Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 342

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 342
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 year thereafter to 11.6% in 2043.                                                                                                                                                                                       |

| (c) | Semnur’s management estimates that the price per injection will be $500 the first year after the                                                                                                                                                        
 commercial launch, with an inflation adjustment of 3% per year thereafter. Based on the above projected price per unit, market share and market growth rate information, Semnur projected annual sales of approximately $66.9 million in the first year 
 after the commercial launch of SP-102, and annual sales of approximately $5.9 billion in the fifth year after the commercial launch, which will grow to the peak of approximately $7.1 billion in 2036 and                                              
 will begin to decline gradually after the expiration of the SP-102 patent. Semnur’s management anticipates revenues will drop to approximately $5.6 billion during the first year after the expiration of the SP-102 patent and continue to decline     
 to approximately $2.6 billion in 2039, after which the revenues will remain relatively flat.                                                                                                                                                            |

| (2) | Cost of sales projections are based on Semnur management’s expected negotiated contract prices with                                                                                                     
 Genzyme under a supply agreement that Semnur is currently discussing with Sanofi, an affiliate of Genzyme, pursuant to which Genzyme would provide Semnur with its clinical and commercial supply needs |

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| for sodium hyaluronate, one of the excipients for SP-102. In addition, cost of sales projections also considered the negotiated contracted prices of                      
 commercial production of SP-102, if approved, by Lifecore under the Lifecore Master Services Agreement. Lifecore is the single-source manufacturer of SP-102. Taking into 
 account the historical cost of supply by Genzyme and cost of manufacturing by Lifecore, cost of sales is estimated to be 10% of gross sales.                              |

| (3) | Gross profit projections are based on the projected net sales, with costs of sales, royalty payments and                                                                                                                                               
 milestone payments deducted. Net sales are estimated to be approximately 35% of gross sales, and are determined by subtracting various fees and expenses from gross sales. These deductions include government and commercial rebates, return reserve, 
 chargebacks and service fees. Cost of sales is estimated to be 10% of gross sales, as indicated in footnote (2) above.                                                                                                                                 |

Gross profit projections assume royalty and milestone payments commence concurrently with the launch of SP