Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 315

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 315
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 similar drug development to that of Semnur, reviewed patent summaries of the drug candidates similar to that of Semnur, reviewed pertinent economic and industry information and analyst reports as applied to Semnur, conducted a public company comparable analyses for companies CB Capital determined to be comparable to Semnur that traded on a major stock exchange (which comparables were also selected on the basis of further comparison to Semnur’s drug indication and reflect the opinion of various research analysts covering publicly traded companies in the same therapeutic area), and conducted a cost approach valuation analysis, discounted cash flow valuation analysis, and risk adjusted net present value valuation analysis. In connection with its opinion of value, with Denali’s permission and without any independent verification (a) CB Capital assumed that the documents to be prepared and used to effect the Business Combination would do so on the terms set forth by representations of Denali’s management, and that the financial terms of the Business Combination have been set as described in its opinion, without material modification, and (b) CB Capital relied on the accuracy and completeness of all the financial and other publicly available information reviewed by CB Capital or that was furnished or otherwise communicated to CB Capital by Denali. 181

CB Capital reviewed estimations and projections relating to the markets for Semnur’s asset portfolio
provided to CB Capital by Denali in light of other information available to CB Capital, as well as the discussions CB Capital conducted with Denali’s management, and other industry sources. Independent of the foregoing, CB Capital assumed that
such projections relating to Semnur’s asset portfolio were reasonably prepared based on assumptions reflecting the best currently available estimates and good-faith judgments of Denali’s management as to the most likely future
performance of Semnur’s asset portfolio and that Denali’s management did not have any information or belief that would make any such projections incomplete or misleading. CB Capital’s financial due diligence process included
multiple interviews and meetings with the management teams of both Denali and Semnur, which resulted in the determination of the base case financial projections utilized in the valuation Report. Upon the review of the final opinion, Denali’s
management team determined that Semnur’s base case projections represented the most likely future performance for Semnur. CB Capital did not independently verify the accuracy or completeness of any of the information provided to it or obtained
by it from publicly available sources and does not take any responsibility with respect to any such information. CB Capital did not make an independent valuation or appraisal of the assets in consideration