Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 139

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 139
---
 to further augment our
finance resources, and we cannot be certain that the measures we have taken, and expect to take, to improve our internal controls will be sufficient to ensure that our internal controls will remain effective and eliminate the possibility that other
material weaknesses or deficiencies may develop or be identified in the future. If we experience future material weaknesses or deficiencies in internal controls and we are unable to correct them in a timely manner, our ability to record, process,
summarize and report financial information accurately and within the time periods specified in the rules and forms of the SEC, will be adversely affected. Any such failure could negatively affect the market price and trading liquidity of the New
Semnur Common Stock, lead to delisting, cause investors to lose confidence in our reported financial information, subject us to civil and criminal investigations and penalties, and generally materially and adversely impact our business and financial
condition.

If we identify future material weaknesses in our internal controls over financial reporting or fail to meet the demands that will be placed
upon us as a public company, including the requirements of the Sarbanes-Oxley Act, we may be unable to accurately report our financial results or report them within the timeframes required by law or stock exchange regulations. Failure to comply with
Section 404 of the Sarbanes-Oxley Act could also potentially subject us to sanctions or investigations by the SEC or other regulatory authorities. If additional material weaknesses exist or are discovered in the future, and we are unable to
remediate any such material weakness, our business, financial condition and results of operations could suffer.

Risks Related to Semnur’s Product Development

We are substantially dependent on the success of our only product candidate, SP-102.If we are unable to complete development of, obtain approval for and commercialize SP-102in a timely manner or at all, our business will be harmed.

Our future success is dependent on our ability to timely advance and complete clinical trials, obtain marketing approval for and successfully commercialize our
product candidate, SP-102. We are not permitted to market or promote SP-102 or any other future product candidate before we receive marketing approval from the FDA and
comparable foreign regulatory authorities, and we may never receive such marketing approvals.

77

The success of SP-102and any future product candidates, if any, will depend on several factors, including the following:

| • |     | the acceptance of individual investigational review boards (“IRBs”) and scientific review committees                                                                         
 at each clinical trial site as