Company: SMNR
Filing Date: 2025-08-08
Form Type: CORRESP
Source: 0001193125-25-177106
Chunk: 1

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-08
Form: CORRESP
Chunk 1
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ated transactions and other material effects on the net tangible book value per share, from the 
 initial public offering price per share paid by original investors in Denali.”                                                                                                                                                                      |

Response: The Company respectfully advises the Staff that it has revised the disclosure on pages 16-18 of Amendment No. 5 in response to the Staff’s comment. Semnur Merger Agreement, page 311

| 2. | We note your disclosure that, pursuant to the Semnur Merger Agreement related to the Semnur Merger in 2019,                                                                                                                             
 Scilex agreed to pay the former holders of Semnur’s capital stock up to $280.0 million in aggregate milestone payments, which amounts are expected to be charged back to Semnur through an intercompany arrangement. Please revise your 
 disclosure to clarify how these obligations will be addressed following completion of the Business Combination.                                                                                                                         |

Response: The Company respectfully advises the Staff that it has revised the disclosure on pages 200-201, 203 and 310 of Amendment No. 5 in response to the Staff’s comment. 1

U.S. Securities and Exchange Commission August 8, 2025 Exhibits

| 3. | We note the removal of Exhibit 8.1 from the Exhibit Index on page                                                                                                                                   
 II-2. Please file a tax opinion as an exhibit to the registration statement, or tell us why you do not believe you are required to do so. Refer to Section III of Staff Legal Bulletin No. 19 (CF). |

Response: The Company acknowledges the Staff’s comment and respectfully advises the Staff that it has filed a copy of the Winston & Strawn LLP tax opinion with Amendment No. 5. General

| 4. | We note that you have added a resale registration for shares beneficially owned by Scilex Holding Company.                                                                                   
 Please refer to Question 212.15 and Question 612.09 of the Securities Act Rules Compliance and Disclosure Interpretations and remove the resale transaction from the registration statement. |

Response: The Company acknowledges the Staff’s comment and respectfully advises the Staff that it has removed the resale transaction from Amendment No. 5. * * * 2

U.S. Securities and Exchange Commission August 8, 2025 Please do not hesitate to contact Michael Blankenship of Winston & Strawn LLP at (713) 651-2678with any questions or comments regarding this letter.

| Sincerely, |     |                         |
| By: