Company: SMNR
Filing Date: 2025-04-21
Form Type: CORRESP
Source: 0001193125-25-087365
Chunk: 16

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-21
Form: CORRESP
Chunk 16
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 October 19, 2017. Such formulations are developed utilizing the Know-Howunder the Shah Assignment Agreement. The Company has revised the disclosure on page 306 of Amendment No. 1 to clarify that Semnur owns these patents and patent applications. Liquidity and Capital Resources, page 304

Response: The Company respectfully advises the Staff that it has revised the disclosure on page 331 of Amendment No. 1 in response to the Staff’s comment. 14

U.S. Securities and Exchange Commission April 21, 2025 Unaudited Pro forma Condensed Combined Financial Information, page 310

| 36. | We note your disclosure on page 319 that Scilex will provide certain services to New Semnur to support                                                                                                                                                   
 operations but that you have not provided autonomous entity adjustments in your pro forma financial statements for any such agreements as they have not yet been executed nor are the terms for such agreements specified. Please address the following: |

| • |     | Clarify whether you expect the terms of such agreements to be specified prior to the completion of the 
 Business Combination.                                                                                  |

| • |     | Clarify at what point you intend to include any related autonomous entity adjustments in your pro forma 
 financial statements.                                                                                   |

| • |     | Explain how your current pro forma presentation absent these adjustments complies with Article 11-01(a)(7) of Regulation S-X. |

Response: The Company respectfully advises the Staff that it has revised the disclosure on pages 335 and 344 of Amendment No. 1 in response to the Staff’s comment (i) to clarify that Scilex will provide transition services to New Semnur to support operations pursuant to a Transition Services Agreement to be entered into upon closing of the Business Combination and (ii) to include the autonomous entity adjustments in pro forma financial statements in Amendment No. 1. Semnur’s Executive Compensation 2023 Compensation Arrangements with Current Executive Officers, page 333

| 37. | We note your statement that Henry Ji, Ph.D. and Jaisim Shah are the only two executive officers who                                                                                                                                                   
 provided services to Semnur during 2023. We further note your statement that, as Semnur is a wholly-owned subsidiary of Scilex and executives of Scilex are required to provide services to Scilex’s subsidiaries, neither of these officers          
 received any cash or equity compensation for services rendered to Semnur during 2023. Please tell us how