Company: SMNR
Filing Date: 2025-04-21
Form Type: CORRESP
Source: 0001193125-25-087365
Chunk: 11

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-21
Form: CORRESP
Chunk 11
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-102.This focused approach enhances efficiency and allows for a deeper commitment to the success of SP-102,from development through marketing. With all resources, including capital, talent and time, devoted to the growth and promotion of SP-102,Semnur will also develop specialized expertise, improve its market positioning, leading to the potential realization of higher revenue. 10

U.S. Securities and Exchange Commission April 21, 2025 Furthermore, the projected revenue in the Semnur Management Projections reflects Semnur’s ability to leverage the robust and integrated commercial infrastructure of Scilex. When the Scilex Management Projections were prepared in 2021, Scilex had only one commercial product, ZTlido. Since then, Scilex has launched Elyxyb (in April 2023) and Gloperba (in June 2024). The introduction of these products has provided the Scilex team with valuable opportunities to engage with key physician audiences for SP-102and build rapport with future prescribers. Over the years, Scilex’s sales representatives have established strong relationships with pain management healthcare professionals, calling on over 10,000 target pain specialists, neurologists and select healthcare providers. Semnur’s management believes that these same call points, which currently provide treatment for conditions like sciatica, could also benefit from SP-102,if approved. Semnur’s management believes that, with Scilex’s continued support and Semnur’s ability to leverage Scilex’s commercial infrastructure, Semnur is well-positioned to market and distribute SP-102following its approval by the FDA, given the product’s strong complementary relationship with Scilex’s existing commercial offerings. In addition, Semnur plans to enter into a distribution agreement with a major third-party logistic provider for warehousing and distribution of SP-102when closer to the NDA approval stage, further strengthening its ability to bring the product to market efficiently. Accordingly, with the enhanced commercial capabilities, the projected annual sales in the Semnur Management Projections are higher than those in the Scilex Management Projections from 2021, reflecting the added potential from Non-LRindications and Semnur’s ability to leverage Scilex’s strengthened commercial infrastructure.

| 27. | We note several references here and throughout the proxy statement/prospectus to Syneos Health, which you                                                                                                                             
 note on page 177 was party to a consulting agreement with Semnur. Please file