Company: SMNR
Filing Date: 2025-07-02
Form Type: S-4/A
Source: 0001193125-25-154936
Chunk: 337

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-02
Form: S-4/A
Chunk 337
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                                            |     |   10,536.8 |     | 6.2x     |     | 16.0x    |     | 24.2x    |
| 08/25/21 |     | Hugel, Inc. (KOSDAQ:A145020)                    |     | IMM Investment, Corp.; GS Holdings Corp. (KOSE:A078930); CBC Group; Mubadala Investment Company PJSC |     |    1,906.7 |     | 8.6x     |     | 21.7x    |     | 24.7x    |
| Average  |     |                                                 |     |                                                                                                      |     |            |     | 2.4x     |     | 14.2x    |     | 46.2x    |
| Median   |     |                                                 |     |                                                                                                      |     |            |     | 1.8x     |     | 13.8x    |     | 18.9x    |
| High     |     |                                                 |     |                                                                                                      |     |            |     | 8.6x     |     | 28.3x    |     | 377.3x   |
| Low      |     |                                                 |     |                                                                                                      |     |            |     | 0.5x     |     | 1.9x     |     | 2.2x     |

Notes:

| (1) | Values in millions of US dollars, except for multiples. |

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

192

Risk Adjusted Net Present Value Analysis The risk adjusted net present value approach is a method for valuing the net present value (“NPV”) of future cash flows of the drug. Using respective forecasts and market assumptions, future cash flows are forecasted for the product and discounted to the present value. CB Capital performed a risk adjusted net present value analysis of the estimated future unlevered free cash flows attributable to Semnur for the fiscal years of 2024 through 2043. CB Capital applied market related assumptions to Semnur’s assets to determine future revenue generating potential of Semnur’s drug indication. CB Capital determined that the middle of the base case scenario range of the risk adjusted NPV values was $2,382 million. The ranges for (a) the base case scenario, (b) the worst case scenario, and (