Company: SMNR
Filing Date: 2025-04-21
Form Type: CORRESP
Source: 0001193125-25-087365
Chunk: 9

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-21
Form: CORRESP
Chunk 9
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 and development is projected to constitute approximately 70% of the operating expenses, which include research, clinical costs and chemical, manufacturing and control costs. Research and development expenses will be the highest in 2025 and 2026, as Semnur expects to commence the additional Phase 3 CLEAR-2trial and manufacture clinical supplies for the trial. Following the commercial launch of SP-102,research and development costs will decline to be approximately 5% of total operating expenses. In contrast, salaries and benefits are expected to increase significantly, accounting for approximately 35% to 40% of the total operating expenses, due to the expansion of the sales force to support commercialization of SP-102.The projected salary and benefits costs also assume an average annual inflation increase of 5% and an average 5% increase in headcount per year through 2036, when the SP-102patent expires. Subsequent to the patent expiration, the salary and benefits cost will increase by an average of 1% annually. There will be no product promotion costs prior to the commercial launch of SP-102.Following the launch in 2027, product promotion expenses are expected to account for approximately 20% to 25% of total operating expenses. In the first year post-launch, approximately $7 million will be allocated for promotion activities, with a 10% annual increase in product promotion costs until patent expiration. The Company has revised the disclosure in footnote (4) under each of the base case and best case scenarios on pages 197 and 199 of Amendment No. 1 to summarize the main categories of the operating expenses and factors driving the period-to-periodchanges in each of the main categories.

| (f). | Confirm that all associated costs have been included in Semnur’s financial projections, including 
 any costs to finance additional clinical, regulatory and commercial activities.                   |

9

U.S. Securities and Exchange Commission April 21, 2025 Response: The Company respectfully advises the Staff that all associated costs have been included in Semnur’s financial projections, including any costs to finance additional clinical, regulatory and commercial activities. Semnur Management Projections - Base Case Projection, page 177

| 26. | We refer to page 142 of Scilex Holdings’s Form S-4, filed on                                                                                                                                     
 10/26/2022, which relates to a prior SPAC merger involving Scilex. We note that Scilex’s management in 2021 projected that SP-102