Company: SMNR
Filing Date: 2025-04-21
Form Type: CORRESP
Source: 0001193125-25-087365
Chunk: 5

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-21
Form: CORRESP
Chunk 5
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 the Business Combination, page 154

| 16. | Please revise the Background section so that it also presents similar information from Scilex’s 
 perspective.                                                                                    |

Response: The Company respectfully advises the Staff that it has revised the disclosure on page 172 of Amendment No. 1 in response to the Staff’s comment.

Response: The Company respectfully advises the Staff that it has revised the disclosure on pages 171 and 172 of Amendment No. 1 in response to the Staff’s comment. 5

U.S. Securities and Exchange Commission April 21, 2025 Opinion of CB Capital, page 160

| 18. | Disclose the instructions received by the financial advisor from DECA or the Sponsor, including any                                                                                                
 limitations imposed by DECA or the Sponsor on the scope of the activities conducted by the financial advisor in connection with the financial opinion. Refer to Item 1607(b)(6) of Regulation S-K. |

Response: The Company respectfully advises the Staff that it has revised the disclosure on pages 176-177 of Amendment No. 1 in response to the Staff’s comment.

| 19. | Please revise to explain the criteria that CB Capital used to identify these companies so that it is                                                                                                                                                      
 clear why these companies were deemed comparable to Semnur and why other companies were not selected. Based on the information provided, we note that all of the companies selected are commercial stage companies. Please explain why CB Capital did not 
 choose one or more pre-commercial stage companies for purposes of its valuation analysis. From your revised disclosure, it should be clear how CB Pharma came to select some of the largest pharmaceutical                                                
 companies (by revenues, profits and market capitalization) in the world (e.g., Eli Lily, Pfizer, AbbVie, Amgen, etc.) as companies that are comparable to Semnur.                                                                                         |

Response: The Company respectfully advises the Staff that it has revised the disclosure on pages 181-182 of Amendment No. 1 in response to the Staff’s comment.

| 20. | Please revise to discuss whether Denali’s board reviewed the list of comparable companies selected 
 by CB Capital and agreed that these companies are comparable to Semnur.                            |

Response: The Company respectfully advises the Staff that it has revised the disclosure on page 182 of Amendment No. 1 in response to the Staff’s comment.

| 21. | We note that the financial opinion filed as Exhibit 99.4 includes language that the opinion letter is