Scilex Holding Co
For the period ended Sep 30, 2025. Filed Nov 14, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 14, 2025
SCLX$1.61-7.5%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Condensed Consolidated Statements of Operations
(In thousands, except for net loss per share amounts)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| Net revenue | $10,560 | $14,436 | $25,460 | $41,690 |
| Net operating costs and expenses: | ||||
| Cost of revenue | 3,329 | 3,768 | 7,985 | 11,998 |
| Research and development | 3,899 | 2,349 | 12,542 | 7,461 |
| Selling, general and administrative | 188,824 | 29,734 | 236,725 | 83,610 |
| Intangible amortization | 1,020 | 1,002 | 3,030 | 3,030 |
| Legal settlements | — | (2,500) | 95 | (9,391) |
| Total net operating costs and expenses | 197,072 | 34,353 | 260,377 | 96,708 |
| Loss from operations | (186,512) | (19,917) | (234,917) | (55,018) |
| Other expense, net: | ||||
| (Gain) loss on derivative liability | 58,357 | (18,108) | 60,323 | (2,367) |
| Change in fair value of debt and liability instruments | 22,031 | 1,957 | 36,511 | 11,961 |
| Loss on debt extinguishment, net | 1,103 | — | 1,103 | — |
| Interest expense, net | 2,798 | 576 | 7,961 | 1,678 |
| Loss on foreign currency exchange | 2 | 46 | 97 | 57 |
| Unrealized gain on investments | (8,282) | — | (8,282) | — |
| Unrealized gain on digital assets | (4,702) | — | (4,702) | — |
| Total other expense, net | 71,307 | (15,529) | 93,011 | 11,329 |
| Loss before income taxes | (257,819) | (4,388) | (327,928) | (66,347) |
| Income tax expense | 1 | — | 20 | — |
| Net loss | $(257,820) | $(4,388) | $(327,948) | $(66,347) |
| Deemed dividend | — | — | (43,753) | — |
| Net loss attributable to noncontrolling interests | (586) | — | (2,326) | — |
| Net loss attributable to common stockholders | $(257,234) | $(4,388) | $(369,375) | $(66,347) |
| Net loss per share attributable to common stockholders — basic and diluted | $(22.17) | $(0.58) | $(31.88) | $(12.77) |
| Weighted average number of shares during the period — basic and diluted | 11,604 | 7,557 | 11,588 | 5,194 |
| Comprehensive loss: | ||||
| Net loss | $(257,820) | $(4,388) | $(327,948) | $(66,347) |
| Other comprehensive income: | ||||
| Changes in fair value attributable to instrument-specific credit risk | (2,970) | 3,160 | (2,970) | 5,011 |
| Total other comprehensive income | (2,970) | 3,160 | (2,970) | 5,011 |
| Comprehensive loss | $(260,790) | $(1,228) | $(330,918) | $(61,336) |
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ DEFICIT
| Preferred Stock · Common Stock · Additional · Accumulated Other · Accumulated · Treasury Stock · Noncontrolling · Stockholders’ | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares | Amount | Shares | Amount | Paid-in Capital | Comprehensive Income | Deficit | Shares | Amount | Interest | Deficit | |
| Balance, December 31, 2024 | 34,057 | $1 | 6,952 | $1 | $454,614 | $6,317 | $(563,052) | 1,716 | $(90,522) | $— | $(192,641) |
| Treasury Stock transferred to Tranche B Investors for Tranche B Notes deferral | — | — | — | — | (5,353) | — | — | (143) | 7,535 | — | 2,182 |
| Treasury Stock paid for Gloperba Ex-U.S. License | — | — | — | — | (808) | — | — | (22) | 1,174 | — | 366 |
| Treasury Stock transferred to Oramed for the Oramed Note maturity extension | — | — | — | — | (3,523) | — | — | (93) | 4,898 | — | 1,375 |
| Stock-based compensation | — | — | — | — | 3,314 | — | — | — | — | — | 3,314 |
| Net loss | — | — | — | — | — | — | (26,080) | — | — | — | (26,080) |
| Balance, March 31, 2025 | 34,057 | 1 | 6,952 | 1 | 448,244 | 6,317 | (589,132) | 1,458 | (76,915) | — | (211,484) |
| Payments in lieu of fractional shares for Reverse Stock Split | — | — | — | — | (1) | — | — | — | — | — | (1) |
| Shares issued under ESPP | — | — | 4 | — | 17 | — | — | — | — | — | 17 |
| Acquisition of controlling interest in Scilex Bio | — | — | — | — | 1,510 | — | — | — | — | 1,740 | 3,250 |
| Stock-based compensation | — | — | — | — | 3,279 | — | — | — | — | — | 3,279 |
| Net loss | — | — | — | — | — | — | (42,308) | — | — | (1,740) | (44,048) |
| Balance, June 30, 2025 | 34,057 | 1 | 6,956 | 1 | 453,049 | 6,317 | (631,440) | 1,458 | (76,915) | — | (248,987) |
| Issuance of common stock upon exercise of December 2024 RDO Warrants | — | — | 450 | — | 10,237 | — | — | — | — | — | 10,237 |
| Exercise of December 2024 RDO Warrants in exchange for Tranche B Notes deferral | — | — | 179 | — | 3,527 | — | — | — | — | — | 3,527 |
| Repurchase of Penny Warrants | — | — | — | — | (13,000) | — | — | — | — | — | (13,000) |
| Acquisition of controlling interest in Scilex Bio | — | — | — | — | 306 | — | — | — | — | 204 | 510 |
| Reverse recapitalization – Semnur Business Combination | — | — | — | — | 127,244 | — | — | — | — | (1,716) | 125,528 |
| Sale of 12.5 million New Semnur Common | — | — | — | — | 200,685 | — | — | — | — | (685) | 200,000 |
| Stock-based compensation | — | — | — | — | 3,256 | — | — | — | — | — | 3,256 |
| Other comprehensive loss | — | — | — | — | — | (2,970) | — | — | — | — | (2,970) |
| Net loss | — | — | — | — | — | — | (257,234) | — | — | (586) | (257,820) |
| Balance, September 30, 2025 | 34,057 | $1 | 7,585 | $1 | $785,304 | $3,347 | $(888,674) | 1,458 | $(76,915) | $(2,783) | $(179,719) |
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ DEFICIT
| Preferred Stock · Common Stock · Additional · Accumulated Other · Accumulated · Treasury Stock · Stockholders’ | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Shares | Amount | Shares | Amount | Paid-in Capital | Comprehensive Income | Deficit | Shares | Amount | Deficit | |
| Balance, December 31, 2023 | 29,057 | $— | 4,574 | $1 | $407,828 | $— | $(490,245) | 1,716 | $(90,522) | $(172,938) |
| Shares issued under Standby Equity Purchase Agreements and under ATM Sales Agreement | — | — | 5 | — | 156 | — | — | — | — | 156 |
| Shares issued under February 2024 BDO | — | — | 168 | — | 3,769 | — | — | — | — | 3,769 |
| Stock options exercised | — | — | 1 | — | 46 | — | — | — | — | 46 |
| Stock-based compensation | — | — | — | — | 3,558 | — | — | — | — | 3,558 |
| Net loss | — | — | — | — | — | — | (24,377) | — | — | (24,377) |
| Balance, March 31, 2024 | 29,057 | — | 4,748 | 1 | 415,357 | — | (514,622) | 1,716 | (90,522) | (189,786) |
| Shares issued under April 2024 RDO | — | — | 429 | — | 5,919 | — | — | — | — | 5,919 |
| April 2024 RDO Placement Agent Warrants issued in connection with April 2024 RDO and February 2024 BDO Representative Warrants issued in connection with February 2024 BDO | — | — | — | — | 956 | — | — | — | — | 956 |
| Shares issued under ESPP | — | — | 5 | — | 154 | — | — | — | — | 154 |
| Stock options exercised | — | — | 2 | — | 99 | — | — | — | — | 99 |
| Issuance of common stock upon warrants exercise | — | — | 1 | — | 84 | — | — | — | — | 84 |
| Stock-based compensation | — | — | — | — | 3,613 | — | — | — | — | 3,613 |
| Other comprehensive income | — | — | — | — | — | 1,851 | — | — | — | 1,851 |
| Net loss | — | — | — | — | — | — | (37,582) | — | — | (37,582) |
| Balance, June 30, 2024 | 29,057 | — | 5,185 | 1 | 426,182 | 1,851 | (552,204) | 1,716 | (90,522) | (214,692) |
| Retainer Shares issued | — | — | 286 | — | 1 | — | — | — | — | 1 |
| Fee Warrant issued in connection with the Commitment Letter | — | — | — | — | 310 | — | — | — | — | 310 |
| Repurchase of SPAC Warrants | — | — | — | — | (298) | — | — | — | — | (298) |
| Common stock issuable under Sponsor Interest Purchase Agreement | — | — | — | — | 345 | — | — | — | — | 345 |
| Stock options exercised | — | — | 1 | — | 82 | — | — | — | — | 82 |
| Issuance of common stock upon exercise of February 2024 BDO Warrants | — | — | 8 | — | 450 | — | — | — | — | 450 |
| Stock-based compensation | — | — | — | — | 3,713 | — | — | — | — | 3,713 |
| Other comprehensive income | — | — | — | — | — | 3,160 | — | — | — | 3,160 |
| Net loss | — | — | — | — | — | — | (4,388) | — | — | (4,388) |
| Balance, September 30, 2024 | 29,057 | $— | 5,480 | $1 | $430,785 | $5,011 | $(556,592) | 1,716 | $(90,522) | $(211,317) |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.