Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 548

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 548
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 Oversight Board 
 requiring mandatory audit firm rotation;                                                                        |

| • |     | reduced disclosure about our executive compensation arrangements in our periodic reports, proxy statements and 
 registration statements; and                                                                                   |

| • |     | exemptions from the requirements of holding non-binding advisory votes on 
 executive compensation or golden parachute arrangements.                  |

New Semnur will qualify and will remain as an emerging growth company until the earlier of (i) the last day of the fiscal year (a) following the fifth anniversary of the closing of the IPO, (b) in which New Semnur has total annual gross revenue of at least $1.235 billion, or (c) in which New Semnur is deemed to be a large accelerated filer, which means the market value of the common equity of New Semnur that is held by non-affiliatesequals or exceeds $700 million as of the last business day of its most recently completed second fiscal quarter; and (ii) the date on which New Semnur has issued more than $1.00 billion in non-convertibledebt securities during the prior three-year period. References herein to “emerging growth company” have the meaning associated with it in the JOBS Act. Smaller Reporting Company Smaller reporting companies may take advantage of certain reduced disclosure obligations, including, among other things, providing only two years of audited financial statements. Following the Business Combination, we expect that New Semnur will remain a smaller reporting company as defined in Item 10(f)(1) of Regulation S-Kbecause New Semnur will have annual revenues of less than $100 million and is expected to have a public float of less than $700 million. 342

UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION The following unaudited pro forma condensed combined balance sheet as of March 31, 2025 and the unaudited pro forma condensed combined statements of operations for the three months ended March 31, 2025 and the year ended December 31, 2024 present the combined financial information of Denali and Semnur after giving effect to the Business Combination and related adjustments described in the accompanying notes. Denali and Semnur are collectively referred to herein as the “Companies,” and the Companies, subsequent to the Business Combination, are referred to herein as “New Semnur.” The unaudited pro forma condensed combined financial information has been prepared in accordance with Article 11 of Regulation S-X,Pro Forma