Company: SMNR
Filing Date: 2025-04-21
Form Type: CORRESP
Source: 0001193125-25-087365
Chunk: 4

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-21
Form: CORRESP
Chunk 4
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 obtain a third-party valuation or fairness opinion in determining whether to proceed with the Business Combination?, page 14

| 13. | We note the disclosure here and on the cover page highlighting the $2.5 billion valuation of Semnur.                                                                                             
 To the extent that you highlight this valuation, please revise to provide balance and context by also disclosing the current market capitalization for Semnur’s parent company, Scilex Holdings. |

Response: The Company respectfully advises the Staff that it has revised the disclosure on page ii of the cover page and pages 8, 16, 47, 141, 175, 209 and 271 of Amendment No. 1 in response to the Staff’s comment. Summary of the Proxy Statement Semnur Pharmaceuticals, Inc., page 29 4

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

| 14. | In the second paragraph, you state that SP-102 has been granted                                                                                                                                                                                          
 fast track designation by the FDA. We note similar disclosure on pages 262 and 263. When discussing the fast track designation, please also disclose that such designation may not lead to a faster development or regulatory review process and that it 
 does not increase the likelihood that SP-102 will receive marketing approval.                                                                                                                                                                            |

Response: The Company respectfully advises the Staff that it has revised the disclosure on pages 35, 287, 289 and 326 of Amendment No. 1 in response to the Staff’s comment. Summary of the Proxy Statement The Meeting Record Date; Outstanding Shares; Shareholders Entitled to Vote, page 46

| 15. | You state that each holder of Denali Ordinary Shares is entitled to one vote per share on each proposal.                                                                                                                                       
 However, on page 355, you state that, in a vote to continue Denali in a jurisdiction outside the Cayman Islands, holders of the Denali Class B Ordinary Shares will have ten votes for every Denali Class B Ordinary Share. Please revise your 
 disclosures to reconcile this apparent inconsistency with respect to the Domestication Proposal.                                                                                                                                               |

Response: The Company respectfully advises the Staff that it has revised the disclosure on page iv of the cover page and pages 23, 24, 56, 57, 166, 167, 228, 229, 380, 382, 385 and 386 of Amendment No. 1 in response to the Staff’s comment. Proposal 1 - The Business Combination Proposal Background of