Company: SMNR
Filing Date: 2025-06-11
Form Type: CORRESP
Source: 0001193125-25-139135
Chunk: 1

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-06-11
Form: CORRESP
Chunk 1
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 whether   
 the listing of the New Semnur Common Stock and New Semnur Warrants on the Nasdaq Capital Market is a condition to completion of the Business Combination or whether quotation on the OTC Markets would suffice.                                  |

Response: The Company respectfully advises the Staff that it has revised the disclosure on pages iv and xiii of the cover page and pages 41, 140, 149, 158-160,227 and 420 of Amendment No. 2 in response to the Staff’s comment.

U.S. Securities and Exchange Commission June 11, 2025

| 2. | Please revise to disclose whether a new listing application has been filed with Nasdaq or the planned timing                                                                                          
 for such application, if applicable. Clarify whether Denali shareholders will know the status of the listing application and/or any waivers of the merger condition prior to voting on the proposals. |

Response: The Company respectfully advises the Staff that it has revised the disclosure on pages iv and xiii of the cover page and pages 140, 149 and 420 of Amendment No. 2 in response to the Staff’s comment. Why is Scilex conducting the Business Combination and related transactions?, page 8

| 3. | We note your response to prior comment 27 and your disclosures on pages 196 and 292. Please revise the                                                                                                                                                
 Q&A to clarify that Syneos Health prepared the study during the 2020-2021 timeframe. With regard to the 3.6% average annual market growth rate, please clarify the applicable date range used in the Syneos study. Also, clarify the growth rate used 
 by Semnur’s management for the five-year period following commercialization (2028-2033) and briefly discuss its basis for using this growth rate.                                                                                                     |

Response: The Company respectfully advises the Staff that it has revised the disclosure on pages 8, 199-200 and 202 of Amendment No. 2 in response to the Staff’s comment. Questions and Answers about the Business Combination and the Meeting What are the possible sources and the extent of dilution that public shareholders..., page 13

| 4. | Please tell us where you have provided the dilution disclosure required by Item 1604(c) of Regulation S-K or revise your prospectus to provide such disclosure. In this regard, Item 1604(c) requires tabular disclosure at the selected redemption levels of your net tangible book value per share, as adjusted to give