Company: SMNR
Filing Date: 2025-07-23
Form Type: S-4/A
Source: 0001193125-25-163401
Chunk: 335

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-23
Form: S-4/A
Chunk 335
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121.0 |   |     |                | 17,605.0 |   |     |       | 7.2x  |     |        | 15.1x |     |      | 22.5x |
| Axsome Therapeutics, Inc. (NasdaqGM:AXSM)          |     |                |     291.5 |     |                |   (261.4 | ) |     |                |   (261.9 | ) |     |       | 13.5x |     |        | NM    |     |      | NM    |
| Average                                            |     |                |           |     |                |          |   |     |                |          |   |     |       | 6.0x  |     |        | 15.7x |     |      | 25.7x |
| Median                                             |     |                |           |     |                |          |   |     |                |          |   |     |       | 3.7x  |     |        | 11.0x |     |      | 16.1x |
| High                                               |     |                |           |     |                |          |   |     |                |          |   |     |       | 21.7x |     |        | 54.4x |     |      | 69.3x |
| Low                                                |     |                |           |     |                |          |   |     |                |          |   |     |       | 0.4x  |     |        | 4.2x  |     |      | 7.2x  |

Notes:

| (1) | Values in millions of US Dollars. |

| (2) | Source: S&P Capital IQ. |

To determine a reasonable valuation for the drug indication, CB Capital had to craft two additional assumptions:

WACC Analysis:

| Cost of Capital Assumptions |     |       |   |     |                                                                                               |
| Risk-free rate              |     |  3.85 | % |     | Source: 10-Year Treasury Rate as of 08-14-24.                                                 |
| Equity risk premium (ERP)   |     |  5.00 | % |     | Source: Kroll Recommended US Equity Risk Premium Effective 06-05-24.                          |
| Small company risk premium  |     |