SCLX

MKT CAP:$59M

Scilex Holding Company

Market Cap

$59M

Healthcare·Drug Manufacturers - General·🇺🇸 United States·NASDAQ

Healthcare·Drug Mfg.·🇺🇸·NASDAQ

Stock Price

$6.79-$6.30 (-48.13%)

Apr 21, 2026

Company Details

Scilex Holding Company, a biopharmaceutical company, focuses on developing and commercializing non-opioid management products for the treatment of acute and chronic pain. Its commercial product is ZTlido 1.8%, a prescription lidocaine topic...

CEO

Henry H. Ji

IPO Date

Mar 5, 2021

Website

www.scilexholding.com

Key Metrics TTM

Revenue

$35M

-36.1% YoY

Net Income

-$323M

EPS (Diluted)

-$28.66

Free Cash Flow

-$1M

Revenue / Share

$3.20

Gross Margin

61.4%

Operating Margin

-794.9%

Net Margin

-915.8%

FCF Margin

-3.5%

P/S

1.7x

P/E

—

Earnings Reports

FY 2025

Apr 10, 2026

$30M-46.5%EPS -$36.48

Q4 2025

Apr 10, 2026

$5M-67.8%EPS -$3.00

Q3 2025

Nov 14, 2025

$11M-26.8%EPS -$22.17

Q1 2025

May 14, 2025

$5M-54.0%EPS -$2.26

FY 2024

Mar 31, 2025

$57M+21.1%EPS -$19.43

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 20	$6M	$5M	-$9M
Q4 20	$6M	$5M	-$9M
Q1 22	$7M	$6M	-$9M
Q2 22	$8M	$6M	-$11M
Q3 22	$11M	$8M	-$11M
Q1 23	$11M	$7M	-$25M
Q2 23	$13M	$8M	-$23M
Q3 23	$10M	$7M	-$39M
Q4 23	$13M	$8M	-$18M
Q1 24	$11M	$7M	-$19M
Q2 24	$16M	$12M	-$16M
Q3 24	$14M	$11M	-$20M
Q4 24	$15M	$10M	-$28M
Q1 25	$5M	$4M	-$28M
Q3 25	$11M	$7M	-$187M
Q4 25	$5M	$591.0K	-$37M

Valuation

Quarter	P/S	P/E
Q3 20	74.1x	—
Q4 20	72.1x	—
Q1 22	58.6x	—
Q2 22	55.1x	—
Q3 22	43.4x	—
Q1 23	31.7x	—
Q2 23	18.7x	—
Q3 23	4.0x	—
Q4 23	4.7x	—
Q1 24	4.0x	—
Q2 24	4.7x	—
Q3 24	4.1x	—
Q4 24	1.8x	—
Q1 25	1.2x	—
Q3 25	6.9x	—
Q4 25	4.5x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 20	-$8M	-$8M
Q4 20	-$8M	-$8M
Q1 22	-$11M	-$11M
Q2 22	-$12M	-$12M
Q3 22	$3M	$3M
Q1 23	-$8M	-$8M
Q2 23	-$13M	-$13M
Q3 23	$6M	$6M
Q4 23	-$5M	-$6M
Q1 24	$9M	$9M
Q2 24	$2M	$2M
Q3 24	$5M	$5M
Q4 24	$3M	$2M
Q1 25	$6M	$6M
Q3 25	$8M	$9M
Q4 25	-$18M	-$18M

Capital Expenditures

Quarter	CapEx
Q3 20	$6.3K
Q4 20	$6.3K
Q1 22	$0
Q2 22	$4
Q3 22	$6.9K
Q1 23	$0
Q2 23	$0
Q3 23	$155.0K
Q4 23	$299.4K
Q1 24	$150.0K
Q2 24	$150.0K
Q3 24	$150.0K
Q4 24	$150.0K
Q1 25	$150.0K
Q3 25	$300.0K
Q4 25	$134.1K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 20	+12.0%	-63.2%
Q4 20	+12.0%	-63.2%
Q1 22	+15.7%	+6.2%
Q2 22	+34.6%	+31.9%
Q3 22	+93.2%	+49.6%
Q1 23	+79.7%	+145.2%
Q2 23	+84.7%	+126.6%
Q3 23	+27.6%	+152.2%
Q4 23	+18.3%	+44.6%
Q1 24	+2.9%	-15.8%
Q2 24	+30.1%	-9.6%
Q3 24	+42.7%	-29.8%
Q4 24	+10.7%	+36.1%
Q1 25	-54.0%	+8.4%
Q3 25	-35.5%	+516.0%
Q4 25	-66.8%	+23.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 20	$1M	22.9%
Q4 20	$1M	22.9%
Q1 22	$1M	19.9%
Q2 22	$0	0.0%
Q3 22	$0	0.0%
Q1 23	$4M	35.2%
Q2 23	$4M	28.5%
Q3 23	$4M	34.7%
Q4 23	$4M	28.1%
Q1 24	$4M	32.7%
Q2 24	$4M	22.1%
Q3 24	$4M	26.1%
Q4 24	$5M	32.2%
Q1 25	$3M	66.2%
Q3 25	$3M	30.8%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	SG&A
Q3 20	$2M	$11M	—
Q4 20	$2M	$11M	—
Q1 22	$3M	$16M	—
Q2 22	$3M	—	$14M
Q3 22	$1M	—	$16M
Q1 23	$3M	—	$29M
Q2 23	$3M	—	$27M
Q3 23	$4M	—	$40M
Q4 23	$3M	—	$24M
Q1 24	$3M	—	$29M
Q2 24	$2M	—	$25M
Q3 24	$2M	—	$30M
Q4 24	$2M	—	$35M
Q1 25	$2M	—	$28M
Q3 25	$4M	—	$189M
Q4 25	$8M	—	$30M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$34M	$0	$34M
Q2 22	$7M	$0	$7M
Q3 22	$2M	$0	$2M
Q4 22	$2M	$0	$2M
Q1 23	$5M	$0	$5M
Q2 23	$34M	$0	$34M
Q3 23	$2M	$0	$2M
Q4 23	$4M	$0	$4M
Q1 24	$2M	$0	$2M
Q2 24	$7M	$0	$7M
Q3 24	$77.0K	$0	$77.0K
Q4 24	$3M	$0	$3M
Q1 25	$6M	$0	$6M
Q2 25	$4M	$0	$4M
Q3 25	$878.0K	$0	$878.0K
Q4 25	$5M	$6M	$11M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 20	4M	0.0%	0.0%
Q4 20	4M	0.0%	0.0%
Q1 22	4M	0.0%	0.0%
Q2 22	4M	0.0%	0.0%
Q3 22	4M	-5.5%	-5.5%
Q1 23	4M	+6.3%	+0.4%
Q2 23	4M	+0.7%	+1.1%
Q3 23	4M	-2.0%	-0.9%
Q4 23	4M	-3.4%	+1.3%
Q1 24	4M	-5.5%	-9.9%
Q2 24	3M	-5.8%	-15.7%
Q3 24	4M	+5.6%	-9.2%
Q4 24	7M	+91.6%	+80.2%
Q1 25	12M	+66.4%	+217.2%
Q3 25	12M	+0.3%	+237.9%
Q4 25	11M	-4.9%	+204.2%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 20	—	—
Q4 20	—	—
Q1 22	—	—
Q2 22	—	—
Q3 22	—	—
Q1 23	$71.5K	148
Q2 23	$85.0K	148
Q3 23	$68.4K	148
Q4 23	$128.2K	105
Q1 24	$103.7K	105
Q2 24	$155.9K	105
Q3 24	$137.5K	105
Q4 24	$129.6K	115
Q1 25	$43.5K	115
Q3 25	$91.8K	115
Q4 25	$141.0K	34

Revenue / Employee