Company: SMNR
Filing Date: 2025-06-11
Form Type: CORRESP
Source: 0001193125-25-139135
Chunk: 6

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-06-11
Form: CORRESP
Chunk 6
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 response to prior comment 35; however, we do not see the revised disclosure you reference on 
 page 331. Please revise or advise.                                                                        |

Response: The Company respectfully advises the Staff that it has revised the disclosure on pages 335-336of Amendment No. 2 in response to the Staff’s comment. Notes to the Unaudited Pro Forma Condensed Financial Information Note 1 – Description of Business Combination, page 342

| 16. | We note your response to prior comment 36 and the revisions you made to your pro forma financial statements                                                                                                                                               
 to include autonomous entity adjustments to reflect the operation of Semnur as a standalone reporting entity pursuant to the Transition Services Agreement to be executed in connection with closing of the Business Combination. Your disclosure on page 
 344, however, continues to state that no such adjustments have been provided. Please revise accordingly.                                                                                                                                                  |

5

U.S. Securities and Exchange Commission June 11, 2025 Response: The Company acknowledges the Staff’s comment and respectfully advises the Staff that the autonomous entity adjustments were included in the unaudited pro forma condensed combined statements of operations. However, no such adjustments were made to the unaudited pro forma condensed combined balance sheet, as such adjustments are not required to be made as management does not anticipate any net asset impact. The Company has revised the disclosure on page 352 of Amendment No. 2 in response to the Staff’s comment to further clarify this point. Note 3 - Transaction Adjustments to Unaudited Pro Forma Condensed Combined Balance Sheet as of December 31, 2024, page 344

| 17. | Please clarify why pro forma adjustment (I) to reflect conversions and recapitalization of Semnur                                                                                                                                                       
 historical equity into New Semnur Common and Class A Preferred Stock results in a negative $1.6 million balance for Semnur Common Stock under each redemption scenario or revise accordingly. It would appear that Semnur historical equity             
 accounts should have a balance of zero after the recapitalization and Business Combination transactions. Please also revise to more clearly describe your pro forma equity adjustments in general such that adjustments to Semnur and Denali historical 
 equity balances are easily discernable from adjustments for transactions occurring subsequent to the most recent balance sheet date.                                                                                                                    |

Response: The Company respectfully advises the Staff that it has revised the disclosure on pages 353-355 of Amendment No. 2 in response to the Staff’s comment. Future Stockholder Proposals