# EDGAR Filing Document

**Accession Number:** 0001584541
**File Stem:** 0000000000-25-006737
**Filing Date:** 2025-6
**Character Count:** 7296
**Document Hash:** dfacb3b8c525123dbc259228ab2a60e0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000000000-25-006737.hdr.sgml**: 20251211

**ACCESSION NUMBER**: 0000000000-25-006737

**CONFORMED SUBMISSION TYPE**: UPLOAD

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250626

**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

```

                                                             June 26, 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. 2 to Registration Statement on Form S-4
           Filed June 11, 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 May 19, 2025
letter.

Amendment No. 2 to Registration Statement on Form S-4
Questions and Answers About the Business Combination and The Meeting
What are the possible sources and the extent of dilution that public
shareholders..., page 13

1.     The total share amounts presented in your tabular disclosure on page 14
differ from
       those presented on pages iv, 61, 214 and 344. Further, your disclosure
on page 14
       includes certain items that will not result in shares outstanding after
the Business
 June 26, 2025
Page 2

       Combination until the related options or warrants are exercised (e.g.,
shares
       underlying public and private warrants and shares underlying Semnur
options). Please
       revise to explain the basis for these differences and/or revise your
presentations
       accordingly.
Selected Historical Financial Data of Denali, page 269

2.     Please expand this presentation to include financial data for the three
months ended
       March 31, 2025.
Business of Semnur
Our Product Candidate - SP-102
Clinical Development Overview, page 298

3.     We note from a Scilex Holding Company press release, dated May 16, 2025,
that
       Scilex presented post-hoc analysis of the CLEAR trial on clinical
meaningfulness of
       safety and efficacy of SP-102 for the treatment of lumbosacral radicular
pain. Please
       revise your prospectus/proxy statement to disclose the analysis or
advise.
Government Regulation and Product Approval, page 311

4.     We note your response to prior comment 14. Please further revise your
disclosure on
       page 314 to disclose, consistent with your response, that Semnur's
planned NDA
       application will not seek approval based on the results of a single
adequate and well-
       controlled Phase 3 trial for excellent design and which provides highly
reliable and
       statistically strong evidence of important "clinical benefit." In this
regard, we note
       your disclosures throughout the prospectus regarding the "clinical
benefit" of SP-102.
Management's Discussion and Analysis of Financial Condition and Results of
Operations of
Semnur
Liquidity and Capital Resources
Future Liquidity Needs, page 335

5.     We note your response to prior comment 15. Specifically, we note your
statement
       that, in the 12 months following the consummation of the Business
Combination, you
       expect New Semnur's primary sources of liquidity to include, among other
things,
       continued support from Scilex pursuant to the Transition Services
Agreement. Please
       further revise your disclosure to quantify the liquidity deriving from
the Transition
       Services Agreement. In this regard, we note your disclosures elsewhere
in the
       prospectus that, under the Transition Services Agreement, New Semnur
will be
       required to pay service fees to Scilex and to reimburse Scilex for its
out of pocket
       fees, costs or expenses. Please also file a form of the Transition
Services Agreement
       or explain what aspects of the arrangement have not been determined to
date.
Semnur Pharmaceuticals, Inc.
Notes to Financial Statements
Note 7. Commitments and Contingencies
Subsidiary Guarantee to Oramed Note, page F-80

6.     Please explain your assertion that "following the execution of the
amended and
       restated security agreement with Oramed on October 8, 2024 and subject
to
 June 26, 2025
Page 3

       completion of the Business Combination, the Company will no longer be a
Guarantor
       under the Subsidiary Guarantee," particularly given Scilex's expected
92.4%
       ownership of the continuing company. Refer us to the supporting legal
agreements.
        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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