Company: SMNR
Filing Date: 2025-08-12
Form Type: S-4/A
Source: 0001193125-25-178821
Chunk: 338

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-12
Form: S-4/A
Chunk 338
---
 15.8x    |
| 09/01/21 |     | Swedish Orphan Biovitrum AB (publ) (OM:SOBI)    |     | Advent International, L.P.; Biovitrum AB (publ) Pte. Ltd.                                            |     |   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