Company: SMNR
Filing Date: 2025-06-11
Form Type: CORRESP
Source: 0001193125-25-139135
Chunk: 2

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-06-11
Form: CORRESP
Chunk 2
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 effect to material probable or consummated transactions and other material effects on your net tangible book value per share from the Business Combination, compared to your IPO offering price.                                                                                                                          |

Response: The Company respectfully advises the Staff that it has revised the disclosure on pages 15-16of Amendment No. 2 in response to the Staff’s comment. Proposal 1 – The Business Combination Proposal Background of the Business Combination, page 170

| 5. | We note your added disclosure on page 176 regarding a draft of the Merger Agreement Amendment. Please revise 
 your disclosure to briefly describe the events and discussions leading up to the Merger Agreement Amendment. |

Response: The Company respectfully advises the Staff that it has revised the disclosure on page 179 of Amendment No. 2 in response to the Staff’s comment. 2

U.S. Securities and Exchange Commission June 11, 2025 Opinion of CB Capital Comparable Company Analysis, page 181

| 6. | We note your response to prior comment 19. Please further revise your disclosures to clarify how Semnur                                                                                                                                      
 compares with the companies identified in this section based on the criteria used for selection of such companies. For example only, we note CB Capital’s use of market capitalization and financial performance in selecting the companies. |

Response: The Company respectfully advises the Staff that it has revised the disclosure on page 185 of Amendment No. 2 in response to the Staff’s comment.

| 7. | We note your response to prior comment 20. Specifically, we note your statement that the Denali Board gave                                                                                                                                    
 its approval with respect to the methodologies concerning the composition of the comparable companies. Please further revise your disclosure to clearly state 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 the disclosure in Amendment No. 1 inadvertently conveyed that the Denali Board gave separate, specific approval to CB Capital’s methodologies concerning the composition of the comparable companies included in its analysis. The phrase “to which the Denali Board gave their approval” was intended to refer to the Denali Board’s approval of the Merger Agreement and the Business Combination as a whole, not to a separate, specific approval of CB Capital’s methodologies concerning the composition of the comparable companies included in its analysis. The Company respectfully advises the Staff that it has revised the disclosure on page 186 of Amendment No. 2 to clarify the