Company: SMNR
Filing Date: 2025-06-11
Form Type: S-4/A
Source: 0001193125-25-139124
Chunk: 324

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-06-11
Form: S-4/A
Chunk 324
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, market, and other conditions, and the information made available to it, as of the date thereof. It should be understood that, although subsequent developments may affect CB Capital’s opinion, CB Capital does not intend to update or revise its opinion based on circumstances or events occurring after the date of its opinion letter.

CB Capital’s opinion was only one of many factors considered by the Denali Board in evaluating the proposed Business Combination. Neither CB Capital’s opinion nor its analyses were determinative of the transaction consideration or the views of the Denali Board, or Denali’s management with respect to any determinations made regarding the Transaction or the transaction consideration.

The following represents a brief summary of the material financial analyses reviewed by the Denali Board and performed by CB Capital in connection with its opinion. The financial analyses summarized below include information presented in tabular format. In order to fully understand the financial analyses performed by CB Capital, the tables must be read together with the text of each summary. The tables alone do not constitute a complete description of the financial analyses performed by CB Capital. Considering the data set forth in the tables below without considering the full narrative description of the financial analyses, including the methodologies and assumptions underlying the analyses, could create a misleading or incomplete view of the financial analyses performed by CB Capital.

### Financial Analyses
CB Capital employed various methods to analyze the range of values of Semnur. The discussion set forth below is a summary of the material financial analyses presented by CB Capital to the Denali Board in connection with its opinion and is not a comprehensive description of all analyses undertaken by CB Capital in connection with its opinion. The preparation of a financial opinion is a complex analytical process involving various determinations as to the most appropriate and relevant methods of financial analysis and the application of those methods to the particular circumstances and, therefore, a financial opinion is not readily susceptible to partial analysis or summary description. CB Capital believes that its analyses summarized below must be considered as a whole. CB Capital further believes that selecting portions of its analyses and the factors considered, or focusing on information presented in tabular format, without considering all analyses and factors or the narrative description of the analyses, could create a misleading or incomplete view of the processes underlying CB

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Capital’s analyses and opinion. The fact that any specific analysis has been referred to in the summary above is not meant to indicate that such analysis was given greater weight than any other analysis referred to in the summary. In performing its analyses, CB Capital considered industry performance, general business and