Company: SMNR
Filing Date: 2025-04-21
Form Type: CORRESP
Source: 0001193125-25-087365
Chunk: 7

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-21
Form: CORRESP
Chunk 7
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 with respect to Semnur as a standalone company. Please disclose whether or not Semnur has affirmed to Denali that its projections continue to reflect the view of Semnur’s management about its future performance and ensure that such disclosure 
 remains updated through the effectiveness of this registration statement. Refer to Item1609(c) of Regulation S-X.                                                                                                                                  |

Response: The Company respectfully advises the Staff that it has revised the disclosure on page 201 of Amendment No. 1 in response to the Staff’s comment.

| 25. | Given that the Semnur Management Projections differ from historical operating trends and the extended                                                                   
 forecast period, please expand your disclosure to address why the change in trends is appropriate or the assumptions are reasonable. Please also address the following: |

7

U.S. Securities and Exchange Commission April 21, 2025 Response: The Company respectfully advises the Staff that it has added disclosure on pages 194, 288 and 290 of Amendment No. 1 regarding the assumptions underlying Semnur’s expectation that SP-102will receive regulatory approval in the first half of 2027 and the milestones that will need to be satisfied in order for SP-102to achieve this timeline. In addition, as part of its response to Comment No. 29, the Company has provided disclosure regarding the assumptions underlying Semnur’s expectation that SP-102will receive regulatory approval in the first half of 2027 and the nature and timing of additional clinical and regulatory activities necessary to successfully launch SP-102,and the status of the above referenced trial. The Company has also added disclosure on pages 288-290 of Amendment No. 1 regarding the nature and timing of additional commercial activities necessary to successfully launch SP-102. The Company confirms that the above events, including the status of the Phase 3 CLEAR-2trial, is reflected in the Semnur Management Projections.

| (b). | Provide quantification of the significant assumptions underlying Semnur’s revenue projections,                                                                                                                                                    
 including price per unit, annual growth rate and market share penetration, under the base case and best-case scenarios for each year presented. More clearly explain Semnur’s assumptions around the current and future competitive landscape and 
 why they do not expect revenues to be materiality impacted by the loss of patent exclusivity in 2036. Reconcile this outlook with the competition disclosure provided on page 277.                                                                |

Response: The Company respectfully advises the Staff that it has revised footnote (1) to clarify