Company: SMNR
Filing Date: 2025-07-23
Form Type: S-4/A
Source: 0001193125-25-163401
Chunk: 355

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-23
Form: S-4/A
Chunk 355
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ural steroid injection therapies for sciatica (which, if approved, would make SP-102 the first such product to be approved), and as a result Semnur’s management is conservatively projecting market share of 0.6% during the first year of launch with peak market share of 39.2% in the seventh year post launch, decreasing to 29.0% after the expiration of the SP-102 patent in 2036 and gradually declining each year thereafter to 10.4% in 2043. |

| (c) | Semnur’s management estimates that the price per injection will be $400 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 $55.8 million in the first year after the commercial launch of SP-102, and annual sales of approximately $4.9 billion in the fifth year after the commercial launch, which will grow to the peak of approximately $5.9 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 $4.7 billion during the first year after the expiration of the SP-102 patent and continue to decline to approximately $2.1 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 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