Company: SMNR
Filing Date: 2025-04-21
Form Type: S-4/A
Source: 0001193125-25-087342
Chunk: 316

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-21
Form: S-4/A
Chunk 316
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 employed various methods to analyze the range of values of Semnur. The discussion set forth below is a summary of the material financial analyses presented by CB Capital to the Denali Board in connection with its opinion and is not a comprehensive description of all analyses undertaken by CB Capital in connection with its opinion. The preparation of a financial opinion is a complex analytical process involving various determinations as to the most appropriate and relevant methods of financial analysis and the application of those methods to the particular circumstances and, therefore, a financial opinion is not readily susceptible to partial analysis or summary description. CB Capital believes that its analyses summarized below must be considered as a whole. CB Capital further believes that selecting portions of its analyses and the factors considered, or focusing on information presented in tabular format, without considering all analyses and factors or the narrative description of the analyses, could create a misleading or incomplete view of the processes underlying CB Capital’s analyses and opinion. The fact that any specific analysis has been referred to in the summary above is not meant to indicate that such analysis was given greater weight than any other analysis referred to in the summary. In performing its analyses, CB Capital considered industry performance, general business and economic conditions and other matters, many of which are beyond the control of Denali or Semnur. The estimates of the future performance of New Semnur’s business, following the closing of the Business Combination, in or underlying CB Capital’s analyses are not necessarily indicative of actual values or actual future results, which may be significantly more or less favorable than those estimates or those suggested by CB Capital’s analyses. The analyses do not purport to be appraisals of or to reflect the prices at which a company might actually be sold or the prices at which any securities have traded or may trade at any time in the future. Accordingly, the estimates used in, and the ranges of valuations resulting from, any particular analysis described above are inherently subject to substantial uncertainty and should not be taken to be CB Capital’s view of the actual value of New Semnur Common Stock. Cost Approach Analysis The cost approach analysis is a method for valuing a product through measuring the cost of developing and commercializing the product. Numerous studies of the cost of developing drug technologies by academic and industry researchers have been cited by financial analysts, used as benchmarks for investment bankers and drug companies to determine the feasibility of developing and commercializing certain drug technologies. Based on a comparative analysis of the selected studies and research, appropriate benchmarks are developed and applied to determine appropriate valuation ranges for the development of drug indications within