Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 541

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 541
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 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;                                                                    |

| • |     | our ability to maintain existing, and establish new, strategic collaborations, licensing or other arrangements                                                   
 and the financial 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, is adopted by the physician 
 community;                                                                                                |

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

| • |     | the costs of acquiring, licensing or investing in businesses, product candidates 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; |

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| • |     | 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. |

Should the clinical programs of our product candidate not materialize at the anticipated rate contemplated in our business plan, we will need to raise additional capital in order to continue to fund our research and development, including our plans for clinical and preclinical trials and new product development, as well as to fund operations generally. We will seek to raise additional funds through various potential sources, such as equity offerings, debt financings, collaborations, government contracts or other capital sources, including potential collaborations with other companies or other strategic transactions. We cannot be certain that we will be able to secure additional sources of funds to support our operations on acceptable terms, or at all, or, if such funds are available to us, that such additional financing will be sufficient to meet our needs. These conditions,