreement. As a result of these contributions under the Debt Exchange Agreement, Scilex is expected to receive 924,522 shares of New Semnur Series A Preferred Stock and 92,452 shares of New        
 Semnur Common Stock upon Closing. The corresponding impact of the additional contributions is reflected as part of the recapitalization of Semnur.                                                                                                   |

| (2) | In connection with the Third Extension Meeting on April 11, 2025, Denali public shareholders holding                                                                                                                                       
 708,098 Denali Class A Ordinary Shares elected to redeem their Denali Class A Ordinary Shares at a per share redemption price of $12.17. As such, this adjustment reflects the redemption of 708,098 Denali Class A Ordinary Shares out of 
 the Trust Account for approximately $8.6 million as described in (H) below.                                                                                                                                                                |

| (3) | Represents the cash inflow in connection with the issuance and settlement of the convertible promissory notes 
 as described in (E) below.                                                                                    |

| (B) | Reflects the reclassification of $6.8 million of deferred transaction costs to additional paid-in capital. |

| (C) | Reflects the reclassification of Investments Held in the Trust Account, of which $8.6 million is reflected                                                             
 as a decrease in cash and cash equivalents as a result of redemptions by Denali public shareholders in conjunction with the Third Extension Meeting on April 11, 2025. |

| (D) | Reflects the repayment of Denali’s accounts payable and accrued offering costs and expenses and the 
 amount of negative cash reclassified to accounts payable as described in (M) below.                 |

354

| (E) | Reflects the repayment of the convertible promissory notes to Scilex, FutureTech and the Sponsor, and related                                                                                    
 accrued interest (as and if applicable). The adjustment assumes that all of the Denali Promissory Notes will be converted into shares of New Semnur Common Stock under all redemption scenarios. |

| (In thousands)                              |     |   |       |
|:--------------------------------------------|:----|:--|------:|
| Convertible Promissory Note — Related Party |     | $ | 1,523 |