Company: SMNR
Filing Date: 2025-04-21
Form Type: CORRESP
Source: 0001193125-25-087365
Chunk: 8

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-21
Form: CORRESP
Chunk 8
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 and quantify the assumptions on annual growth rate and market share penetration under the base case and best case scenarios on pages 196 and 198 of Amendment No. 1, respectively. The Company also refers the Staff to the previously disclosed price per unit set forth in footnote (1) under the Semnur Management Projections, which disclosed that “Semnur’s management estimates that the price per injection is $400 the first year after the commercial launch, with an inflation adjustment of 3% per year thereafter” under the base case scenario and that “Semnur’s management estimates that the price per injection is $500 the first year after the commercial launch, with an inflation adjustment of 3% per year thereafter” under the best case scenario. The Company respectfully advises the Staff that it has removed the statement that the Company does not expect a material impact on revenue following the loss of patent exclusivity in 2036 and has added disclosure on pages 196 and 198 of Amendment No. 1 in footnote (1) under each of the base case and best case scenarios to reflect the projected drop in revenue.

| (c). | Describe the risk that the expectations of unusually high and sustained future growth may be unrealistic, 
 given the assumptions as to future events, and may have resulted in inflated valuation conclusions.       |

Response: The Company respectfully advises the Staff that it has revised the disclosure on page 200 of Amendment No. 1 to include the requested disclosure. 8

U.S. Securities and Exchange Commission April 21, 2025

| (d). | Provide quantification of the significant assumptions underlying Semnur’s gross profit projections,                                                                               
 including cost of sales, future milestone and royalty payments under the August 2013 Shah Assignment Agreement and March 2019 Semnur Merger Agreement, for each period presented. |

Response: The Company respectfully advises the Staff that it has revised the disclosure in footnote (3) under each of the base case and best case scenarios on pages 197 and 199 of Amendment No. 1 to include the requested disclosure.

| (e). | To the extent feasible, provide a breakdown of projected operating expenses by major category and 
 identify key factors driving material period-to-period changes in each expense category.          |

Response: The Company respectfully advises the Staff that the main categories in operating expenses include (i) salaries and benefits, (ii) product promotions and (iii) research and development. Prior to the commercial launch of SP-102in 2027, research