Company: SMNR
Filing Date: 2025-07-23
Form Type: S-4/A
Source: 0001193125-25-163401
Chunk: 328

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-23
Form: S-4/A
Chunk 328
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 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 SP-102under (a) a base case scenario, (b) a worst case scenario, and (c) a best case scenario. To calculate the equity value of Semnur’s operating business, CB Capital screened selected studies and research reports, evaluated studies and reports relative to each other to ensure uniformity and completeness, and broke down valuation estimates into three scenarios: (a) a base case scenario, (b) a worst case scenario (least expensive), and (c) a best case scenario (most expensive).

| (i) | The base case scenario range using this analysis was $1,112 million – $1,655 million. |

| (ii) | The worst case scenario range using this analysis was $421 million – $1,140 million. |

| (iii) | The best case scenario range using this analysis was $1,909 million – $2,658 million. |

Sources: JAMA Internal Medicine, American Health Association, National Library of Medicine Discounted Cash Flow Analysis The discounted cash flow analysis (the “DCF Analysis”) approach is a valuation technique that provides an estimation of the value of a business based on the cash flows that a business can be expected to generate. The DCF Analysis begins with an estimation of the annual cash flows the subject business is expected to generate over a five-year projection period. The estimated cash flows for each of the years in the projection period are then converted to their present value equivalents using a rate of return appropriate for the risk of achieving the projected cash flows. The present value of the estimated cash flows is then added to the present value equivalent of the residual/terminal value of the business at the end of the projection period to arrive at an estimate of value. CB Capital performed a DCF Analysis of the estimated future unlevered free cash flows attributable to Semnur for the fiscal years of 2024 through 2029. In applying the DCF Analysis, CB Capital relied on the financial projections prepared by the Semnur management team that took into consideration potential timing of the FDA approval of its key product (SP-102),a commercialization and sales schedule, and a clinical development budget. Semnur’s management