Company: SMNR
Filing Date: 2025-07-23
Form Type: S-4/A
Source: 0001193125-25-163401
Chunk: 330

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-23
Form: S-4/A
Chunk 330
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 0.0 |     |    |     0.91 |   |     |    |     0.77 |   |     |                   |     0.64 |   |     |   |      0.54 |     |   |      0.45 |
| Present Value of Free Cash Flow(1) |      |                       |    — |     | ($ | 19,162.9 | ) |     | ($ | 17,333.9 | ) |     | ($                | 35,065.7 | ) |     | $ | 100,963.8 |     | $ | 226,327.6 |

| (1) | Values in thousands of US Dollars. |

| Enterprise Value                |     |   |           |
|:--------------------------------|:----|:--|----------:|
| 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. 185

### 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