Company: SMNR
Filing Date: 2025-07-23
Form Type: S-4/A
Source: 0001193125-25-163401
Chunk: 329

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-23
Form: S-4/A
Chunk 329
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 believed that commercialization of SP-102would begin in fiscal year 2027. 184

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 |

|                                    | Year | Pre-Commercialization | 2024 |     |    |     2025 |   |     |    |     2026 |   |     | Commercialization |     2027 |   |     |   |      2028 |     |   |      2029 |
|:-----------------------------------|:-----|:----------------------|-----:|:----|:---|---------:|:--|:----|:---|---------:|:--|:----|:------------------|---------:|:--|:----|:--|----------:|:----|:--|----------:|
| Unlevered Free Cash Flow(1)        |      |                       |    — |     | ($ |   20,948 | ) |     | ($ |   22,644 | ) |     | ($                |   54,740 | ) |     | $ |   188,345 |     | $ |   504,537 |
| Discount Period                    |      |                       |  0.0 |     |    |      0.5 |   |     |    |      1.5 |   |     |                   |      2.5 |   |     |   |       3.5 |     |   |       4.5 |
| Discount Factor                    |      |                       |