Company: SMNR
Filing Date: 2025-04-21
Form Type: CORRESP
Source: 0001193125-25-087365
Chunk: 10

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-21
Form: CORRESP
Chunk 10
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 would be commercialized in 2022 and would achieve revenues of  
 $1.167 billion in its tenth year of commercialization (2031). By contrast, Scilex management’s August 2024 projections now reflect SP-102’s commercialization in 2027, revenues of               
 $4.875 billion in 2031, and revenues of $5.91 billion in SP-102’s tenth year of commercialization (2036). With a view to disclosure, please explain the reason(s) for the significant changes to 
 Scilex management’s projections for SP-102.                                                                                                                                                      |

Response: The Company acknowledges the Staff’s comment and respectfully advises the Staff that in Scilex Holding Company’s Form S-4filed on October 26, 2022, the Scilex Management Projections were prepared in the first quarter of 2021, prior to the availability of the final clinical results from SP-102’sPhase 3 study. At that time, Scilex’s management had only anticipated one clinical indication for SP-102,Lumbar Radiculopathy (“ LR”). However, following the receipt of the final results from SP-102’sPhase 3 study and subsequent analysis by Semnur’s management, Semnur’s management now believes that SP-102has the potential to expand to non-LumbarRadiculopathy (“ Non-LR”) indications. In addition, Semnur’s management engaged in discussions with key opinion leaders and physicians, who indicated there is potential opportunity for SP-102outside of LR indications, such as carpel tunnel syndrome, cervical radiculopathy, knee arthritis, complex regional pain syndromes, lumbar spinal stenosis, acute spinal injury and discogenic pain. As a result, the projected annual sales in the Semnur Management Projections are higher than those in the Scilex Management Projections from 2021, as they reflect the anticipated revenues from Non-LRindications, based on estimates provided by Syneos Health and Semnur’s internal market assessment. In preparing the Scilex Management Projections, Scilex’s management contemplated multiple product offerings, which would limit Scilex’s ability to fully dedicate efforts and resources to SP-102,resulting in more conservative projections for SP-102.In contrast, the Semnur Management Projections reflect the belief that by concentrating on a single product candidate, Semnur will be able to streamline its operations, reduce distractions, and allocate resources more effectively to SP