Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 135

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 135
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 adequate numbers of effective sales and marketing personnel; |

| • |     | the inability of sales personnel to obtain access to or persuade adequate numbers of physicians to prescribe any 
 of our product candidates, if approved;                                                                          |

| • |     | the lack of complementary products to be offered by sales personnel, which may put us at a competitive 
 disadvantage relative to companies with more extensive product lines; and                              |

| • |     | unforeseen costs and expenses associated with creating an internal sales and marketing organization. |

74

Even after the completion of the Business Combination, we will require substantial additional funding, which may not be available to us on acceptable terms, or at all. Our operations have consumed substantial amounts of cash since inception. We expect to significantly increase our spending to advance development of our current product candidate and launch and commercialize any product candidate for which we receive regulatory approval. Furthermore, following the Business Combination, we expect to incur additional costs associated with operating as a public company. We will also require additional capital to fund our other operating expenses and capital expenditures. As of March 31, 2025, our cash and cash equivalents were approximately $7,000 and we had an accumulated deficit of approximately $116.0 million. The amount and timing of our future funding requirements will depend on many factors, some of which are outside of our control, including but not limited to:

| • |     | the scope, progress, results and costs of conducting studies and clinical trials for our product candidate, SP-102; |

| • |     | the timing of, and the costs involved in, obtaining regulatory approvals for our product candidate; |

| • |     | the costs of manufacturing our product candidate; |

| • |     | the timing and amount of any milestone, royalty or other payments we are required to make pursuant to any current 
 or future collaboration or license agreements;                                                                    |

| • |     | the potential requirement to reimburse Scilex for up to an aggregate of $280 million in respect of milestone                                                                                                            
 payments under the Semnur Merger Agreement through an intercompany arrangement between Scilex and Semnur, which arrangement is not currently in place (see the section titled “Business of Semnur-Material Agreements — 
 Semnur Merger Agreement” for additional information regarding Scilex’s obligations under the Semnur Merger Agreement);                                                                                                  |

| • |     | our ability to maintain existing, and establish new, strategic collaborations, licensing or other arrangements                                                   
 and the financial