Company: SMNR
Filing Date: 2025-06-11
Form Type: CORRESP
Source: 0001193125-25-139135
Chunk: 3

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-06-11
Form: CORRESP
Chunk 3
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 nature of the Denali Board’s approval, the scope and nature of the Denali Board’s review of CB Capital’s comparable company analysis, and to directly address the Staff’s inquiry regarding whether the Denali Board agreed that the selected companies were comparable to Semnur. Certain Semnur Projected Financial Information, page 193

| 8. | We note your response to prior comment 26. Please explain your basis for including revenues from Non-LR indications beginning in 2027. In particular, please explain which indications you are targeting for treatment with SP-102 and quantify the projected revenues derived 
 from each indication for each year presented (FY2027-FY2043). Discuss whether these projections assume that you will have FDA regulatory approval for each indication and, if so, when such approval would be obtained. Revise the Business section to                         
 present any pre-clinical and/or clinical data supporting commercialization for each indication, or advise.                                                                                                                                                                     |

Response: The Company respectfully advises the Staff that it has revised the disclosure on pages 199-200 and 202 of Amendment No. 2 to explain Semnur’s basis for including revenues from Non-LR indication beginning in 2027. The Company further advises the Staff that Semnur (i) is not currently targeting or otherwise seeking FDA approval for the use of SP-102 for any Non-LR indications but rather that Semnur management believes that SP-102 will be used “off-label” for certain indications (as described in Amendment No. 2), given that corticosteroid injections are commonly used off-label for the management of various types of pain, and (ii) has not quantified projected revenues for each such indication and has only done so on an aggregate basis, as a percentage of estimated gross sales. The Company further respectfully advises the Staff that it has revised the disclosure on pages 199-200 and 202 of Amendment No. 2 to clarify the foregoing. Certain Semnur Projected Financial Information Semnur Management Projections – Best Case Projections, page 198

| 9. | Semnur’s projected operating income for FY2032 and FY2033 does not appear to be mathematically correct. 
 Please revise to correct projected operating income for these years.                                    |

Response: The Company respectfully advises the Staff that it has revised the disclosure on page 201 of Amendment No. 2 in response to the Staff’s comment. 3

U.S. Securities and Exchange Commission June 11