Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 50

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 50
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 net tangible book value 
 per share, as adjusted                                                                           |     | $             | 10.29 |   |     | $          | 10.29 |   |     | $          | 10.29 |   |     | $          | 10.30 |   |     | $          | 10.30 |   |

| (1) | Set forth below is the calculation of pro forma net tangible book value per share as of March 31, 2025, as 
 adjusted:                                                                                                  |

16

|                                                                                |     | Assuming      
 No Redemption 
 Scenario      |             |   |     | Assuming   
 25%        
 Redemption 
 Scenario   |             |   |     | Assuming   
 50%        
 Redemption 
 Scenario   |             |   |     | Assuming   
 75%        
 Redemption 
 Scenario   |             |   |     | Assuming   
 Maximum    
 Additional 
 Redemption 
 Scenario   |             |   |
|:-------------------------------------------------------------------------------|:----|:--------------|------------:|:--|:----|:-----------|------------:|:--|:----|:-----------|------------:|:--|:----|:-----------|------------:|:--|:----|:-----------|------------:|:--|
| Denali’s net tangible book value as of March 31, 2025                          |     | $             | (10,736,481 | ) |     | $          | (10,736,481 | ) |     | $          | (10,736,481 | ) |     | $          | (10,736,481 | ) |     | $          | (10,736,481 | ) |
| Transaction adjustments:                                                       |     |               |             |   |     |            |             |   |     |            |             |   |     |            |             |   |     |            |             |   |
| Funds from trust account, net of April 2025 Redemptions                        |     |               |     527,614 |   |     |            |     395,711 |   |     |            |     263,807 |   |     |            |     131,904 |   |     |            |           — |   |
| Impact of remaining transaction costs                                          |     |               |  (3,344,129 | ) |     |            |  (3,344,129 | ) |     |            |  (