Scilex Holding Co
For the period ended Dec 31, 2025. Filed Apr 10, 2026.
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FY2025 · Filed Apr 10, 2026
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, | ||
|---|---|---|
| 2025 | 2024 | |
| Operating activities | ||
| Net loss including noncontrolling interest | $(374,053) | $(72,807) |
| Adjustments to reconcile net loss to net cash proceeds from operating activities: | ||
| Depreciation and amortization | 4,623 | 4,046 |
| Amortization of debt issuance costs and debt discount | 409 | 316 |
| Non-cash operating lease cost | 812 | 718 |
| Stock-based compensation | 15,492 | 15,689 |
| Fair value of Gloperba-Elyxyb RPA liability expensed | 500 | — |
| Fair value of treasury Stock expensed - Tranche B and Oramed Note | 3,557 | — |
| Fair value of September 2025 warrants expensed - Tranche B modification | 3,091 | — |
| (Gain) loss on derivative liability | 22,693 | (17,378) |
| Loss on extinguishment of derivative liability | 7,350 | — |
| Goodwill impairment | 73,358 | — |
| Financing costs and allocated expense for financial instruments at fair value | — | 17,297 |
| In-process research and development expense | 5,426 | — |
| Transaction costs expensed related to Semnur Business Combination | 140,000 | — |
| Change in fair value of debt and liability instruments | 25,351 | 4,782 |
| Change in fair value of equity investments | (2,692) | — |
| Change in fair value of digital assets | 12,180 | — |
| Change in fair value of equity method investment, net | (54,759) | — |
| Realized (gain) loss on investment, net | (19,218) | — |
| Realized (gain) loss on digital assets, net | 30,200 | — |
| Realized (gain) loss on equity method investment, net | (4,657) | — |
| Realized Gains & Losses on Securities | 199 | — |
| Allowances for expected credit losses | — | 1,186 |
| Other | (13) | 661 |
| Changes in operating assets and liabilities: | ||
| Accounts receivables, net | 13,837 | (6,267) |
| Inventory | 1,799 | 1,462 |
| Prepaid expenses and other | 3,300 | (479) |
| Other long-term assets | (3) | (30) |
| Accounts payable | 13,121 | 7,419 |
| Accrued payroll | (1,095) | (1,176) |
| Accrued expenses | 14,601 | (8,167) |
| Accrued rebates and fees | 69,239 | 72,859 |
| Operating lease liability | (857) | (758) |
| Other long-term liabilities | 25 | (24) |
| Net cash proceeds from operating activities | 3,816 | 19,349 |
| Investing activities | ||
| Acquisition consideration paid in cash for Romeg intangible asset acquisition | (600) | (600) |
| Purchase of equity securities | — | (2,000) |
| Cash paid for in-process research and development, net | (200) | (75) |
| Cash paid to settle Datavault Obligation | (9,230) | — |
| Purchases of Bitcoin with cash | (15,837) | — |
| Purchase of property and equipment | (133) | — |
| Exercise of prefunded warrant | (27) | — |
| Purchase of preferred shares of Vivasor | (9,000) | — |
| Sale of Datavault AI Inc. shares for cash, net | 39,606 | — |
| Repayments on promissory note | (962) | — |
| Payment made for PA OPS investment | (1,000) | — |
| Vivasor Cash Acquired | 1,517 | — |
| Purchase of convertible promissory note from Denali | (50) | — |
| Net cash proceeds from (used for) investing activities | 4,084 | (2,675) |
| Financing activities | ||
| Proceeds from issuance of shares under Standby Equity Purchase Agreements and ATM Sales Agreement | — | 2,671 |
| Proceeds from issuance of Revolving Facility | — | 95,438 |
| Proceeds from issuance of FSF Deposit | — | 10,000 |
| Proceeds from issuance of Tranche B Notes and purchased revenue liability | — | 25,000 |
| Repayment of Revolving Facility | — | (112,791) |
| Repayment of Oramed Note | — | (64,200) |
| Cash consideration paid in connection with warrant repurchase | — | (300) |
| Cash assumed in Semnur Business Combination | 35 | — |
| Repayment of Convertible Debentures | — | (4,375) |
| Repayment of Tranche B Notes | (20,532) | (3,283) |
| Payments of debt issuance costs | (71) | (4,172) |
| Cash consideration paid in connection with the repurchase of Penny Warrants | (27,000) | — |
| Payments on purchased revenue liability | (3,179) | — |
|---|---|---|
| Transaction costs paid in connection with share repurchase | (996) | — |
| Proceeds from exercise of April 2024 RDO Warrants and December 2024 RDO Warrants | 20,358 | — |
| 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 | (1,745) | — |
| Payments for the termination of Tumim Purchase Agreement | (2,700) | — |
| Proceeds from issuance of Scilex-St. James Loans | 21,528 | — |
| Excise tax paid in connection with share repurchase | (860) | (450) |
| Proceeds from issuance of shares under direct offerings | — | 41,967 |
| Payments of direct offering issuance costs | — | (4,370) |
| Payments of deferred transaction costs related to Semnur Business Combination | — | (1,379) |
| Proceeds from exercise of December 2024 RDO Warrants for Common Stock | 10,237 | — |
| Proceeds from stock options and warrants exercised and ESPP | 23 | 2,113 |
| Payments for Vivasor debt | (558) | — |
| Payments in lieu of fractional shares for Reverse Stock Split | (1) | — |
| Net cash (used for) financing activities | (5,461) | (18,131) |
| Effect of exchange rate changes on cash | (756) | — |
| Net change in cash and cash equivalents | 1,683 | (1,457) |
| Cash, cash equivalents and restricted cash at beginning of period | 3,272 | 4,729 |
| Cash, cash equivalents and restricted cash at end of period | $4,955 | $3,272 |
| Supplemental disclosure: | ||
| Cash paid for interest | $935 | $1,561 |
| Non-cash investing and financing activities | ||
| Issuance costs related to direct offerings included in accrued expenses and account payables | $— | $1,845 |
| Net liabilities assumed in Semnur Business Combination | $12,822 | $— |
| Derecognition of Scilex's equity investment in Denali in connection with Semnur Business Combination | $2,470 | $— |
| Exercise of December 2024 RDO Warrants in exchange for settlement of Tranche B Notes principal and interest | $2,689 | $— |
| Purchase of equity investment in Datavault AI Inc in exchange for Bitcoin | $8,069 | $— |
| Bitcoin acquired in exchange for shares of Semnur Stock | $200,000 | $— |
| Additions to intangible assets included in accrued expenses | $1,000 | $— |
| Fee Warrants issued and exercised in connection with the Commitment Letter | $— | $610 |
| Settlement of FSF Deposit | $— | $13,000 |
| Deferred transaction costs related to Semnur Business Combination included in accrued expenses and account payable | $— | $4,602 |
| Conversion of Oramed Note into Tranche B Notes | $— | $25,000 |
| Conversion of Tranche B Notes into common stock | $— | $9,256 |
| Debt issuance costs included in accrued expenses | $— | $3,063 |
| Placement Agent Shares and October 2024 Placement Agent Warrants | $— | $3,792 |
| StockBlock Warrants issued in connection with the December 2024 RDO | $— | $1,265 |
| Datavault Licenses acquired but not yet paid | $30,000 | $— |
| Purchase of Bitcoin in exchange for Scilex-St. James Loans | $9,395 | $— |
| Excise tax in connection with share repurchase included in accrued expenses | $— | $860 |
| Purchase and exercise of prefunded warrant for Datavault shares in exchange for Bitcoin | $110,043 | $— |
| Issuance of warrants as financing costs in connection with issuance of common stock and exchange of liability classified instruments | $862 | $— |
| Vivasor debt forgiveness | $(2,469) | $— |
| Vivasor net assets consolidated | $— | $— |
| Net impact of the issuance of November 2025 Warrants and exchange of liability classified instruments | $6,248 | $— |
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