Company: SMNR
Filing Date: 2025-06-11
Form Type: S-4/A
Source: 0001193125-25-139124
Chunk: 327

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-06-11
Form: S-4/A
Chunk 327
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 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. 184

### 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&P Capital IQ and PitchBook. In analyzing the research reports, CB Capital confirmed that these reports selected large commercial companies as comparable companies and excluded pre-commercial stage companies. Furthermore, CB Capital’s company screen conducted on S&P Capital IQ included requirements for companies with positive market capitalization, enterprise value, revenue, EBITDA, and EBIT. Based on these criteria, pre-commercial companies were excluded from the list of guideline companies because they do not generate revenue, do not report EBITDA and EBIT, and therefore lack information needed for valuation purposes.

CB Capital also adhered to the standard practice of valuation commonly used when issuing fairness opinions. Similar to analysis conducted in other industries, CB Capital included comparable companies, segmented by market capitalization, from mega capitalization, large capitalization, mid capitalization, to small capitalization segments. CB Capital used a mix of companies in each of the mega, large, mid, and small cap segments in the universe of its guideline companies, including two mega cap companies, three large cap companies, four mid cap companies, and two small cap companies, and their equity values are as shown in the table below. When selecting companies in each of these segments, CB Capital believed that Semnur’s key competitors included both small and established commercial entities in the Biotechnology and Pharmaceuticals industries. In selecting the comparable companies, CB Capital chose to include a mix of companies within the S&P Capital IQ Biotechnology and Pharmaceuticals industry classifications. The mix of companies includes direct competitors that would compete against SP