Company: SMNR
Filing Date: 2025-08-12
Form Type: S-4/A
Source: 0001193125-25-178821
Chunk: 348

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-12
Form: S-4/A
Chunk 348
---
  |     | $      | 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 in 2021 (the “Research Report”) with respect to the SP-102 market). |

| (a) | The applicable assumed market for SP-102 is the U.S. ESI Market, covering both Lumbar Radiculopathy (“LR”) and Non-Lumbar Radiculopathy (“Non-LR”). Based on Semnur management’s internal analysis of the results of the Research Report (with respect to the SP-102 market), the U.S. ESI Market for SP-102 is expected to have an average annual market growth rate of 3.6% between 2023 and 2027. In the first year after the commercial launch of SP-102, Semnur estimates the number of ESI administered LR injections to be approximately 12.7 million. Semnur’s management estimates 0.9% growth in ESI administered LR injections in 2028 and 0.5% thereafter, with the estimate in 2028 being higher due to the initial significant promotional efforts for the launch of SP-102 in 2027 and 2028. Such estimate is based on the growth of the U.S. population which typically ranges from 0.5% to 1.0% annually. As corticosteroid injections are commonly used off-label for the management of various types of pain, especially those related to inflammation, Semnur anticipates the off-label use of SP-102 for non-LR indications due to the benefit of extended local effect