Company: SMNR
Filing Date: 2025-06-11
Form Type: S-4/A
Source: 0001193125-25-139124
Chunk: 335

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-06-11
Form: S-4/A
Chunk 335
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 |                                                                                                      |     |            |     | 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. |

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 assumptions to Semnur’s assets to determine future revenue generating potential of Semnur’s drug indication. CB Capital determined that the middle of the base case scenario range of the risk adjusted NPV values was $2,382 million. The ranges for (a) the base case scenario, (b) the worst case scenario, and (c) best case scenario are as follows:

| (i) | The base case scenario range using this analysis was $2,182 million – $2,609 million. |

| (ii) | The worst case scenario range using this analysis was $1,934 million – $2,314 million. |

| (iii) | The best case scenario range using this analysis was $2,620 million – $3,132 million. |

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

| • |     | Discount Rate: CB Capital conducted a broad literature review and analysis of the appropriate discount rate for the cash flows given the inherent risk in developing and commercial