Company: SMNR
Filing Date: 2025-04-21
Form Type: CORRESP
Source: 0001193125-25-087365
Chunk: 2

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-21
Form: CORRESP
Chunk 2
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 Denali Board determined that it is advisable to consummate the                                                                                                                                               
 Business Combination. Please also disclose, if true, that the Board determined the Business Combination was in the best interests of Denali and its shareholders. In this regard, we note a similar statement on pages 47 and 175. Refer to Item 
 1604(a)(1) and Item 1606(a) of Regulation S-K.                                                                                                                                                                                                   |

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

| 8. | Please revise the prospectus cover page to include the information required by Item 1604(a)(2) of                       
 Regulation S-K. Please make similar revisions to the summary of the proxy statement in accordance with Item 1604(b)(5). |

Response: The Company respectfully advises the Staff that it has revised the disclosure on pages x-xii of the cover page and pages 51-52 of Amendment No. 1 in response to the Staff’s comment. About this Proxy Statement/Prospectus, page viii

| 9. | You state that the prospectus is with respect to the Denali Class A Ordinary Shares to be issued to                                                                                                                            
 Semnur’s stockholders under the Merger Agreement. However, the prospectus cover page refers to shares of common stock, units, shares of Series A Preferred Stock, and warrants. Please revise your disclosures as appropriate. |

Response: The Company respectfully advises the Staff that it has revised the disclosure on page viii under the section titled “About this Proxy Statement/Prospectus” of Amendment No. 1 in response to the Staff’s comment. Questions and Answers about the Business Combination and the Meeting Questions and Answers about the Business Combination, page 7

| 10. | Please revise the disclosure on pages 7-8 to include a new                                                                                                                                                                                              
 Q&A that explains the reason(s) why Scilex is conducting the Business Combination and related transactions, as well as its plans for Semnur in the short term and the long term. For instance, please explain here, and in the Background section,      
 why Scilex determined to retain 96% or greater of Semnur’s equity as opposed to spinning-off all of the Semnur equity. With reference to the potential 10% stock dividend referenced on page 13 and the                                                 
 Oramed debt, revise to discuss whether Sc