Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 439

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 439
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449 | ) |
| Accumulated deficit         |     |                    | (115,384 | ) |     |      | (110,694 | ) |     |                 | (116,049 | ) |
| Net working capital(1)      |     | $                  |    5,960 |   |     | $    |     (882 | ) |     | $               |    6,617 |   |

| (1) | Net working capital is equal to the difference between Semnur’s current assets and current liabilities. |

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SUMMARY UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION The following summary unaudited pro forma condensed combined financial information (the “Summary Pro Forma Information”) presents the combination of the financial information of Denali and Semnur after giving effect to the transactions contemplated by the Merger Agreement, including the Business Combination, and related adjustments further described in the section titled “ Unaudited Pro Forma Condensed Combined Financial Information.” The summary unaudited pro forma condensed combined balance sheet data as of March 31, 2025 gives effect to the Business Combination as if it had occurred on March 31, 2025. The summary unaudited pro forma condensed combined statements of operations data for the three months ended March 31, 2025 and the year ended December 31, 2024 give effect to the Business Combination as if it had occurred on January 1, 2024. The unaudited pro forma condensed combined financial information is based on, and should be read in conjunction with:

| • |     | the accompanying notes to the unaudited pro forma condensed combined financial information; |

| • |     | other information related to Denali and Semnur contained in this proxy statement/prospectus, including the                                                                                                      
 disclosures contained in the sections titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations of Denali” and “Management’s Discussion and Analysis of Financial Condition 
 and Results of Operations of Semnur.”                                                                                                                                                                           |

The Summary Pro Forma Information has been presented for informational purposes only and is not necessarily indicative of what the post-combination company’s financial position or results of operations actually would have been had the Business Combination been completed as of the dates indicated. In addition, the Summary Pro Forma Information does not purport to project the future financial position or operating results of the post-combinationcompany. The unaudited pro forma condensed combined