Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 327

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 327
---
     | 8.0x     |     | 15.8x    |
| 09/01/21 |     | Swedish Orphan Biovitrum AB (publ) (OM:SOBI)    |     | Advent International, L.P.; Biovitrum AB (publ) Pte. Ltd.                                            |     |   10,536.8 |     | 6.2x     |     | 16.0x    |     | 24.2x    |
| 08/25/21 |     | Hugel, Inc. (KOSDAQ:A145020)                    |     | IMM Investment, Corp.; GS Holdings Corp. (KOSE:A078930); CBC Group; Mubadala Investment Company PJSC |     |    1,906.7 |     | 8.6x     |     | 21.7x    |     | 24.7x    |
| Average  |     |                                                 |     |                                                                                                      |     |            |     | 2.4x     |     | 14.2x    |     | 46.2x    |
| Median   |     |                                                 |     |                                                                                                      |     |            |     | 1.8x     |     | 13.8x    |     | 18.9x    |
| High     |     |                                                 |     |                                                                                                      |     |            |     | 8.6x     |     | 28.3x    |     | 377.3x   |
| Low      |     |                                                 |     |                                                                                                      |     |            |     | 0.5x     |     | 1.9x     |     | 2.2x     |

Notes:

| (1) | Values in millions of US dollars, except for multiples. |

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

192

Risk Adjusted Net Present Value Analysis The risk adjusted net present value approach is a method for valuing the net present value (“NPV”) of future cash flows of the drug. Using respective forecasts and market assumptions, future cash flows are forecasted for the product and discounted to the present value. CB Capital performed a risk adjusted net present value analysis of the estimated future unlevered free cash flows attributable to Semnur for the fiscal years of 2024 through 2043. CB Capital applied market related