Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 136

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 136
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 terms of any such agreements, including the timing and amount of any future milestone, royalty or other payments due under any such agreement; |

| • |     | the extent to which our product candidate, if approved for commercialization, are adopted by the physician 
 community;                                                                                                 |

| • |     | our need to expand our research and development activities; |

| • |     | the costs of acquiring, licensing or investing in businesses, product candidate and technologies; |

| • |     | the effect of competing products and product candidates and other market developments; |

| • |     | the number and types of future products or product candidates we develop and commercialize; |

| • |     | any product liability or other lawsuits related to our current or future product candidates; |

| • |     | the expenses needed to attract, hire and retain skilled personnel; |

| • |     | the costs associated with being a public company after the closing of the Business Combination; |

| • |     | our need to implement additional internal systems and infrastructure, including financial and reporting systems; |

| • |     | the number of public shares that are redeemed by Denali’s public shareholders; |

| • |     | the costs of preparing, filing and prosecuting patent applications and maintaining, enforcing and defending 
 intellectual property-related claims; and                                                                   |

| • |     | the extent and scope of our general and administrative expenses. |

Until we are able to generate revenue, if ever, we expect to finance our operations through a combination of equity offerings, debt financings, collaborations, government contracts or other strategic transactions. We cannot be sure that any additional funding, if needed, will be available on terms favorable to us, or at all. Any additional 75

fundraising efforts may divert our management from their day-to-day activities, which may adversely affect our
ability to develop and commercialize our current and future product candidates. Furthermore, any additional equity or equity-related financing may be dilutive to our stockholders, and debt or equity financing, if available, may subject us to
restrictive covenants and significant interest costs. If we raise additional funds through collaborations or strategic alliances with third parties, we may have to relinquish valuable rights to our current or future product candidates, future
revenue streams, research programs or technologies, or grant licenses on terms that may not be favorable to us. If we are unsuccessful in our efforts to raise additional financing on acceptable terms, we may be required to significantly reduce or
cease our operations.