Company: SMNR
Filing Date: 2025-07-02
Form Type: S-4/A
Source: 0001193125-25-154936
Chunk: 325

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-02
Form: S-4/A
Chunk 325
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 – $1,140 million. |

| (iii) | The best case scenario range using this analysis was $1,909 million – $2,658 million. |

Sources: JAMA Internal Medicine, American Health Association, National Library of Medicine Discounted Cash Flow Analysis The discounted cash flow analysis (the “DCF Analysis”) approach is a valuation technique that provides an estimation of the value of a business based on the cash flows that a business can be expected to generate. The DCF Analysis begins with an estimation of the annual cash flows the subject business is expected to generate over a five-year projection period. The estimated cash flows for each of the years in the projection period are then converted to their present value equivalents using a rate of return appropriate for the risk of achieving the projected cash flows. The present value of the estimated cash flows is then added to the present value equivalent of the residual/terminal value of the business at the end of the projection period to arrive at an estimate of value. CB Capital performed a DCF Analysis of the estimated future unlevered free cash flows attributable to Semnur for the fiscal years of 2024 through 2029. In applying the DCF Analysis, CB Capital relied on the financial projections prepared by the Semnur management team that took into consideration potential timing of the FDA approval of its key product (SP-102),a commercialization and sales schedule, and a clinical development budget. Semnur’s management believed that commercialization of SP-102would begin in fiscal year 2027. 183

CB Capital determined that the middle of the base case scenario range of the discounted cash flow values was $3,005 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 $2,686 million – $3,335 million. |

| (ii) | The worst case scenario range using this analysis was $2,046 million – $2,537 million. |

| (iii) | The best case scenario range using this analysis was $3,244 million – $4,030 million. |

The tables below summarize the discounted cash flow analysis for the base case scenario and associated assumptions and inputs follow below.

| Key Assumptions  |     |       |
| Discount Rate(1) |     | 19.5% |
| Exit Multiple(2) |     | 13.8x |