Company: SMNR
Filing Date: 2025-07-23
Form Type: S-4/A
Source: 0001193125-25-163401
Chunk: 353

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-23
Form: S-4/A
Chunk 353
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094 |     | $      | 1,166,936,750 |
| Total Operating Expenses(4) |     | $      |    60,488,497 |     | $      |    63,369,556 |     | $      |    66,419,408 |     | $      |    68,064,707 |     | $      |    69,807,184 |     | $      |    71,655,012 |     | $      |    73,617,125 |     | $      |    75,703,289 |     | $      |    77,924,180 |     | $      |    80,291,476 |
| Operating Income (loss)(5)  |     | $      | 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