Company: SMNR
Filing Date: 2025-04-21
Form Type: CORRESP
Source: 0001193125-25-087365
Chunk: 19

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-21
Form: CORRESP
Chunk 19
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x’s Current Report on Form 8-Kfiled on June 12, 2024), (ii) a distribution agreement Scilex entered into with Endeavor Distribution LLC (“ Distributor”) in June 2024, and (iii) the Satisfaction Agreement Scilex entered into with FSF 33433 LLC and Distributor (a copy of which was filed with the SEC as an exhibit to Scilex’s Current Report on Form 8-Kfiled on September 18, 2024). Each of the Subject Contracts relates solely to Scilex and/or its commercial product, ZTlido, and such contracts are unrelated to Semnur and/or its only product candidate, SP-102. While Semnur’s financial statements have been prepared on a carve-outbasis and are extracted from Scilex’s accounting records, they only reflect operating expenses. Specifically, Semnur’s operations are focused on conducting clinical trials for SP-102and therefore operating expenses only include (i) research and development expenses and (ii) general and administrative expenses, which were supported by Scilex. These expenses were subsequently allocated, or pushed down, from Scilex’s financial statements. None of these expenses pertain to the Subject Contracts. In addition, as reflected in Semnur’s financial statements for the fiscal years ended December 31, 2024 and 2023, Semnur is not a revenue generating company and has no revenue or income and no revenue or income from any of the Subject Contracts has been or will be allocated to Semnur. Accordingly, the Company respectfully advises the Staff that because the Subject Contracts are unrelated to Semnur and SP-102,no operating expenses, revenue or income has been or will be allocated, or pushed-down to Semnur from Scilex and therefore the dismissal of EY and the other events disclosed in Scilex’s Form 8-K/Afiled with the SEC on November 22, 2024 have not had and will not have any impact on the carve-outfinancial statements of Semnur and the Company does not believe that a risk factor related to this matter is necessary. General

| 41. | Please provide the disclosures required by Item 305 of Regulation                      
 S-K for each of Denali and Semnur. Refer to Item 14(j) and Item 17(b)(10) of Form S-4. |

Response:The Company respectfully advises the Staff that as a smaller reporting company, neither the Company nor Semn