Company: SMNR
Filing Date: 2025-07-02
Form Type: CORRESP
Source: 0001193125-25-154943
Chunk: 1

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-02
Form: CORRESP
Chunk 1
---
-15 is intended to provide the reader with the fully-diluted capitalization of New Semnur, in addition to the non-fullydiluted capitalization and voting power information provided elsewhere in the prospectus and the Company has revised the disclosure on pages iv, 14-15, 61, 214 and 345 of Amendment No. 3 in response to the Staff’s comment to clarify that point.

U.S. Securities and Exchange Commission July 2, 2025 Selected Historical Financial Data of Denali, page 269

Response: The Company respectfully advises the Staff that it has revised the disclosure on page 269 of Amendment No. 3 in response to the Staff’s comment. Business of Semnur Our Product Candidate – SP-102 Clinical Development Overview, page 298

Response: The Company respectfully advises the Staff that it has added new disclosure on page 304 of Amendment No. 3 in response to the Staff’s comment. Government Regulation and Product Approval, page 311

| 4. | We note your response to prior comment 14. Please further revise your disclosure on page 314 to disclose,                                                                                                                                         
 consistent with your response, that Semnur’s planned NDA application will not seek approval based on the results of a single adequate and well-controlled Phase 3 trial for excellent design and which provides highly reliable and statistically 
 strong evidence of important “clinical benefit.” In this regard, we note your disclosures throughout the prospectus regarding the “clinical benefit” of SP-102.                                                                                   |

Response: The Company respectfully advises the Staff that it has revised the disclosure on page 315 of Amendment No. 3 in response to the Staff’s comment. Management’s Discussion and Analysis of Financial Condition and Results of Operations of Semnur Liquidity and Capital Resources Future Liquidity Needs, page 335

| 5. | We note your response to prior comment 15. Specifically, we note your statement that, in the 12 months                                                                                                                                                    
 following the consummation of the Business Combination, you expect New Semnur’s primary sources of liquidity to include, among other things, continued support from Scilex pursuant to the Transition Services Agreement. Please further revise your      
 disclosure to quantify the liquidity deriving from the Transition Services Agreement. In this regard, we note your disclosures elsewhere in the prospectus that, under the Transition Services Agreement, New Semnur will be required to pay service fees 
 to Scilex and to reimburse Scilex for its out of pocket fees