Company: SMNR
Filing Date: 2025-06-11
Form Type: S-4/A
Source: 0001193125-25-139124
Chunk: 331

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-06-11
Form: S-4/A
Chunk 331
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           |     |                |          |   |     |                |          |   |     |       | 0.4x  |     |        | 4.2x  |     |      | 7.2x  |

Notes:

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

| (2) | Source: S&P Capital IQ. |

187

To determine a reasonable valuation for the drug indication, CB Capital had to craft two additional assumptions:

WACC Analysis:

| Cost of Capital Assumptions |     |       |   |     |                                                                                               |
| Risk-free rate              |     |  3.85 | % |     | Source: 10-Year Treasury Rate as of 08-14-24.                                                 |
| Equity risk premium (ERP)   |     |  5.00 | % |     | Source: Kroll Recommended US Equity Risk Premium Effective 06-05-24.                          |
| Small company risk premium  |     |  3.00 | % |     | Source: Ibbotsons Small Cap Premium, Using DECA market cap as of 08-14-24 of 81.4 MM (CapIQ). |
| Unsystematic risk factor    |     | 13.04 | % |     | Source: Journal of Risk and Financial Management.                                             |
| Cost of debt                |     | 13.60 | % |     | Source: US CCC rated corporate bonds effective yield as of 08-14-24.                          |

Comparable Company Information

| Comparable Company Names                           |     | Common        
 Stock Price   
 per Share     
 (08-14-24)($) |        |     | Number of   
 Shares      
 Outstanding |       |     | LTM       
 Preferred 
 Equity($) |   |     | Market Value 
 of Equity($) |         |
| Amgen Inc. (NasdaqGS:AMGN)                         |     |               | 323.45 |     |             |   537 |     |           | — |     |              | 173,799 |
| Pacira BioSciences, Inc. (NasdaqGS:PCRX)           |     |               |  12.40 |     |             |    46 |     |           | — |     |              |     572 |
| CVS Health Corporation (NYSE:CVS)                  |     |               |  55.82 |     |             | 1