Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 331

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 331
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 chronic                                                   
 radicular pain/sciatica by educating patients and physicians on the advantages of non-particulate and                                                                                                        |

194

| preservative free steroids. Additionally, if SP-102 receives a separate J code, SP-102 could be reimbursed                                                                                                 
 separately from the cost of procedure and may be included on formulary with favorable access across commercial and CMS payers, which may provide optimal access and may minimize barriers for utilization. |

| • |     | Due Diligence. Denali’s management and external advisors conducted significant due diligence                                                                                                                                                
 investigations of Semnur. This included detailed commercial, financial and tax due diligence reviews including market research and meetings and calls with Semnur’s management regarding Semnur’s business model, operations and forecasts. 
 As part of its evaluation of Semnur, Denali’s Board and management also considered the financial profiles of publicly traded companies in the same and adjacent sectors.                                                                    |

| • |     | Reasonableness of Merger Consideration. Following a review of the financial data provided to Denali,                                                                                                                               
 including the historical financial statements of Semnur and certain unaudited projected financial information discussed in the section titled “Proposal 1 — The Business Combination                                               
 Proposal — Certain Semnur Projected Financial Information” and Denali’s due diligence review and financial and valuation analyses of Semnur, the Denali Board determined the transaction                                           
 consideration was reasonable in light of such data and financial information. The Denali Board applied a discount to (i) the estimated range implied by the risk-adjusted net asset valuation performed by                         
 CB Capital, (ii) the estimated range implied by the cost approach valuation performed by CB Capital and (iii) the estimated range implied by the discounted cash flow valuation performed by CB Capital. For more information, See 
 “Proposal 1 — The Business Combination Proposal — Opinion of CB Capital.”                                                                                                                                                          |

| • |     | Fairness Opinion. The Denali Board considered the opinion delivered by CB Capital to the effect                                                                                                                                                        
 that, as of the date of the opinion, and subject to and based on the assumptions made, procedures followed, matters considered, limitations of review undertaken and qualifications contained in the opinion, the Business Combination was fair from a 
 financial point of view.                                                                                                                                                                                                                               |

| • |     | Other Alternatives. After a review of other business combination opportunities reasonably available                                                                                                                                                 
 to