Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 132

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 132
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-licensing opportunities; |

| • |     | successfully identify new product candidates and advance those product candidates into pre-clinical studies and clinical trials; |

| • |     | raise additional funds when needed and on terms acceptable to us; |

| • |     | attract and retain experienced management and advisory teams; |

| • |     | add operational, financial and management information systems and personnel, including personnel to support 
 clinical, pre-clinical manufacturing and planned future commercialization efforts and operations;           |

| • |     | launch commercial sales of our current and future product candidates, whether alone or in collaboration with 
 others;                                                                                                      |

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| • |     | initiate and continue relationships with third-party suppliers and manufacturers; |

| • |     | set acceptable prices for current and future product candidates and obtain coverage and adequate reimbursement 
 from third-party payors;                                                                                       |

| • |     | achieve market acceptance of current and future product candidates in the medical community and with third-party 
 payors and consumers; and                                                                                        |

| • |     | maintain, expand and protect our intellectual property portfolio. |

If we cannot successfully execute any one of the foregoing, our business may not succeed or become profitable. Since our inception, we have incurred significant net losses, with net losses of $4.7 million and $3.3 million for the years ended December 31, 2024 and 2023, respectively. For the three months ended March 31, 2025 and 2024, we had net losses of $0.7 million and $1.5 million, respectively. As of March 31, 2025, we had an accumulated deficit of approximately $116.4 million. For the foreseeable future, we expect to continue to incur significant expenses related to the research and development of our product candidate, SP-102.We expect to incur substantial losses for the foreseeable future and may never become profitable. We are subject to risks incidental to the development of new biopharmaceutical products, and we may encounter unforeseen expenses, difficulties, complications, delays and other unknown factors that may adversely affect our business. If we do achieve profitability, we may not be able to sustain or increase profitability on a quarterly or annual basis. Our failure to become and remain profitable could impair our ability to raise capital, maintain our research and development efforts, expand our business or continue our operations. We have only one product candidate, SP-102,no products approved for commercial sale, have never generated any revenue from product