Scilex Holding Co

Listed Company

SCLXCIK 0001820190NasdaqNon-AcceleratedSmaller ReportingEmerging GrowthBiological Products, (No Diagnostic Substances)DelawareFY ends Dec 31

Period

FY 2025

Revenue

$30.30M

Net Income

$-374.05M

Total Assets

$364.98M

Equity

$-207.78M

Shares Out

8.49M

Op. Cash Flow

$3.82M

Business

Scilex Holding Co is a revenue-generating biopharmaceutical company focused on acquiring, developing and commercializing non‑opioid pain management therapies for acute and chronic pain. Its main products include FDA‑approved ZTlido (lidocaine topical system), ELYXYB (celecoxib oral solution) and GLOPERBA (liquid colchicine), and pipeline candidates SP‑102 (SEMDEXA), SP‑103 (high‑strength lidocaine topical system) and SP‑104 (low‑dose delayed‑release naltrexone). The company operates research, clinical development and commercial functions, including regulatory, medical affairs and manufacturing partnerships. It primarily markets and distributes products in the United States through a direct sales force, wholesalers, pharmacies and managed‑care channels.

Summary from filing dated 2025-03-31

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net Revenue	30	57	47	38	31
Cost of revenue	11	17	16	11	4
Research and development	21	10	13	9	9
Selling, general and administrative	267	119	120	65	51
Goodwill impairment	73	0	—	—	—
Intangible amortization	4	4	4	4	4
Legal settlements	345,000	−9	—	—	—
Total net operating costs and expenses	376	140	152	89	67
Loss from operations	−346	−83	−105	−51	−36
(Gain) loss on derivative liability	23	−17	512,000	−8	300,000
Change in fair value of debt and liability instruments	25	5	7	0	0
Interest expense, net	11	2	1	—	—
Loss on foreign currency exchange	−86,000	45,000	118,000	66,000	54,000
Unrealized loss on digital assets, net	12	0	—	—	—
Loss on debt extinguishment, net	7	0	—	—	—
Realized loss on digital assets, net	30	0	—	—	—
Unrealized (gain) on equity investment, net	−3	0	—	—	—
Realized (gain) on equity investments, net	−19	0	—	—	—
Unrealized (gain) on equity method investments carried at fair value, net	−55	0	—	—	—
Realized (gain) on equity method investments carried at fair value, net	−5	0	—	—	—
Realized (gain) on securities	199,000	0	—	—	—
Total other (income) expense, net	28	−11	9	−27	53
Loss before income taxes	−374	−73	−114	−23	−88
Income tax expense (benefit)	26,000	−1,000	13,000	4,000	5,000
Net loss	−374	−73	−114	−23	−88
Net Loss Attributable to Common Stockholders Before Deemed Dividend	−359	−73	—	—	—
Deemed dividend	−44	0	—	—	—
Net loss attributable to noncontrolling interests	−15	0	—	—	—
Net Income (Loss) Available to Common Stockholders, Basic, Total	−402	−73	—	—	—
Net comprehensive loss attributable to common stockholders	−359	−73	—	—	—
Net loss per share attributable to common stockholders - basic	−36.48	−7.24	−1.28	−0.17	−0.67
Net loss per share attributable to common stockholders - diluted	−36.48	−8.05	−1.28	−0.17	−0.67
Weighted average number of shares during the period-basic	11,034	10,061	130	134	133
Weighted average number of shares, diluted	11,034	10,145	130	134	133
Foreign currency translation adjustment	−756,000	0	—	—	—
Changes in fair value attributable to instrument-specific credit risk	−11	6	0	—	—
Total other comprehensive income	−12	6	0	—	—
Comprehensive loss attributable to common stockholders	−371	−66	−114	—	—

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2023 2023-04-30	FY 2022 2022-12-31
Cash and cash equivalents	5	3	4	—	2
Marketable securities	6	0	—	—	—
Accounts receivable, net	15	26	35	—	21
Inventory	5	2	4	—	1
Prepaid expenses and other current assets	7	9	4	—	5
Total current assets	38	42	47	—	30
Property and equipment, net	14	708,000	722,000	—	772,000
Operating lease right-of-use asset	15	2	3	3	1
Intangibles, net	59	32	36	—	41
Investments	1	2	0	—	—
Equity method investment, at fair value	127	0	—	—	—
Digital assets	65	0	—	—	—
Goodwill	14	14	14	—	14
Other long-term assets	523,000	119,000	897,000	—	944,000
Total assets	365	93	101	—	87
Accounts payable	86	53	41	—	8
Accrued payroll	3	2	3	—	1
Accrued rebates and fees	232	163	90	—	31
Accrued expenses	66	3	7	—	3
Current portion of deferred consideration	407,000	447,000	491,000	—	264,000
Debt, current	83	35	108	—	0
Promissory notes	4	0	—	—	—
Purchased revenue liability, current	4	4	0	—	—
Current portion of operating lease liabilities	2	714,000	759,000	—	745,000
Other current liabilities	3	0	—	—	—
Total current liabilities	484	260	250	—	45
Long-term portion of deferred consideration	2	2	3	—	3
Debt, net of issuance costs	22	845,000	17	—	0
Purchased revenue liability, net of current portion	5	3	0	—	—
Derivative liabilities	51	18	2	—	1
Operating lease liabilities, net of current portion	13	2	2	3	665,000
Other long-term liabilities	174,000	155,000	179,000	—	163,000
Total liabilities	577	286	274	—	50
Commitments and contingencies (See Note 13)	—	—	—	—	—
Common stock, $0.0001 par value, 740,000,000 shares authorized; 8,491,267 shares issued and 7,033,004 shares outstanding as of December 31, 2025; 6,951,622 shares issued and 5,235,377 shares outstanding as of December 31, 2024	1,000	1,000	16,000	—	14,000
Additional paid-in capital	797	455	408	—	412
Accumulated other comprehensive income	−6	6	0	—	—
Accumulated deficit	−922	−563	−490	—	−376
Treasury stock, at cost; 1,458,263 shares as of December 31, 2025 and 1,716,245 as of December 31, 2024	−77	−91	−91	—	0
Total stockholders' deficit before noncontrolling interests	−208	−193	−173	—	36
Noncontrolling interests	−4	0	—	—	—
Total stockholders' deficit	−212	−193	−173	—	—
Total liabilities and stockholders' deficit	365	93	101	—	87

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	5	4	4	4	4
Amortization of debt issuance costs and debt discount	409,000	316,000	65,000	3	8
Non-cash operating lease cost	812,000	718,000	507,000	492,000	372,000
Stock-based compensation	15	16	15	5	6
Fair value of Gloperba-Elyxyb RPA liability expensed	500,000	0	—	—	—
Fair value of treasury Stock expensed - Tranche B and Oramed Note	4	0	—	—	—
Fair value of September 2025 warrants expensed - Tranche B modification	3	0	—	—	—
Loss on debt extinguishment, net	7	0	—	—	—
Goodwill impairment	73	0	—	—	—
Financing costs and allocated expense for financial instruments at fair value	0	17	—	—	—
In-process research and development expense	5	0	—	—	—
Transaction costs expensed related to Semnur Business Combination	140	0	—	—	—
Change in fair value of debt and liability instruments	25	5	—	—	—
Change in fair value of equity investments	−3	0	—	—	—
Change in fair value of digital assets	12	0	—	—	—
Change in fair value of equity method investment, net	−55	0	—	—	—
Realized (gain) loss on investment, net	−19	0	—	—	—
Realized (gain) loss on digital assets, net	30	0	—	—	—
Realized (gain) loss on equity method investment, net	−5	0	—	—	—
Realized Gains & Losses on Securities	199,000	0	—	—	—
Allowances for expected credit losses	0	1	0	—	—
Other	−13,000	661,000	57,000	0	0
Accounts receivables, net	14	−6	−13	−7	−1
Inventory	2	1	−3	1	−1
Prepaid expenses and other	3	−479,000	−441,000	−3	1
Other long-term assets	−3,000	−30,000	855,000	350,000	0
Accounts payable	13	7	20	3	−4
Accrued Payroll	−1	−1	1	−2	−21,000
Accrued expenses	15	−8	2	−123,000	664,000
Accrued rebates and fees	69	73	59	24	−255,000
Operating lease liability	−857,000	−758,000	−711,000	—	—
Other long-term liabilities	25,000	−24,000	16,000	163,000	0
Net cash (used for) proceeds from operating activities	4	19	−21	−21	−29
Acquisition consideration paid in cash for Romeg intangible asset acquisition	−600,000	−600,000	−300,000	−2	0
Purchase of equity securities	0	−2	0	—	—
Cash paid for in-process research and development, net	−200,000	−75,000	—	—	—
Cash paid to settle Datavault Obligation	−9	0	—	—	—
Purchases of Bitcoin with cash	−16	0	—	—	—
Purchase of property, plant, and equipment	−133,000	0	−30,000	−7,000	0
Exercise of prefunded warrant	−27,000	0	—	—	—
Purchase of preferred shares of Vivasor	−9	0	—	—	—
Sale of Datavault AI Inc. shares for cash, net	40	0	—	—	—
Repayments on promissory note	−962,000	0	—	—	—
Payment made for PA OPS investment	−1	0	—	—	—
Vivasor Cash Acquired	2	0	—	—	—
Purchase of convertible promissory note from Denali	−50,000	0	0	—	—
Net cash used for investing activities	4	−3	−330,000	−2	0
Proceeds from issuance of shares under Standby Equity Purchase Agreements and ATM Sales Agreement	0	3	35	—	—
Proceeds from issuance of Revolving Facility	0	95	86	0	0
Proceeds from issuance of FSF Deposit	0	10	0	—	—
Proceeds from issuance of Tranche B Notes and purchased revenue liability	0	25	0	—	—
Repayment of Revolving Facility	0	−113	−69	0	0
Repayment of Oramed Note	0	−64	−5	—	—
Cash consideration paid in connection with warrant repurchase	0	−300,000	—	—	—
Cash assumed in Semnur Business Combination	35,000	0	—	—	—
Repayment of Convertible Debentures	0	−4	−16	0	0
Repayment of Tranche B Notes	−21	−3	0	—	—
Payments of debt issuance costs	−71,000	−4	−380,000	0	0
Cash consideration paid in connection with the repurchase of Penny Warrants	−27	0	0	—	—
Payments on purchased revenue liability	−3	0	—	—	—
Transaction costs paid in connection with share repurchase	−996,000	0	−2	0	0
Proceeds from exercise of April 2024 RDO Warrants and December 2024 RDO Warrants	20	0	—	—	—
Transaction costs paid in connection with issuance of common stock and exchange of April 2024 RDO Warrants and December 2024 RDO Warrants for November 2025 Warrants	−2	0	—	—	—
Payments for the termination of Tumim Purchase Agreement	−3	0	—	—	—
Proceeds from issuance of Scilex-St. James Loans	22	0	—	—	—
Excise tax paid in connection with share repurchase	−860,000	−450,000	0	—	—
Proceeds from issuance of shares under direct offerings	0	42	0	—	5
Payments of direct offering issuance costs	0	−4	0	—	−416,260
Payments of deferred transaction costs related to Semnur Merger	0	−1	0	—	—
Proceeds from exercise of December 2024 RDO Warrants for Common Stock	10	0	—	—	—
Proceeds from stock options and warrants exercised and ESPP	23,000	2	1	96,000	0
Payments for Vivasor debt	−558,000	0	—	—	—
Payments in lieu of fractional shares for Reverse Stock Split	−1,000	0	—	—	—
Net cash (used for) financing activities	−5	−18	24	21	28
Effect of exchange rate changes on cash	−756,000	0	—	—	—
Net change in cash and cash equivalents	2	−1	3	−2	−501,000
Cash paid for interest	935,000	2	1	0	0
Issuance costs related to direct offerings included in accrued expenses and account payables	0	2	0	—	—
Net liabilities assumed in Semnur Business Combination	13	0	—	—	—
Derecognition of Scilex's equity investment in Denali in connection with Semnur Business Combination	2	0	—	—	—
Exercise of December 2024 RDO Warrants in exchange for settlement of Tranche B Notes principal and interest	3	0	—	—	—
Purchase of equity investment in Datavault AI Inc in exchange for Bitcoin	8	0	—	—	—
Bitcoin acquired in exchange for shares of Semnur Stock	200	0	—	—	—
Additions to intangible assets included in accrued expenses	1	0	—	—	—
Fee Warrants issued and exercised in connection with the Commitment Letter	0	610,000	0	—	—
Settlement of FSF Deposit	0	13	0	—	—
Deferred transaction costs related to Semnur Merger included in accrued expenses and account payable	0	5	0	—	—
Conversion of Oramed Note into Tranche B Notes	0	25	0	—	—
Debt issuance costs included in accrued expenses	0	3	0	—	—
Datavault Licenses acquired but not yet paid	30	0	—	—	—
Purchase of Bitcoin in exchange for Scilex-St. James Loans	9	0	—	—	—
Excise tax in connection with share repurchase included in accrued expenses	0	860,000	1	0	0
Purchase and exercise of prefunded warrant for Datavault shares in exchange for Bitcoin	110	0	—	—	—
Issuance of warrants as financing costs in connection with issuance of common stock and exchange of liability classified instruments	862,000	0	—	—	—
Vivasor debt forgiveness	−2	0	—	—	—
Vivasor net assets consolidated	0	0	—	—	—
Net impact of the issuance of November 2025 Warrants and exchange of liability classified instruments	6	0	—	—	—

Filings

Filing historySign up free to browse every 10-K, 10-Q, 8-K, and proxy this filer has submitted to the SEC.Sign up free · Upgrade to Pro

Material Events

Material EventsTrack every 8-K filing and material event — AI-summarized, timelined, and alertable.Sign up free · Upgrade to Pro

Insiders

Insider ActivitySee executive buy/sell windows and insider trade activity over rolling 30/90/365-day windows.Sign up free · Upgrade to Pro

Institutional Holders

Institutional HoldersSee which funds hold this stock and track position changes quarter over quarter.Sign up free · Upgrade to Pro