Scilex Holding Co
For the period ended Dec 31, 2023. Filed Mar 12, 2024.
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FY2023 · Filed Mar 12, 2024
SCLX$1.61-7.5%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Cash Flows for the Years ended
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Operating activities | |||
| Net loss | $(114,331) | $(23,364) | $(88,424) |
| Adjustments to reconcile net loss to net cash used for operating activities: | |||
| Depreciation and amortization | 4,146 | 3,961 | 3,779 |
| Amortization of debt issuance costs and debt discount | 65 | 3,142 | 7,909 |
| Scilex Pharma Notes principal increase | — | — | 28,000 |
| Payment on the Scilex Pharma Notes attributed to accreted interest related to the debt discount | — | (21,190) | (12,487) |
| (Gain) loss on debt extinguishment, net | — | (28,634) | 12,463 |
| Non-cash operating lease cost | 507 | 492 | 372 |
| Stock-based compensation | 14,596 | 5,280 | 5,822 |
| Issuance of shares under Settlement Agreement | 750 | — | — |
| Loss (gain) on derivative liability | 512 | (8,310) | 300 |
| Forfeitures of private warrants | — | 1,697 | — |
| Change in fair value of debt and liability instruments | 7,189 | — | — |
| Other | 57 | — | — |
| Changes in operating assets and liabilities: | |||
| Accounts receivables, net | (13,361) | (6,968) | (1,142) |
| Inventory | (2,838) | 1,184 | (1,417) |
| Prepaid expenses and other | (441) | (2,629) | 1,479 |
| Other long-term assets | 855 | 350 | — |
| Accounts payable | 19,880 | 2,806 | (3,836) |
| Accrued payroll | 1,327 | (2,379) | (21) |
| Accrued expenses | 2,310 | (123) | 664 |
| Accrued rebates and fees | 58,765 | 23,531 | (255) |
| Other liabilities | (711) | (392) | (80) |
| Related party payable | — | 30,125 | 18,210 |
| Other long-term liabilities | 16 | 163 | — |
| Net cash used for operating activities | (20,707) | (21,258) | (28,664) |
| Investing activities | |||
| Acquisition consideration paid in cash for Romeg intangible asset acquisition | (300) | (2,060) | — |
| Purchase of property and equipment | (30) | (7) | — |
| Net cash used for investing activities | (330) | (2,067) | — |
| Financing activities | |||
| Proceeds from issuance of shares under Standby Equity Purchase Agreements | 35,458 | — | — |
| Proceeds from issuance of Convertible Debentures | 24,000 | — | — |
| Repayment of Convertible Debentures | (15,625) | — | — |
| Proceeds from issuance of Revolving Facility | 86,354 | — | — |
| Repayment of Revolving Facility | (69,001) | — | — |
| Repayment of Oramed Note | (5,000) | — | — |
| Transaction costs paid related to the Business Combination | (1,372) | (2,949) | — |
| Payments of debt issuance costs | (380) | — | — |
| Disbursement of funds to Sorrento | (20,000) | — | — |
| Cash consideration paid in connection with share repurchase | (10,000) | — | — |
| Transaction costs paid in connection with share repurchase | (1,987) | — | — |
| Proceeds from the Business Combination | — | 3,375 | — |
| Proceeds from stock options and warrants exercised | 1,135 | 96 | — |
| Proceeds from related party payable | — | 51,900 | 47,850 |
| Proceeds from related party note payable | — | 62,500 | 14,700 |
| Proceeds from other loans | — | 9,857 | 47,832 |
| Repayment of principal on the Scilex Pharma Notes | — | (84,808) | (33,387) |
| Repayment on other loans | — | (18,800) | (48,832) |
| Net cash proceeds from financing activities | 23,582 | 21,171 | 28,163 |
| Net change in cash, cash equivalents and restricted cash | 2,545 | (2,154) | (501) |
| Cash, cash equivalents and restricted cash at beginning of period | 2,184 | 4,338 | 4,839 |
| Cash, cash equivalents and restricted cash at end of period | $4,729 | $2,184 | $4,338 |
| Supplemental disclosure: | |||
| Cash paid for interest | $1,426 | $— | $— |
| Non-cash investing and financing activities | |||
| Issuance of shares to B. Riley pursuant to B. Riley Purchase Agreement | $1,869 | $— | $— |
| Conversion of Convertible Debentures into common stock | $7,735 | $— | $— |
| Right-of-use assets obtained in exchange for operating lease liabilities with lease modification | $2,523 | $— | $— |
| Oramed Note issuance at fair value | $106,252 | $— | $— |
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Other non-cash consideration in connection with share repurchase | $26,154 | $— | $— |
| Excise tax in connection with share repurchase included in accrued expenses | $1,310 | $— | $— |
| Related party debt converted to equity pursuant to Debt Exchange Agreement | $— | $289,733 | $— |
| Deferred consideration for Romeg intangible asset acquisition | $— | $3,650 | $— |
| Promissory Note issued to Sorrento in exchange for the SP-104 license | $— | $4,162 | $— |
| Fair value adjustment to derivative liability in troubled debt restructuring | $— | $30,400 | $— |
| Scilex Pharma Notes principal increase | $— | $— | $28,000 |
| Transaction costs obligation assumed by Sorrento | $— | $5,148 | $— |
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