Company: SMNR
Filing Date: 2025-04-21
Form Type: CORRESP
Source: 0001193125-25-087365
Chunk: 3

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-21
Form: CORRESP
Chunk 3
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ilex plans to distribute additional Semnur stock to its shareholders and, as applicable, the factors that will determine the timing and size of such distributions. Also explain why Scilex is opting to merge 
 Semnur with a SPAC given the amount of proceeds currently in the Trust Account and the prospects for additional redemptions.                                                                                                                            |

3

U.S. Securities and Exchange Commission April 21, 2025 Response: The Company respectfully advises the Staff that it has revised the disclosure on pages 8, 9 and 175 of Amendment No. 1 in response to the Staff’s comment.

| 11. | With reference to your disclosures on pages 110, 298 and 304, please add a new Q&A that discusses                                                                                                                                              
 Scilex’s continued operational and voting control over Semnur following the Business Combination as well as Semnur’s reliance on funding and services provided by Scilex. Highlight the risk that the interests of Scilex and certain officers 
 and directors who jointly serve as officers/directors at Scilex and Semnur may not be aligned with those of other Semnur stockholders and this could lead to actions that may not be in the best interests of Semnur stockholders.             |

Response: The Company respectfully advises the Staff that it has revised the disclosure on pages 19-21 of Amendment No. 1 in response to the Staff’s comment. What equity stake will current Denali shareholders and Semnur stockholders hold..., page 10

| 12. | We note your disclosure in the second paragraph that the ownership percentage with respect to New Semnur                                                                                                                                            
 after the closing of the Business Combination does not take into account the potential dilutive effect of several different securities, including the Public Warrants, the Denali Class A Ordinary Shares and Public Warrants underlying the Public 
 Units, and the Denali Private Placement Shares and Denali Private Placement Warrants underlying the Denali Private Placement Units. Please tell us why you have excluded these from the ownership percentage post-closing, particularly the Denali  
 Class A Ordinary Shares underlying the Public Units and the Denali Private Placement Shares underlying the Denali Private Placement Units.                                                                                                          |

Response: The Company respectfully advises the Staff that it has revised the disclosure on page iii of the cover page and pages 12-14, 58, 153-154 and 210-212 of Amendment No. 1 in response to the Staff’s comment. Did the Denali Board