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Scilex Holding Co Financials

SCLX
Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE December

This page shows Scilex Holding Co (SCLX) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI SCLX FY2025

Balance-sheet strain, not sales growth, is the main mechanic as cash flow and accounting losses pull in opposite directions.

FY2025’s positive operating cash flow of $3.8M and free cash flow of $3.7M look encouraging only until they are paired with a net loss of $374.1M, cash of just $5.0M, and $483.7M of current liabilities. That combination shows the year’s cash improvement did not create real funding slack; liquidity stayed constrained even while reported profit and cash moved in opposite directions.

The operating problem worsened below the gross profit line: FY2023 still produced $31.1M of gross profit, but FY2024 and FY2025 swung to gross losses of -$54.3M and -$66.0M. That means the business moved from failing to cover overhead to, more fundamentally, not covering direct product costs.

The capital structure became heavier faster than the asset base: total liabilities climbed from $274.2M in FY2023 to $576.7M in FY2025 while total assets reached $365.0M. With negative equity of -$207.8M and a current ratio of 0.1x, the balance sheet offers little cushion, which helps explain why even positive cash flow did not materially ease near-term pressure.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 24 / 100
Financial Profile 24/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Scilex Holding Co's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability
0

Scilex Holding Co has an operating margin of -1143.7%, meaning the company retains $-1144 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from -147.4% the prior year.

Growth
1

Scilex Holding Co's revenue declined 46.5% year-over-year, from $56.6M to $30.3M. This contraction results in a growth score of 1/100.

Leverage
100

Scilex Holding Co carries a low D/E ratio of -2.78, meaning only $-2.78 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Liquidity
0

Scilex Holding Co's current ratio of 0.08 is below the typical benchmark, resulting in a score of 0/100. This tight liquidity could limit financial flexibility if cash inflows slow.

Cash Flow
44

Scilex Holding Co has a free cash flow margin of 12.2%, earning a moderate score of 44/100. The company generates positive cash flow after capital investments, but with room for improvement.

Piotroski F-Score Weak
3/9

Scilex Holding Co passes 3 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Mixed
-0.01x

For every $1 of reported earnings, Scilex Holding Co generates $-0.01 in operating cash flow ($3.8M OCF vs -$374.1M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Interest Coverage At Risk
-30.2x

Scilex Holding Co earns $-30.2 in operating income for every $1 of interest expense (-$346.0M vs $11.5M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue
$30.3M
YoY-46.5%

Scilex Holding Co generated $30.3M in revenue in fiscal year 2025. This represents a decrease of 46.5% from the prior year.

EBITDA
-$341.4M
YoY-330.2%

Scilex Holding Co's EBITDA was -$341.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 330.2% from the prior year.

Net Income
-$374.1M
YoY-413.8%

Scilex Holding Co reported -$374.1M in net income in fiscal year 2025. This represents a decrease of 413.8% from the prior year.

EPS (Diluted)
$-36.48

Scilex Holding Co earned $-36.48 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 353.2% from the prior year.

Cash & Balance Sheet

Free Cash Flow
$3.7M
YoY-81.0%

Scilex Holding Co generated $3.7M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 81.0% from the prior year.

Cash & Debt
$5.0M
YoY+51.4%
5Y CAGR+176.8%

Scilex Holding Co held $5.0M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share
N/A
Shares Outstanding
7M

Scilex Holding Co had 7M shares outstanding in fiscal year 2025. This represents a decrease of 97.1% from the prior year.

Margins & Returns

Gross Margin
-218.2%
YoY-122.3pp

Scilex Holding Co's gross margin was -218.2% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 122.3 percentage points from the prior year.

Operating Margin
-1143.7%
YoY-996.3pp

Scilex Holding Co's operating margin was -1143.7% in fiscal year 2025, reflecting core business profitability. This is down 996.3 percentage points from the prior year.

Net Margin
-1236.4%
YoY-1107.8pp

Scilex Holding Co's net profit margin was -1236.4% in fiscal year 2025, showing the share of revenue converted to profit. This is down 1107.8 percentage points from the prior year.

Return on Equity
N/A

Capital Allocation

R&D Spending
$20.7M
YoY+114.8%

Scilex Holding Co invested $20.7M in research and development in fiscal year 2025. This represents an increase of 114.8% from the prior year.

Share Buybacks
N/A
Capital Expenditures
$133K
5Y CAGR+39.7%

Scilex Holding Co invested $133K in capex in fiscal year 2025, funding long-term assets and infrastructure.

SCLX Income Statement

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Revenue $8.6M+79.7% $4.8M-54.6% $10.6M+6.7% $9.9M+97.8% $5.0M-66.4% $14.9M+3.2% $14.4M-11.8% $16.4M
Cost of Revenue $17.1M-77.8% $77.0M+2211.9% $3.3M+1.7% $3.3M-74.2% $12.7M-87.2% $98.8M+2523.4% $3.8M-14.2% $4.4M
Gross Profit -$8.5M+88.2% -$72.2M-1098.1% $7.2M+9.2% $6.6M+186.1% -$7.7M+90.8% -$84.0M-886.9% $10.7M-11.0% $12.0M
R&D Expenses $3.2M-60.7% $8.2M+109.5% $3.9M-37.0% $6.2M+151.9% $2.5M+12.7% $2.2M-7.2% $2.3M+17.2% $2.0M
SG&A Expenses $31.0M+2.9% $30.2M-84.0% $188.8M+851.7% $19.8M-29.3% $28.1M-20.7% $35.4M+19.1% $29.7M+20.9% $24.6M
Operating Income -$32.2M+71.0% -$111.1M+40.4% -$186.5M-809.5% -$20.5M+26.5% -$27.9M+1.7% -$28.4M-42.5% -$19.9M-27.5% -$15.6M
Interest Expense $3.8M+8.0% $3.5M+25.0% $2.8M+4.3% $2.7M+8.1% $2.5M+770.5% $285K-50.5% $576K+0.9% $571K
Income Tax N/A N/A $1K-94.7% $19K N/A -$1K $0 $0
Net Income -$45.6M+1.0% -$46.1M+82.1% -$257.8M-485.3% -$44.0M-68.9% -$26.1M-303.7% -$6.5M-47.2% -$4.4M+88.3% -$37.6M
EPS (Diluted) $-6.28 N/A $-22.17-198.8% $-7.42 $-2.26 N/A $-0.58+92.4% $-7.67

SCLX Balance Sheet

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Total Assets $293.6M-19.5% $365.0M+32.3% $275.9M+229.4% $83.8M+6.1% $79.0M-15.0% $93.0M-7.4% $100.4M-3.9% $104.5M
Current Assets $42.0M+9.4% $38.4M+132.7% $16.5M-51.0% $33.7M+17.3% $28.7M-30.9% $41.5M+4.2% $39.9M-21.0% $50.4M
Cash & Equivalents $3.4M-32.4% $5.0M+464.4% $878K-78.6% $4.1M-29.3% $5.8M+77.3% $3.3M+4149.4% $77K-98.9% $6.9M
Inventory $4.5M-5.4% $4.8M+342.6% $1.1M-57.0% $2.5M-16.5% $3.0M+23.9% $2.4M+1.3% $2.4M-21.8% $3.1M
Accounts Receivable $10.6M-30.2% $15.2M+27.7% $11.9M-28.8% $16.8M+57.9% $10.6M-59.8% $26.4M-16.3% $31.6M-16.9% $38.0M
Goodwill $13.5M0.0% $13.5M0.0% $13.5M0.0% $13.5M0.0% $13.5M0.0% $13.5M0.0% $13.5M0.0% $13.5M
Total Liabilities $547.7M-5.0% $576.7M+26.6% $455.6M+36.9% $332.7M+14.6% $290.5M+1.7% $285.6M-8.4% $311.7M-2.3% $319.2M
Current Liabilities $501.8M+3.7% $483.7M+34.7% $358.9M+17.3% $305.9M+10.9% $275.7M+6.2% $259.6M-7.8% $281.5M+10.2% $255.5M
Long-Term Debt N/A N/A N/A N/A N/A N/A N/A N/A
Total Equity -$249.2M-19.9% -$207.8M-17.4% -$176.9M+28.9% -$249.0M-17.7% -$211.5M-9.8% -$192.6M+8.8% -$211.3M+1.6% -$214.7M
Retained Earnings -$965.1M-4.7% -$921.8M-3.7% -$888.7M-40.7% -$631.4M-7.2% -$589.1M-4.6% -$563.1M-1.2% -$556.6M-0.8% -$552.2M

SCLX Cash Flow Statement

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Operating Cash Flow -$1.1M+93.7% -$17.5M-312.3% $8.2M+16.7% $7.0M+17.4% $6.0M+137.1% $2.5M-50.4% $5.1M+121.2% $2.3M
Capital Expenditures N/A N/A N/A N/A N/A $0 $0 N/A
Free Cash Flow N/A N/A N/A N/A N/A $2.5M-50.4% $5.1M N/A
Investing Cash Flow -$9.2M-291.5% $4.8M+3247.4% -$152K+0.7% -$153K+61.3% -$395K-102.6% -$195K+91.1% -$2.2M-1353.3% -$150K
Financing Cash Flow $9.1M-47.8% $17.5M+255.1% -$11.3M-31.4% -$8.6M-178.8% -$3.1M+57.1% -$7.2M-60.2% -$4.5M-194.8% $4.7M
Dividends Paid N/A N/A N/A N/A N/A N/A N/A N/A
Share Buybacks N/A N/A N/A N/A N/A N/A N/A N/A

SCLX Financial Ratios

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Gross Margin -98.8%+1406.9pp -1505.7%-1574.2pp 68.5%+1.5pp 66.9%+220.7pp -153.8%+409.6pp -563.4%-637.3pp 73.9%+0.7pp 73.2%
Operating Margin -373.5%+1944.3pp -2317.8%-551.6pp -1766.2%-1559.0pp -207.2%+350.3pp -557.5%-367.0pp -190.5%-52.5pp -138.0%-42.5pp -95.4%
Net Margin -530.0%+431.9pp -961.9%+1479.6pp -2441.5%-1996.4pp -445.1%+76.1pp -521.2%-477.8pp -43.4%-13.0pp -30.4%+199.2pp -229.6%
Return on Equity N/A N/A N/A N/A N/A N/A N/A N/A
Return on Assets -15.6%-2.9pp -12.6%+80.8pp -93.5%-40.9pp -52.6%-19.6pp -33.0%-26.1pp -7.0%-2.6pp -4.4%+31.6pp -35.9%
Current Ratio 0.080.0 0.08+0.0 0.05-0.1 0.110.0 0.10-0.1 0.16+0.0 0.14-0.1 0.20
Debt-to-Equity -2.20+0.6 -2.78-0.2 -2.57-1.2 -1.34+0.0 -1.37+0.1 -1.480.0 -1.48+0.0 -1.49
FCF Margin N/A N/A N/A N/A N/A 17.0%-18.4pp 35.4% N/A

Note: Shareholder equity is negative (-$207.8M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.

Note: The current ratio is below 1.0 (0.08), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

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Frequently Asked Questions

Scilex Holding Co (SCLX) reported $30.3M in total revenue for fiscal year 2025. This represents a -46.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

Scilex Holding Co (SCLX) revenue declined by 46.5% year-over-year, from $56.6M to $30.3M in fiscal year 2025.

No, Scilex Holding Co (SCLX) reported a net income of -$374.1M in fiscal year 2025, with a net profit margin of -1236.4%.

Scilex Holding Co (SCLX) reported diluted earnings per share of $-36.48 for fiscal year 2025. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Scilex Holding Co (SCLX) had EBITDA of -$341.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

Scilex Holding Co (SCLX) had a gross margin of -218.2% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

Scilex Holding Co (SCLX) had an operating margin of -1143.7% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

Scilex Holding Co (SCLX) had a net profit margin of -1236.4% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Scilex Holding Co (SCLX) generated $3.7M in free cash flow during fiscal year 2025. This represents a -81.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

Scilex Holding Co (SCLX) generated $3.8M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Scilex Holding Co (SCLX) had $365.0M in total assets as of fiscal year 2025, including both current and long-term assets.

Scilex Holding Co (SCLX) invested $133K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Scilex Holding Co (SCLX) invested $20.7M in research and development during fiscal year 2025.

Scilex Holding Co (SCLX) had 7M shares outstanding as of fiscal year 2025.

Scilex Holding Co (SCLX) had a current ratio of 0.08 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

Scilex Holding Co (SCLX) had a debt-to-equity ratio of -2.78 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

Scilex Holding Co (SCLX) had a return on assets of -102.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Scilex Holding Co (SCLX) has negative shareholder equity of -$207.8M as of fiscal year 2025, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.

Scilex Holding Co (SCLX) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Scilex Holding Co (SCLX) has an earnings quality ratio of -0.01x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Scilex Holding Co (SCLX) has an interest coverage ratio of -30.2x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

Scilex Holding Co (SCLX) scores 24 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.

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