Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 703

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 703
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 management. Our responsibility is to express an opinion on the
Company’s financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the
Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to

F-4

perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting but not for the
purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and
performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and
significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

/s/ Marcum

Marcum

We have served as the Company’s auditor from 2022 to 2024.

Costa Mesa, CA

April 1, 2024

F-5

DENALI CAPITAL ACQUISITION CORP. CONSOLIDATED BALANCE SHEETS

|                                                                                                                                                                              |     |   | December 31, 
         2024 |   |     |   | December 31, 
         2023 |   |
|:-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|:----|:--|-------------:|:--|:----|:--|-------------:|:--|
| Assets                                                                                                                                                                       |     |   |              |   |     |   |              |   |
| Cash on hand                                                                                                                                                                 |     | $ |       16,868 |   |     | $ |      204,464 |   |
| Prepaid expenses                                                                                                                                                             |     |   |            — |   |     |   |