Company: SMNR
Filing Date: 2025-08-12
Form Type: S-4/A
Source: 0001193125-25-178821
Chunk: 327

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-12
Form: S-4/A
Chunk 327
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 is not readily susceptible to partial analysis or summary description. CB Capital believes that its analyses summarized below must be considered as a whole. CB Capital further believes that selecting portions of its analyses and the factors considered, or focusing on information presented in tabular format, without considering all analyses and factors or the narrative description of the analyses, could create a misleading or incomplete view of the processes underlying CB

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Capital’s analyses and opinion. The fact that any specific analysis has been referred to in the summary above is not meant to indicate that such analysis was given greater weight than any other analysis referred to in the summary. In performing its analyses, CB Capital considered industry performance, general business and economic conditions and other matters, many of which are beyond the control of Denali or Semnur. The estimates of the future performance of New Semnur’s business, following the closing of the Business Combination, in or underlying CB Capital’s analyses are not necessarily indicative of actual values or actual future results, which may be significantly more or less favorable than those estimates or those suggested by CB Capital’s analyses. The analyses do not purport to be appraisals of or to reflect the prices at which a company might actually be sold or the prices at which any securities have traded or may trade at any time in the future. Accordingly, the estimates used in, and the ranges of valuations resulting from, any particular analysis described above are inherently subject to substantial uncertainty and should not be taken to be CB Capital’s view of the actual value of New Semnur Common Stock. Cost Approach Analysis The cost approach analysis is a method for valuing a product through measuring the cost of developing and commercializing the product. Numerous studies of the 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