Company: SMNR
Filing Date: 2025-08-08
Form Type: CORRESP
Source: 0001193125-25-177106
Chunk: 0

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-08
Form: CORRESP
Chunk 0
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Denali Capital Acquisition Corp. August 8, 2025 VIA EDGAR U.S. Securities and Exchange Commission Division of Corporation Finance Office of Life Sciences 100 F Street, NE Washington, D.C. 20549 Attn: Franklin Wyman, Angela Connell, Jessica Dickerson, Joe McCann

| Re: | Denali Capital Acquisition Corp. |

Semnur Pharmaceuticals, Inc. Amendment No. 4 to Registration Statement on Form S-4 Filed July 23, 2025 File No. 333-283019 Ladies and Gentlemen: Denali Capital Acquisition Corp., a Cayman Islands exempted company (the “ Company”), files herewith Amendment No. 5 (“ Amendment No. 5”) to the above-referenced registration statement on Form S-4filed on November 6, 2024, as previously amended by Amendment No. 1 filed on April 21, 2025, by Amendment No. 2 filed on June 11, 2025, by Amendment No. 3 filed on July 2, 2025 and by Amendment No. 4 filed on July 23, 2025 (the “ Registration Statement”). Set forth below are the responses of the Company to the comments of the staff of the Division of Corporation Finance of the U.S. Securities and Exchange Commission (the “ Staff”) with respect to the Registration Statement contained in the Staff’s letter dated August 6, 2025 (the “ Comment Letter”). For ease of reference, each comment contained in the Comment Letter is printed below and is followed by the Company’s response. All page references in the responses set forth below refer to page numbers in Amendment No. 5. All capitalized terms used but not defined in this response letter have the meanings ascribed to such terms in Amendment No. 5. Amendment No. 4 to Registration Statement on Form S-4 Denali’s Net Tangible Book Value Per Share as Adjusted and Dilution, page 16

| 1. | Please revise your calculation of pro forma NTBV per share to include the 30,500,000 shares to be issued to                                                                                                                                         
 consultants in the calculation of the denominator. Alternatively, explain your basis for excluding these transactions from this presentation, given your statement that “Dilution per share to the original investors in Denali is determined by    
 Denali’s net tangible book value per share, as adjusted, excluding the Business Combination itself and giving effect to material probable or consumm