Company: SMNR
Filing Date: 2025-06-11
Form Type: S-4/A
Source: 0001193125-25-139124
Chunk: 349

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-06-11
Form: S-4/A
Chunk 349
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    66,419,408 |     | $      |    68,064,707 |     | $      |    69,807,184 |     | $      |    71,655,012 |     | $      |    73,617,125 |     | $      |    75,703,289 |     | $      |    77,924,180 |     | $      |    80,291,476 |
| Operating Income (loss)(5)  |     | $      | 3,474,137,462 |     | $      | 3,594,968,311 |     | $      | 3,719,960,285 |     | $      | 2,921,822,791 |     | $      | 2,115,528,901 |     | $      | 1,301,009,217 |     | $      | 1,305,910,424 |     | $      | 1,310,721,898 |     | $      | 1,315,433,133 |     | $      | 1,320,032,624 |

| (1) | Gross Sales are based on the following assumptions with respect to the applicable market, market share, growth rate and price per unit for SP-102 (each of which are based on Semnur management’s internal analysis of the results of the Research Report with respect to the SP-102 market). |

201

| (a) | The applicable assumed market for SP-102 is the U.S. ESI Market, covering both LR and Non-LR. In the first year after the commercial launch of SP-102, Semnur estimates the number of ESI administered LR injections to be approximately 12.7 million. Based on Semnur management’s internal analysis of the results of the Research Report (with respect to the SP-102 market), the U.S. ESI Market for SP-102 is expected to have an average annual market growth rate of 3.6% between 2023 and 2027. Semnur’s management estimates 0.9% growth in ESI administered LR injections in 2028 and 0.5% thereafter, with the estimate in 2028 being higher due to the initial significant promotional efforts for the launch of SP-102 in 2027 and 2028. Such estimate is based on the growth of the