# EDGAR Filing Document

**Accession Number:** 0001913577
**File Stem:** 0000000000-25-008292
**Filing Date:** 2025-8
**Character Count:** 5696
**Document Hash:** 9ec1a109b73b08144dba00ed321f4c53
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000000000-25-008292.hdr.sgml**: 20251211

**ACCESSION NUMBER**: 0000000000-25-008292

**CONFORMED SUBMISSION TYPE**: UPLOAD

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250807

**FILED FOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Semnur Pharmaceuticals, Inc.
- **CENTRAL INDEX KEY:** 0001913577
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 981659463
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** UPLOAD
- **SEC FILE NUMBER:** 333-283019

**BUSINESS ADDRESS:**
- **STREET 1:** 960 SAN ANTONIO ROAD
- **CITY:** PALO ALTO
- **STATE:** CA
- **ZIP:** 94303
- **BUSINESS PHONE:** (650) 516-4310

**MAIL ADDRESS:**
- **STREET 1:** 960 SAN ANTONIO ROAD
- **CITY:** PALO ALTO
- **STATE:** CA
- **ZIP:** 94303

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Denali Capital Acquisition Corp.
- **DATE OF NAME CHANGE:** 20220224
**FILED FOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Semnur Pharmaceuticals, Inc.
- **CENTRAL INDEX KEY:** 0001584541
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 462968523
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** UPLOAD
- **SEC FILE NUMBER:** 333-283019

**BUSINESS ADDRESS:**
- **STREET 1:** 960 SAN ANTONIO ROAD
- **CITY:** PALO ALTO
- **STATE:** CA
- **ZIP:** 94303
- **BUSINESS PHONE:** (650) 516-4310

**MAIL ADDRESS:**
- **STREET 1:** 960 SAN ANTONIO ROAD
- **CITY:** PALO ALTO
- **STATE:** CA
- **ZIP:** 94303

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Semnur Pharmaceuticals, Inc.
- **DATE OF NAME CHANGE:** 20130815
**PUBLIC REFERENCE ACCESSION NUMBER**: 0001193125-24-251843

## Text-Extract

```

                                                            August 6, 2025

Lei Huang
Chief Executive Officer
Denali Capital Acquisition Corp.
437 Madison Avenue, 27th Floor
New York, NY 10022

Jaisim Shah
Chief Executive Officer and President
Semnur Pharmaceuticals, Inc.
960 San Antonio Road
Palo Alto, CA 94303

       Re: Denali Capital Acquisition Corp.
           Amendment No. 4 to Registration Statement on Form S-4
           Filed July 23, 2025
           File No. 333-283019
Dear Lei Huang and Jaisim Shah:

     We have reviewed your amended registration statement and have the
following
comments.

        Please respond to this letter by amending your registration statement
and providing
the requested information. If you do not believe a comment applies to your
facts and
circumstances or do not believe an amendment is appropriate, please tell us why
in your
response.

       After reviewing any amendment to your registration statement and the
information
you provide in response to this letter, we may have additional comments. Unless
we note
otherwise, any references to prior comments are to comments in our July 16,
2025 letter.

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
 August 6, 2025
Page 2

       Denali   s net tangible book value per share, as adjusted, excluding the
Business
       Combination itself and giving effect to material probable or consummated
       transactions and other material effects on the net tangible book value
per share, from
       the initial public offering price per share paid by original investors
in Denali."
Semnur Merger Agreement, page 311

2.     We note your disclosure that, pursuant to the Semnur Merger Agreement
related to the
       Semnur Merger in 2019, Scilex agreed to pay the former holders of Semnur
  s capital
       stock up to $280.0 million in aggregate milestone payments, which
amounts are
       expected to be charged back to Semnur through an intercompany
arrangement. Please
       revise your disclosure to clarify how these obligations will be
addressed following
       completion of the Business Combination.
Exhibits

3.     We note the removal of Exhibit 8.1 from the Exhibit Index on page II-2.
Please file a
       tax opinion as an exhibit to the registration statement, or tell us why
you do not
       believe you are required to do so. Refer to Section III of Staff Legal
Bulletin No. 19
       (CF).
General

4.     We note that you have added a resale registration for shares
beneficially owned
       by Scilex Holding Company. Please refer to Question 212.15 and Question
612.09 of
       the Securities Act Rules Compliance and Disclosure Interpretations and
remove the
       resale transaction from the registration statement.
        Please contact Franklin Wyman at 202-551-3660 or Angela Connell at
202-551-3426
if you have questions regarding comments on the financial statements and
related
matters. Please contact Jessica Dickerson at 202-551-8013 or Joe McCann at
202-551-6262
with any other questions.

                                                            Sincerely,

                                                            Division of
Corporation Finance
                                                            Office of Life
Sciences
cc:   Michael Blankenship, Esq.
      Elizabeth Razzano, Esq.

```

### Attached PDF Documents

**Attachment 1:** `filename1`

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