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SCLX

Scilex Holding Company

SCLX

Scilex Holding Company • NASDAQ
$20.36 ▲ 0.12% (+0.03)
Market Cap $154.48 M
52w High $34.27
52w Low $3.60
Dividend Yield 0%
P/E -0.5
Volume 22.06K
Outstanding Shares 7.59M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $10.56M ▲ $193.743M ▲ $-257.234M ▼ -2.436K% ▼ $-22.17 ▼ $-253.998M ▼
Q2-2025 $9.896M ▲ $27.131M ▼ $-86.061M ▼ -869.654% ▼ $-7.42 ▼ $-40.337M ▼
Q1-2025 $5.004M ▼ $31.518M ▼ $-26.08M ▼ -521.183% ▼ $-2.26 ▼ $-22.596M ▼
Q4-2024 $14.9M ▲ $38.587M ▲ $-6.46M ▼ -43.356% ▼ $-1.23 ▼ $-5.172M ▼
Q3-2024 $14.436M $30.585M $-4.388M -30.396% $-1.21 $-2.807M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $878K ▼ $275.879M ▲ $455.598M ▲ $-176.936M ▲
Q2-2025 $4.099M ▼ $83.755M ▲ $332.742M ▲ $-248.987M ▼
Q1-2025 $5.8M ▲ $78.976M ▼ $290.46M ▲ $-211.484M ▼
Q4-2024 $3.272M ▲ $92.953M ▼ $285.594M ▼ $-192.641M ▲
Q3-2024 $77K $100.43M $311.747M $-211.317M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-257.82M ▼ $8.23M ▲ $-152K ▲ $-11.299M ▼ $-3.221M ▼ $8.53M ▲
Q2-2025 $-44.048M ▼ $7.05M ▲ $-153K ▲ $-8.598M ▼ $-1.701M ▼ $7.05M ▲
Q1-2025 $-26.08M ▼ $6.007M ▲ $-395K ▼ $-3.084M ▲ $2.528M ▲ $5.857M ▲
Q4-2024 $-6.46M ▼ $2.534M ▼ $-195K ▲ $-7.183M ▼ $-4.844M ▼ $2.384M ▼
Q3-2024 $-4.388M $5.113M $-2.18M $-4.483M $-1.55M $4.963M

Five-Year Company Overview

Income Statement

Income Statement Revenue has been climbing gradually over the last several years, but it is still small relative to the company’s ambitions and cost base. Gross margins look healthy, meaning the products themselves are profitable after direct costs. The challenge is that overall operating expenses, especially for commercialization and development, are much higher than gross profit, so the company continues to report operating losses. Losses widened meaningfully in the middle of the period and, while there are signs of some improvement more recently, the business is still firmly in the loss‑making phase. Earnings per share look extremely negative, partly reflecting accounting effects and share count changes rather than just day‑to‑day operations, but they underline that this is not yet a financially mature company.

Balance Sheet

Balance Sheet The balance sheet is light, with a relatively small asset base and essentially no reported cash buffer in this summary, which suggests limited financial flexibility. Debt has been used at various points and, while it appears to have been scaled back recently, it still matters for a company of this size. Shareholders’ equity is negative in most years, which usually means accumulated losses and financing structures have eroded the company’s accounting capital. Overall, the balance sheet picture is that of a young, high‑risk biotech/commercial stage company rather than a firmly established, well‑capitalized pharmaceutical player.

Cash Flow

Cash Flow Historically, the business consumed cash from operations, consistent with a company investing heavily in growth and development. More recently, operating and free cash flow have just tipped into positive territory, suggesting that product sales and working‑capital management are starting to cover ongoing cash costs. However, the surplus appears modest and may be sensitive to changes in sales momentum, reimbursement, or spending needs. With essentially no capital spending reported, cash flow is being driven almost entirely by the core operations and working capital rather than by heavy investment in physical assets.

Competitive Edge

Competitive Edge Scilex competes in a focused niche: non‑opioid pain management. This is an area with strong societal and regulatory support, which gives its strategy clear relevance. Its commercial products offer practical advantages over older therapies, such as better patch adhesion, faster migraine relief, and more flexible dosing for gout, which helps differentiate them from generic and branded competitors. At the same time, the company operates in a sector dominated by much larger pharma firms with greater marketing power, deeper pockets, and broader portfolios. Market access, insurance coverage, physician education, and ongoing post‑launch evidence generation will be critical to defending and expanding its position. The company has carved out a recognizable role with pain specialists, but its competitive moat is still in the process of being proven at scale.

Innovation and R&D

Innovation and R&D Innovation is the core of Scilex’s strategy. It focuses less on discovering entirely new molecules and more on re‑engineering known drugs with improved delivery systems and formulations. ZTlido, ELYXYB, and GLOPERBA each showcase this approach by solving specific pain‑management problems: patch adhesion, speed of onset, and dose flexibility. The pipeline adds another layer of potential. SEMDEXA, if ultimately approved, could create a new standard for non‑opioid treatment of sciatica, while SP‑103 and SP‑104 target large, chronic pain conditions with meaningful unmet needs. Regulatory milestones, safety data, and payer acceptance are the main uncertainties. The company also appears open to using data and AI partnerships to sharpen development and commercialization. Overall, R&D and innovation are clear strengths, but they remain capital‑intensive and outcomes are inherently uncertain.

Summary

Scilex is a specialized, innovation‑driven pain‑management company with a clear focus on non‑opioid solutions and a growing suite of differentiated products. Financially, it remains in an early, high‑risk stage: revenue is rising but still small, losses are ongoing, the balance sheet is thin with negative equity, and the recent improvement in cash flow is promising but not yet firmly established. On the strategic side, its technology platforms, late‑stage pipeline, and targeted commercial execution give it real opportunities to scale within its niche. Future results will largely depend on executing product launches, achieving favorable reimbursement, successfully navigating regulatory paths for pipeline assets like SEMDEXA, and managing its limited financial resources carefully during this expansion phase.

NEWS

November 26, 2025 · 6:00 AM UTC

Scilex Holding Company Announces Closing of Previously Announced Second Tranche Investment in Datavault AI Inc., Completing Its Two-Tranche Equity Financing in Datavault AI Inc.

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November 25, 2025 · 2:37 PM UTC

Scilex Holding Company Announces Closing of Exercise of Warrants for $20.3 Million Gross Proceeds

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November 24, 2025 · 6:00 AM UTC

Scilex Holding Company Announces Exercise of Warrants for $20.3 Million Gross Proceeds

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November 21, 2025 · 3:59 PM UTC

Scilex Holding Company Announces Update Regarding Distribution of Dream Bowl 2026 Meme Coin by Datavault AI Inc.

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November 11, 2025 · 9:30 AM UTC

Scilex Holding Company Announces that the Board of Directors of Datavault AI Inc. Has Approved the Distribution of a Dream Bowl 2026 Meme Coin to All Eligible Scilex and Datavault AI Stockholders of Record and Set a Record Date of November 25, 2025

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