Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 319

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 319
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--|----------:|
| Cumulative Present Value of FCF |     | $ |   255,729 |
| Terminal Value                  |     |   |           |
| Terminal Year EBITDA (2029E)    |     | $ |   484,517 |
| Exit Multiple                   |     |   |     13.8x |
| Terminal Value                  |     | $ | 6,699,089 |
| Discount Factor                 |     |   |      0.41 |
| Present Value of Terminal Value |     | $ | 2,749,009 |
| Enterprise Value                |     | $ | 3,004,738 |

Notes:

| (1) | Discount rate as outlined in this section. |

| (2) | Exit multiple as outlined in this section. |

| (3) | Source: Management Data. |

| (4) | Values in thousands of US Dollars. |

The tables below summarize certain observed historical financial performance and equity values of the selected public companies sourced from S&P Capital IQ data as of August 14, 2024, as well as qualitative research performed by CB Capital on the company’s business models and lead products. 184

Comparable Company Analysis

CB Capital’s Comparable Company Analysis is utilized in the construction of the Weighted Average Cost of Capital (“WACC”), which is used in
the Discounted Cash Flow Analysis and Risk Adjusted Net Present Value Analysis. The universe of guideline companies is derived from a compilation of research reports from H.C. Wainwright & Co. and Rodman & Renshaw, and company screens on
financial research database platforms such as S&P Capital IQ and PitchBook. In analyzing the research reports, CB Capital confirmed that these reports selected large commercial companies as comparable companies and excluded pre-commercial stage
companies. Furthermore, CB Capital’s company screen conducted on S&P Capital IQ included requirements for companies with positive market capitalization, enterprise value, revenue, EBITDA, and EBIT. Based on these criteria, pre-commercial
companies were excluded from the list of guideline companies because they do not generate revenue, do not report EBITDA and EBIT, and therefore lack information needed for valuation purposes.

CB Capital also adhered to the standard practice of valuation commonly used when issuing fairness opinions. Similar to analysis conducted in other industries,
CB Capital included comparable companies, segmented by market capitalization, from mega capitalization, large capitalization, mid capitalization, to small capitalization segments. CB Capital