S
Scilex Holding Co
SCLXCIK 0001820190NasdaqEmerging 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 pharmaceutical company focused on acquiring, developing and commercializing non-opioid pain management products for acute and chronic pain treatment. Its commercial products include ZTlido (lidocaine topical system) for postherpetic neuralgia, ELYXYB (celecoxib oral solution) for acute migraine, and GLOPERBA (colchicine oral liquid) for gout prophylaxis. The company also develops product candidates SP-102 (dexamethasone viscous gel for sciatica), SP-103 (triple-strength lidocaine topical), and SP-104 (low-dose naltrexone for fibromyalgia), and has adopted a cryptocurrency treasury strategy investing in bitcoin, Ethereum and other blockchain-linked cryptocurrencies.
Summary from 10-K filed 2026-04-10
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | 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 | Trend | 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 | Trend | 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
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Insider Activity
Person — Scilex Holding Co
- CIK
- 0001820190
- Insider filer
- Yes
Positions
| Company | Ticker | Role | Title | Tenure |
|---|---|---|---|---|
| Semnur Pharmaceuticals, Inc. | SMNR | ten_percent | — | 2025-09-25 → 2026-06-26 |
| Datavault AI Inc. | DVLT | ten_percent | — | 2025-11-28 → 2026-01-14 |
| Scilex Holding Co | SCLX | ten_percent | — | 2025-12-30 |
Frequently asked questions
What is Scilex Holding Co's CIK number?
Scilex Holding Co's SEC CIK number is 0001820190 (1820190). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find Scilex Holding Co's SEC filings?
All of Scilex Holding Co's EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.