Company: SMNR
Filing Date: 2025-04-21
Form Type: CORRESP
Source: 0001193125-25-087365
Chunk: 18

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-21
Form: CORRESP
Chunk 18
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ur Pharmaceuticals, Inc. - Notes to Financial Statements Note 1. Nature of Operations and Basis of Presentation Basis of Presentation - Carve-OutMethod, page F-60

| 40. | You disclose that the financial statements of Semnur Pharmaceuticals have been prepared on a carve-out basis and extracted from the accounting records of Scilex. We note that Scilex filed a 4.01 Form 8-K/A on November 22, 2024 announcing the dismissal of EY and                                                                                                                                                                                   
 disclosed a reportable condition pursuant to Item 304(a)(1)(v) of Regulation S-K. Such disclosure indicated that EY advised the Scilex Audit Committee that information had come to EY’s attention that if                                                                                                                                                                                                                                              
 further investigated may materially impact the fairness or reliability of the financial statements issued or to be issued for the second and third quarters, or cause EY to be unwilling to rely on management’s representations or be associated                                                                                                                                                                                                       
 with the registrant’s financial statements, and at the time of EY’s dismissal on November 19, 2024, such investigation was not complete. We further note that the dismissal of EY resulted in a delay in timely filing Scilex’s Form 10-Q for the quarter ended September 30, 2024, a Nasdaq delisting notice and potential violation of certain debt covenants, including on the Oramed Note to which Semnur is a guarantor. Please explain the impact 
 that this has or will have on the carve-out financial statements of Semnur Pharmaceuticals.                                                                                                                                                                                                                                                                                                                                                             |

Response: The Company acknowledges the Staff’s comment and respectfully advises the Staff that the dismissal of EY and the other events disclosed in Scilex’s Form 8-K/Afiled with the U.S. Securities and Exchange 16

U.S. Securities and Exchange Commission April 21, 2025 Commission (the “ SEC”) on November 22, 2024 have not had and will not have any impact on the carve-outfinancial statements of Semnur. The Company respectfully advises the Staff that EY’s request for an independent investigation related to the following revenue generating contracts of Scilex, and that Semnur was not a party to or otherwise affected by those contracts (collectively, the “ Subject Contracts”): (i) the Commitment Side Letter Scilex entered into with FSF 33433 LLC (a copy of which was filed with the SEC as an exhibit to Scile