Company: SMNR
Filing Date: 2025-04-21
Form Type: CORRESP
Source: 0001193125-25-087365
Chunk: 6

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-21
Form: CORRESP
Chunk 6
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 “provided to DECA for its sole use in considering the proposed Transaction” and that the letter “is not to be used for any other purpose” without the prior written consent of the financial advisor. Please remove these statements.                                                                                                                                                              
 Alternatively, disclose the legal basis for DECA’s and the financial advisor’s belief that shareholders cannot rely on the opinion to bring state law actions, including a description of any state law authorities on such a defense. If no                                                                                                                                                       
 such authority exists, please disclose that this issue will be resolved by a court, resolution of this issue will have no effect on the rights and responsibilities of DECA’s board under state law, and the availability or non-availability of these defense has no effect on the rights and responsibilities of either the financial advisor or DECA’s board under the federal securities laws. |

Response: The Company respectfully advises the Staff that it has revised Exhibit 99.7 and the disclosure on page 177 of Amendment No. 1 in response to the Staff’s comment. 6

U.S. Securities and Exchange Commission April 21, 2025

| 22. | We note the disclosure on page 162 that CB Capital assumed that the projections relating to Semnur’s                                                                                                                                          
 asset portfolio were reasonably prepared based on assumptions reflecting the best currently available estimates and good-faith judgments of Denali’s management as to the most likely future performance of Semnur’s asset portfolio and that 
 Denali’s management did not have any information or belief that would make any such projections incomplete or misleading. Please revise where appropriate to disclose whether Denali’s management determined that Semnur’s base case          
 projections represented the most likely future performance for Semnur.                                                                                                                                                                        |

Response: The Company respectfully advises the Staff that it has revised the disclosure on page 178 of Amendment No. 1 in response to the Staff’s comment.

| 23. | Please file the consent of your financial advisor to be named in the registration statement and to the                                            
 filing of the fairness opinion as an exhibit to the registration statement. Refer to Section 7 of the Securities Act and Securities Act Rule 436. |

Response: The Company respectfully advises the Staff that it has filed the consent of CB Capital Partners, Inc. as Exhibit 99.8 in response to the Staff’s comment. Certain Semnur Projected Financial Information, page 175

| 24. | We note that the Semnur Management Projections were prepared in August 2024 by Semnur’s management