Company: SMNR
Filing Date: 2025-04-21
Form Type: S-4/A
Source: 0001193125-25-087342
Chunk: 321

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-21
Form: S-4/A
Chunk 321
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, a component used in deriving the WACC. Pre-commercial companies do not generate revenue, and it is not possible to review all of the foregoing metrics to evaluate operating financial performance. Because the analysis of operating 181

financial performance and the calculation of beta requires a review of all of the foregoing metrics rather than selecting a few that is available, pre-commercial companies were excluded. Financial performance metrics typically utilized in the calculation of the beta component applied to the WACC were reviewed, and CB Capital excluded companies, such as pre-commercial companies, that did not have available data. Lastly, market leaders were analyzed when comparing drug indication pipelines, as these companies report forward looking metrics, setting the stage for how companies pending FDA approval will likely perform following FDA approval. Pre-commercial companies that do not report such forward looking metrics were removed. CB Capital answered various questions from the Denali Board with respect to the methodologies concerning the composition of the comparable companies, to which the Denali Board gave their approval. In addition, CB Capital presented the final report to the Denali Board to which CB Capital outlined the various components of the valuation.

| Company Name                                       |     | Share       
 Price ($)   
 08-14-24(3) |        |     | Share     
 Price ($) 
 52-Week   
 Low(3)    |        |     | Share     
 Price ($) 
 52-Week   
 High(3)   |        |     | Equity         
 Value($)(1)(2) |           |     | Enterprise     
 Value($)(1)(2) |           |
| Amgen Inc. (NasdaqGS:AMGN)                         |     |             | 323.45 |     |           | 248.38 |     |           | 346.85 |     |                | 173,799.1 |     |                | 277,143.1 |
| Pacira BioSciences, Inc. (NasdaqGS:PCRX)           |     |             |   12.4 |     |           |  11.16 |     |           |  38.23 |     |                |     572.0 |     |                |     816.3 |
| CVS Health Corporation (NYSE:CVS)                  |     |             |  55.82 |     |           |  52.77 |     |           |  83.25 |     |                |  70,220.4 |     |                | 137,961