Company: SMNR
Filing Date: 2025-07-02
Form Type: S-4/A
Source: 0001193125-25-154936
Chunk: 334

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-02
Form: S-4/A
Chunk 334
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 12.1 | % |
| Axsome Therapeutics, Inc. (NasdaqGM:AXSM)          |     |           |  0.4 | % |     |               | 21.0 | % |     |              | 13.6 | % |     |                   | 13.5 | % |

Notes:

| (1) | “NM” = Not Meaningful. |

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

| • |     | The exit multiple applied to the terminal year EBITDA: The exit multiple is derived from an analysis of comparable precedent mergers and acquisitions transactions. CB Capital conducted research and analysis using S&P Capital IQ and Pitchbook to screen for comparable transactions in the last three years in pharmaceutical products industry. Based on these precedent transactions and CB Capital’s research, an appropriate exit multiple applied to the terminal year EBITDA was approximately 13.8x. |

189

Comparable M&A Transactions Analysis:

| Date     |     | Target                                                             |     | Buyer / Investor                           |     | Enterprise 
   Value($) |     |    Sales 
 (TTM)($) |     |   EBITDA 
 (TTM)($) |     |     EBIT 
 (TTM)($) |
| 07/23/24 |     | Aprogen Biologics Inc. (KOSE:A003060)                              |     | —                                          |     |      228.6 |     |     63.6 |     |     27.6 |     |     12.4 |
| 07/08/24 |     | Grifols, S.A. (BME:GRF)                                            |     | Brookfield Capital Partners (Uk) Limited   |     |   18,663.8 |     |  7,297.4 |     |  1,368.3 |     |  1,018.6 |
| 06/20/24 |     | Range Impact, Inc. (OCTCPK:RNGE)                                   |     | Continental Heritage Holding Company LLC   |     |       41.6 |     |     20.2 |     |      3.4 |     |      1.3 |
| 06/14/24 |     | Fancl Corporation (TSE:4921)                                       |     | Kirin Holdings Company, Limited (TSE:2503) |