Company: SMNR
Filing Date: 2025-04-21
Form Type: S-4/A
Source: 0001193125-25-087342
Chunk: 338

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-21
Form: S-4/A
Chunk 338
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,125 |     | $      |    75,703,289 |     | $      |    77,924,180 |     | $      |    80,291,476 |
| Operating Income (loss)(5)  |     | $      | 2,885,033,136 |     | $      | 2,985,245,333 |     | $      | 3,088,897,003 |     | $      | 2,423,508,358 |     | $      | 1,751,306,221 |     | $      | 1,072,231,845 |     | $      | 1,075,989,166 |     | $      | 1,079,651,034 |     | $      | 1,083,206,914 |     | $      | 1,086,645,274 |

| (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 a study commissioned by Semnur with Syneos Health (the “Research Report”) with respect to the SP-102 market). |

| (b) | In addition to Semnur management’s internal analysis of the results of the Research Report, Semnur’s management also considered primary market research with healthcare professional specialists as well as Semnur’s assessment of the competitive landscape and that there are currently no FDA-approved epidural steroid injection therapies for sciatica (which, if approved, would make SP-102 the first such product to be approved), and as a result Semnur’s management is conservatively projecting market share of 0.6% during the first year of launch with peak market share of 39.2% in the seventh year post launch, decreasing to 29.0% after the expiration of the SP-102 patent in 2036 and gradually declining each year thereafter to 10.4% in 2043. |

| (c) | Semnur’s management estimates that the price per injection is $400 the first year after the commercial launch, with an inflation adjustment of 3% per year thereafter. Based on the above projected price per unit, market share and market growth rate information, Semnur projected annual sales of approximately $55.8 million in the first year after the