Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 345

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 345
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 following its commercial launch. This pricing is based on an analysis conducted by Syneos Health, which took into account market conditions in
2021. In the best case projection, the price of SP-102 is estimated to be $500 per injection in the first year after its commercial launch. This pricing is informed by Semnur’s research assessment of
current market utilization data, alongside Syneos Health’s analysis from 2021. Semnur’s management believes that charging $500 per injection is reasonable given the updated market conditions and inflationary factors.

The projected market share is slightly lower in the best case projection than it is in the base case projection because Semnur’s management expects that
some patients may not purchase SP-102 because of the increase in price per injection as described above.

Important Information About the Financial Projections

The Semnur Management Projections are included in this proxy statement/prospectus solely to provide Denali’s shareholders access to information made
available in connection with the Denali Board’s consideration of the Business Combination. The Semnur Management Projections should not be viewed as public guidance and they are neither fact nor a guarantee of actual future performance. You
are cautioned to consider that the Semnur Management Projections may be materially different than actual results when relying on such projections in making a decision regarding the Business Combination, particularly because the Semnur Management
Projections span a 19 to 20-year time period which creates a significant risk that such projections will not be achieved and the Semnur Management Projections assume that
SP-102 receives regulatory approval and there is significant risk that SP-102 may not receive such approval or, if approved, will not gain market acceptance.
Furthermore, the Semnur Management Projections do not take into account any circumstances or events occurring after the date on which the Semnur Management Projections were prepared, or commissioned, by Semnur. You are cautioned that the
expectations of high and sustained future growth may, given the underlying assumptions as to future events which are subject to change, be unrealistic and may have resulted in inflated valuation conclusions.

Semnur does not, as a matter of general practice, publicly disclose long-term forecasts or internal projections of its
future performance, revenue, financial condition, or other results. The Semnur Management Projections were not prepared with a view toward complying with the guidelines established by the SEC or the American Institute of Certified Public Accountants
with respect to prospective financial information. The Semnur Management