$SCLX

Scilex Holding Co

CIK:0001820190|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Net revenue	$ 7,642	$ 9,896	$ 16,255	$ 14,900
Operating costs and expenses:
Cost of revenue	3,677	3,272	8,124	4,656
Research and development	3,336	6,187	6,546	8,643
Selling, general and administrative	27,960	19,841	58,993	47,901
Intangible amortization	2,092	1,008	4,184	2,010
Legal settlements	0	95	0	95
Total operating costs and expenses	37,065	30,403	77,847	63,305
Loss from operations	(29,423)	(20,507)	(61,592)	(48,405)
Other (income) expense, net:
(Gain) loss on derivative liability	6,644	12,375	(19,065)	1,966
Loss on compound derivative of Scilex-St. James Loans	6,930	0	28,759	0
Change in fair value of debt and liability instruments	232	8,366	3,029	14,480
Loss on foreign currency exchange	150	99	429	95
Unrealized loss on digital assets, net	9,258	0	27,322	0
Unrealized loss on equity method investments carried at fair value, net	50,737	0	82,447	0
Realized (gain) on equity method investments carried at fair value, net	5,254	0	(37,084)	0
Realized (gain) loss on securities	(5)	0	3,066	0
Interest Expense	6,104	2,682	11,560	5,163
Other (income) expense, net	252	0	(1,426)	0
Total other expense	85,556	23,522	99,037	21,704
Loss before income taxes	(114,979)	(44,029)	(160,629)	(70,109)
Income tax expense	7	19	7	19
Net loss	(114,986)	(44,048)	(160,636)	(70,128)
Net income attributable to noncontrolling interests	(1,486)	(1,740)	(3,866)	(1,740)
Net loss attributable to common stockholders before deemed dividend	(113,500)	(42,308)	(156,770)	(68,388)
Deemed dividend	(1,229)	(43,753)	(1,229)	(43,753)
Net loss attributable to common stockholders	$ (114,729)	$ (86,061)	$ (157,999)	$ (112,141)
Net loss per share attributable to common stockholders - basic and diluted
Loss per share attributable to common stockholders - basic	$ (16.65)	$ (7.42)	$ (22.93)	$ (9.68)
Loss per share attributable to common stockholders - diluted	$ (16.65)	$ (7.42)	$ (22.93)	$ (9.68)
Weighted average number of shares during the period basic & diluted
Weighted average number of shares during the period-basic	6,892	11,595	6,891	11,580
Weighted average number of shares during the period -diluted	6,892	11,595	6,891	11,580
Comprehensive loss:
Net loss	$ (114,986)	$ (44,048)	$ (160,636)	$ (70,128)
Other comprehensive income:
Foreign currency translation adjustment	(432)	0	(1,179)	0
Total other comprehensive loss	(432)	0	(1,179)	0
Comprehensive Loss	(115,418)	(44,048)	(161,815)	(70,128)
Less: Comprehensive loss attributable to noncontrolling interests	(1,486)	(1,740)	(3,866)	(1,740)
Comprehensive loss attributable to common stockholders before deemed dividend	(113,932)	(42,308)	(157,949)	(68,388)
Deemed dividend	(1,229)	(43,753)	(1,229)	(43,753)
Comprehensive loss attributable to common stockholders	$ (115,161)	$ (86,061)	$ (159,178)	$ (112,141)

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended		12 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Operating activities
Net Income (Loss)	$ (114,986)	$ (45,650)	$ (44,048)	$ (26,080)	$ (160,636)	$ (70,128)
Adjustments to reconcile net loss to net cash used for operating activities:
Depreciation and amortization					5,708	2,013
Amortization of debt issuance costs and debt discount					2,015	0
Non-cash operating lease cost					771	357
Non-cash expense from repurchase of preferred shares of Vivasor					1,147	0
Stock-based compensation					7,224	6,593
Vivasor - stock-based compensation warrants					1,164	0
Loss on disposition of property and equipment					26	0
(Gain) loss on derivative liability	6,644		12,375		(19,065)	1,966
Loss on compound derivative of Scilex-St. James Loans					28,759	0
Financing costs and allocated expense for financial instruments at fair value					0	4,057
Loss on fair value of debt and liability instruments	232		8,366		3,029	14,480
Change in fair value of Aardvark contingent consideration					1,535	0
In-process research and development expense					0	4,916
Unrealized loss on digital assets, net					27,322	0
Unrealized loss on equity method investments carried at fair value, net					82,447	0
Realized gain on equity method investments carried at fair value, net					(37,084)	0
Realized loss on securities					3,066	0
Allowances for expected credit losses					873	0
Non- cash revenue					(1,131)	0
Gain from property in kind dividend					(525)	0
Other					733	77
Changes in operating assets and liabilities:
Accounts receivables, net					8,732	9,675
Inventory					617	(88)
Prepaid expenses and other					(1,000)	1,466
Other long-term assets					(994)
Accounts payable					19,591	6,856
Accrued Payroll					838	128
Accrued expenses					(4,357)	599
Accrued rebates and fees					24,301	30,423
Operating lease liability					508	(343)
Other current liabilities					(3,657)
Other long-term liabilities					199	10
Net cash (used for) proceeds from operating activities					(7,844)	13,057
Investing activities
Cash paid for in-process research and development, net					0	(200)
Purchase of patent					(2,900)	0
Acquisition consideration paid in cash for Romeg intangible asset acquisition					(300)	(300)
Payment made for PA OPS investment					(500)	0
Purchases of Bitcoin					(18,700)	0
Purchases of Digital Assets					(49)	0
Repayments on promissory note					(1,410)	0
Purchases of property and equipment					(593)	0
Proceeds from sale of property and equipment					15	0
Purchase of preferred shares of Vivasor					(300)	0
Issuance of convertible note receivable for QScan					(20,000)	0
Sale of Datavault shares for cash, net					47,333	0
Payment made for Datavault Licenses					(6,250)	0
Sale of Marketable Securities					2,945	0
Purchase of convertible promissory note from Denali					0	(48)
Net cash used for investing activities					(709)	(548)
Financing activities
Installment payment of Tranche B Note					(6,319)	(8,874)
Payments on purchased revenue liability					(1,192)	(1,156)
Payments for Vivasor debt					(2,475)
Acquisition of controlling interest in Vivasor					1,500
Repurchase of preferred shares of Vivasor					(2,376)
Proceeds from issuance of St James Loan, net of issuance costs					15,502
Proceeds from stock options exercised and ESPP					21	17
Transaction costs paid in connection with share repurchase						(696)
Excise tax paid in connection with share repurchase						(709)
Payments of deferred transaction costs related to Semnur Business Combination						(263)
Payments in lieu of fractional shares for Reverse Stock Split						(1)
Net cash provided by (used for) financing activities					4,661	(11,682)
Effect of exchange rate changes on cash					(497)
Net change in cash and cash equivalents					(4,389)	827
Cash and cash equivalents at beginning of period		$ 4,955		$ 3,272	4,955	3,272	$ 3,272
Cash and cash equivalents at end of period	$ 566		$ 4,099		566	4,099	$ 4,955
Non-cash investing and financing activities
Settlement of St James Loans for Datavault shares					66,296	0
Purchase of preferred shares of Vivasor included in accrued expenses					750	0
Repurchase of common stock shares of Vivasor included in accrued expenses					748	0
Reclassification of prepayment related to QScan investment					2,500
Stock dividend declared in 2024, and canceled in February 2026					1	0
Semnur dividend distribution of Semnur Pharmaceuticals shares					4,230	0
Interest expense accrued and added to principal balance of promissory notes					70	0
Deferred transaction costs related to Semnur Business Combination included in accrued expenses and account payable					0	2,209
Additions to intangible assets included in accrued expenses					0	1,000
Acquisition of interest in joint venture in accrued expenses					$ 0	$ 1,100

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 566	$ 4,955
Marketable securities	15	6,026
Accounts receivable, net	6,439	15,244
Note receivable, net	19,200	0
Inventory	4,171	4,789
Prepaid expenses and other current assets	5,844	7,344
Total current assets	36,235	38,358
Property and equipment, net	12,766	13,599
Operating lease right-of-use asset	14,047	14,818
Intangibles, net	57,611	59,088
Investments	5,131	1,000
Equity method investment, at fair value	56,607	159,403
Digital assets	56,138	64,711
Goodwill	13,481	13,481
Other long term assets	1,546	523
Total assets	253,562	364,981
Current liabilities:
Accounts payable	121,050	86,266
Accrued payroll	4,108	3,270
Accrued rebates and fees	256,057	231,756
Accrued expenses	38,988	66,414
Current portion of deferred consideration	388	407
Debt, current	80,806	83,262
Promissory notes	2,231	3,517
Purchased revenue liability, current	3,117	3,764
Current portion of operating lease liabilities	2,241	1,733
Other current liabilities	3,256	3,263
Total current liabilities	512,242	483,652
Long-term portion of deferred consideration	1,852	2,041
Debt, net of issuance costs	0	22,480
Purchased revenue liability, net of current portion	5,081	4,636
Derivative liabilities	32,186	50,599
Operating lease liabilities, net of current portion	12,509	13,151
Other long-term liabilities	180	174
Total liabilities	564,050	576,733
Commitments and contingencies (See Note 12)
Stockholders' deficit:
Common stock, $0.0001 par value, 740,000,000 shares authorized; 8,493,000 shares issued and 7,034,737 shares outstanding as of June 30, 2026; 8,491,267 shares issued and 7,033,004 shares outstanding as of December 31, 2025	1	1
Additional paid-in capital	854,130	796,721
Accumulated other comprehensive loss	(6,982)	(5,803)
Accumulated deficit	(1,078,556)	(921,786)
Treasury stock, at cost; 1,458,263 shares as of June 30, 2026 and December 31, 2025	(76,915)	(76,915)
Total Scilex Holding Company stockholders' deficit	(308,322)	(207,781)
Noncontrolling interests	(2,166)	(3,971)
Total stockholders' deficit	(310,488)	(211,752)
Total liabilities and stockholders' deficit	253,562	364,981
Series A Preferred Stock [Member]
Stockholders' deficit:
Preferred Stock, Value	0	0
Series 1 Preferred Stock [Member]
Stockholders' deficit:
Preferred Stock, Value	$ 0	$ 1