Scilex Holding Co (SCLX) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 5, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 14, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the SCLX SEC filings page.
Scilex Holding Co (SCLX) reported $30.3M in revenue for fiscal year 2025, down 46.5% from the prior fiscal year. This page shows its 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).
A shrinking revenue base is carrying sharply heavier operating costs while liabilities remain concentrated in the short term.
In FY2025, revenue fell to$30.3M while the operating loss widened to-$346.0M , showing that the cost structure became substantially less absorbable at lower volume. Yet operating cash flow was positive at$3.8M despite net income of-$374.1M , so reported earnings and near-term cash movement were telling very different stories, likely reflecting non-cash or working-capital effects rather than equivalent cash losses.
Expense intensity increased sharply: selling, general, and administrative expense reached
Liquidity is structurally tight: current liabilities were
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. 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.
Scilex Holding Co held $5.0M in cash, cash equivalents and investments at the end of fiscal year 2025, and its operations generated $3.8M of cash that year. Cash Runway ranks emerging companies on the size of that balance against the outflow behind it, and Scilex Holding Co scores 85/100 among other emerging companies.
Scilex Holding Co had 8M shares outstanding at the end of fiscal year 2025. Dilution ranks emerging companies on how fast that count has grown over three years, where a slower rise is the better one, and Scilex Holding Co scores 97/100 among other emerging companies.
Scilex Holding Co spent $20.7M on research and development in fiscal year 2025, which was 5.5% of its operating costs that year. R&D Intensity ranks emerging companies on the share of operating costs that goes into research, and Scilex Holding Co scores 25/100 among other emerging companies.
Scilex Holding Co reported revenue of $30.3M in fiscal year 2025, against $56.6M in fiscal year 2024. Revenue Progress ranks emerging companies on the three-year path of that line, and Scilex Holding Co scores 20/100 among other emerging companies.
Scilex Holding Co's operations generated $3.8M of cash in fiscal year 2025, against $19.3M generated in fiscal year 2024. Burn Trend ranks emerging companies on which way that figure has moved over three years, and Scilex Holding Co scores 90/100 among other emerging companies.
Scilex Holding Co's cash, cash equivalents and investments came to $5.0M at the end of fiscal year 2025, against $576.7M of total liabilities. Balance Sheet ranks emerging companies on that comparison, and Scilex Holding Co scores 2/100 among other emerging companies.
Scilex Holding Co scores -8.01, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($38.1M) relative to total liabilities ($576.7M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Scilex Holding Co passes 3 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, neither operating efficiency signal passes.
Scilex Holding Co reported a net loss of $374.1M while generating $3.8M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.
Scilex Holding Co reported an operating loss of $346.0M against $11.5M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Scilex Holding Co generated $7.6M in revenue in Q2 2026. This represents a decrease of 22.8% from the same quarter a year earlier. Against the prior quarter it is down 11.3%.
Scilex Holding Co's EBITDA was -$26.5M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 36.1% from the same quarter a year earlier. Against the prior quarter it is up 9.5%.
Scilex Holding Co reported -$115.0M in net income in Q2 2026. This represents a decrease of 161.0% from the same quarter a year earlier. Against the prior quarter it is down 151.9%.
Scilex Holding Co earned -$16.65 per diluted share (EPS) in Q2 2026. This represents a decrease of 124.4% from the same quarter a year earlier. Against the prior quarter it is down 165.1%.
Cash & Balance Sheet
Scilex Holding Co held $566K in cash as of Q2 2026; long-term debt is not reported for that period.
Not reported for Q2 2026.
Not reported for Q2 2026.
Margins & Returns
Scilex Holding Co's gross margin was -6.2% in Q2 2026, indicating the percentage of revenue retained after direct costs. Against the prior quarter it is up 92.5 percentage points. No change is given against Q2 2025: its reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not reported for Q2 2026.
Capital Allocation
Scilex Holding Co invested $3.3M in research and development in Q2 2026. This represents a decrease of 46.1% from the same quarter a year earlier. Against the prior quarter it is up 3.9%.
Not reported for Q2 2026.
Not reported for Q2 2026.
SCLX Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $7.6M-22.8% | $8.6M+72.1% | $4.8M-67.8% | $10.6M-26.8% | $9.9M-39.5% | $5.0M-54.0% | $14.9M+10.7% | $14.4M+42.7% |
| Cost of Revenue | $8.1M-72.6% | $17.1M+34.8% | $50.6M-48.8% | $3.3M-11.7% | $29.6M+575.2% | $12.7M+230.7% | $98.8M+2086.5% | $3.8M+11.1% |
| Gross Profit | -$477K+97.6% | -$8.5M-10.6% | -$45.8M+45.4% | $7.2M-32.2% | -$19.7M-264.8% | -$7.7M-209.2% | -$84.0M-1038.9% | $10.7M+58.6% |
| R&D Expenses | $3.3M-46.1% | $3.2M+30.7% | $8.2M+274.7% | $3.9M+66.0% | $6.2M+208.7% | $2.5M-21.0% | $2.2M-20.3% | $2.3M-42.3% |
| SG&A Expenses | $28.0M+40.9% | $31.0M+10.6% | $30.2M-14.8% | $188.8M+535.0% | $19.8M-19.3% | $28.1M-4.2% | $35.4M+50.5% | $29.7M-26.5% |
| Operating Income | -$29.4M-43.5% | -$32.2M-15.3% | -$111.1M-291.5% | -$186.5M-836.4% | -$20.5M-31.3% | -$27.9M-43.2% | -$28.4M-54.7% | -$19.9M+48.7% |
| EBITDA | -$26.5M-36.1% | -$29.3M-8.9% | -$109.5M-300.0% | -$185.5M-880.9% | -$19.5M-33.4% | -$26.9M-45.8% | -$27.4M-58.2% | -$18.9M+49.9% |
| Interest Expense | $6.1M+127.6% | $3.8M+52.3% | $3.5M+1127.4% | $2.8M+385.8% | $2.7M+369.7% | $2.5M+367.2% | $285K-48.3% | $576K+12.3% |
| Income Tax | $7K-63.2% | N/A | N/A | $1K | $19K | N/A | -$1K-112.5% | $0 |
| Net Income | -$115.0M-161.0% | -$45.6M-75.0% | -$46.1M-613.7% | -$257.8M-5775.6% | -$44.0M-17.2% | -$26.1M-7.0% | -$6.5M+69.8% | -$4.4M+87.6% |
| EPS (Basic) | -$16.65-124.4% | -$6.28-177.9% | -$4.60 | -$22.17-3722.4% | -$7.42+3.3% | -$2.26+72.9% | $0.00+100.0% | -$0.58+7.9% |
| EPS (Diluted) | -$16.65-124.4% | -$6.28 | -$4.60 | -$22.17 | -$7.42 | -$2.26 | -$0.05 | -$0.58 |
| Diluted Shares (Avg) | 7M-40.6% | 7M | N/A | 11,604 | 12M | 12M | N/A | 7,557 |
SCLX Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $253.6M+202.7% | $293.6M+271.8% | $365.0M+292.7% | $275.9M+174.7% | $83.8M-19.9% | $79.0M-13.4% | $93.0M-8.2% | $100.4M+24.7% |
| Current Assets | $36.2M+7.6% | $42.0M+46.2% | $38.4M-7.7% | $16.5M-58.6% | $33.7M-33.2% | $28.7M-24.0% | $41.5M-11.2% | $39.9M+56.4% |
| Cash & Equivalents | $566K-86.2% | $3.4M-42.2% | $5.0M+51.4% | $878K+1040.3% | $4.1M-40.5% | $5.8M+219.0% | $3.3M-16.6% | $77K-96.1% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Inventory | $4.2M+65.6% | $4.5M+50.2% | $4.8M+96.6% | $1.1M-55.0% | $2.5M-18.0% | $3.0M-13.5% | $2.4M-42.2% | $2.4M-39.0% |
| Accounts Receivable | $6.4M-61.6% | $10.6M+0.3% | $15.2M-42.3% | $11.9M-62.2% | $16.8M-55.9% | $10.6M-64.3% | $26.4M-23.6% | $31.6M+92.2% |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill | $13.5M0.0% | $13.5M0.0% | $13.5M0.0% | $13.5M0.0% | $13.5M0.0% | $13.5M0.0% | $13.5M0.0% | $13.5M0.0% |
| Total Liabilities | $564.0M+69.5% | $547.7M+88.6% | $576.7M+101.9% | $455.6M+46.1% | $332.7M+4.2% | $290.5M+3.4% | $285.6M+4.1% | $311.7M+28.2% |
| Current Liabilities | $512.2M+67.4% | $501.8M+82.0% | $483.7M+86.3% | $358.9M+27.5% | $305.9M+19.8% | $275.7M+9.1% | $259.6M+3.7% | $281.5M+23.2% |
| Non-Current Liabilities | $51.8M+93.2% | $46.0M+212.3% | $93.1M+258.6% | $96.7M+219.9% | $26.8M-58.0% | $14.7M-48.0% | $26.0M+8.8% | $30.2M+106.7% |
| Total Equity | -$308.3M-23.8% | -$249.2M-17.8% | -$207.8M-7.9% | -$176.9M+16.3% | -$249.0M-16.0% | -$211.5M-11.4% | -$192.6M-11.4% | -$211.3M-29.9% |
| Retained Earnings | -$1.1B-70.8% | -$965.1M-63.8% | -$921.8M-63.7% | -$888.7M-59.7% | -$631.4M-14.3% | -$589.1M-14.5% | -$563.1M-14.9% | -$556.6M-18.7% |
Not reported in any period shown, so not listed: Long-Term Debt.
SCLX Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$6.7M-195.6% | -$1.1M-118.4% | -$17.5M-789.5% | $8.2M+61.0% | $7.0M+205.1% | $6.0M-36.0% | $2.5M+147.0% | $5.1M-13.3% |
| Depreciation & Amortization | $2.9M+186.3% | $2.9M+186.0% | $1.6M+58.1% | $1.0M+1.6% | $1.0M+0.5% | $1.0M-2.7% | $1.0M-2.9% | $1.0M-3.2% |
| Stock-Based Compensation | N/A | $3.6M+9.5% | N/A | $3.3M-12.3% | $3.3M-9.2% | $3.3M-6.9% | N/A | $3.7M+5.9% |
| Capital Expenditures | N/A | N/A | N/A | N/A | N/A | N/A | $0-100.0% | $0-100.0% |
| Free Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | $2.5M+147.0% | $5.1M-13.0% |
| Investing Cash Flow | $8.5M+5623.5% | -$9.2M-2219.0% | $4.8M+2553.3% | -$152K+93.0% | -$153K-2.0% | -$395K-163.3% | -$195K-16.8% | -$2.2M-1306.5% |
| Financing Cash Flow | -$4.5M+47.9% | $9.1M+396.5% | $17.5M+343.9% | -$11.3M-152.0% | -$8.6M-281.7% | -$3.1M+72.5% | -$7.2M-186.5% | -$4.5M+88.5% |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
SCLX Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | -6.2% | -98.8% | -955.5% | 68.5%-5.4pp | -199.5% | -153.8% | -563.4% | 73.9%+7.4pp |
| Operating Margin | -385.0% | -373.5% | -2317.8% | -1766.2% | -207.2% | -557.5% | -190.5% | -138.0% |
| Net Margin | -1504.7% | -530.0% | -961.9% | -2441.5% | -445.1% | -521.2% | -43.4% | -30.4% |
| Return on Assets | -45.4%+7.2pp | -15.6%+17.5pp | -12.6%-5.7pp | -93.5%-89.1pp | -52.6%-16.6pp | -33.0%-6.3pp | -7.0%+14.2pp | -4.4%+39.8pp |
| Current Ratio | 0.070.0x | 0.080.0x | 0.08-0.1x | 0.05-0.1x | 0.11-0.1x | 0.100.0x | 0.160.0x | 0.140.0x |
| Asset Turnover | 0.03-0.1x | 0.030.0x | 0.01-0.1x | 0.04-0.1x | 0.120.0x | 0.06-0.1x | 0.160.0x | 0.140.0x |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | 17.0%+57.1pp | 35.4%-22.7pp |
Not reported in any period shown, so not listed: Return on Equity, Debt-to-Equity.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Gross Margin, Operating Margin, Net Margin.
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.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Scilex Holding Co SCLX | FY2025 | $30.3M | -$374.1M | N/A | $38.1M | 53/100 |
| Amarin AMRN | FY2025 | $213.6M | -$38.8M | -18.2% | $287.9M | 33/100 |
| BioAge Labs Inc. BIOA | FY2025 | $9.0M | -$80.6M | N/A | $440.2M | 46/100 |
| Journey Medical Corp DERM | FY2025 | $61.9M | -$11.4M | -18.5% | $221.8M | 20/100 |
| Ironwood IRWD | FY2025 | $296.2M | $24.0M | 8.1% | $703.9M | 34/100 |
| Citius Oncology, Inc. CTOR | FY2025 | N/A | -$24.8M | N/A | $91.0M | — |
Where Scilex Holding Co Ranks
Frequently Asked Questions
What is Scilex Holding Co's annual revenue?
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.
How fast is Scilex Holding Co's revenue growing?
Scilex Holding Co (SCLX) revenue declined by 46.5% year-over-year, from $56.6M to $30.3M in fiscal year 2025.
Is Scilex Holding Co profitable?
No, Scilex Holding Co (SCLX) reported a net income of -$374.1M in fiscal year 2025.
What is Scilex Holding Co's EBITDA?
Scilex Holding Co (SCLX) had EBITDA of -$341.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Scilex Holding Co's free cash flow?
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.
What is Scilex Holding Co's operating cash flow?
Scilex Holding Co (SCLX) generated $3.8M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Scilex Holding Co's total assets?
Scilex Holding Co (SCLX) had $365.0M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Scilex Holding Co's capital expenditures?
Scilex Holding Co (SCLX) invested $133K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Scilex Holding Co spend on research and development?
Scilex Holding Co (SCLX) invested $20.7M in research and development during fiscal year 2025.
What is Scilex Holding Co's current ratio?
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.
What is Scilex Holding Co's return on assets (ROA)?
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.
What is Scilex Holding Co's P/E ratio?
Scilex Holding Co (SCLX) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to June 30, 2026). The market capitalization is $38.1M as of Sep 5, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Scilex Holding Co's price-to-sales ratio?
Scilex Holding Co (SCLX) trades at 1.2x sales, its market capitalization divided by revenue of $31.6M revenue, trailing 12 months to June 30, 2026. The market capitalization is $38.1M as of Sep 5, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
Why is Scilex Holding Co's debt-to-equity ratio negative or not reported?
Scilex Holding Co (SCLX) has negative shareholder equity of -$207.8M as of fiscal year 2025, so no debt-to-equity ratio is reported: dividing debt by equity that is not positive produces a number that cannot be read as leverage. 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.
What is Scilex Holding Co's Altman Z-Score?
Scilex Holding Co (SCLX) has an Altman Z-Score of -8.01, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Scilex Holding Co's Piotroski F-Score?
Scilex Holding Co (SCLX) has a Piotroski F-Score of 3 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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.
Are Scilex Holding Co's earnings high quality?
Scilex Holding Co (SCLX) reported a net loss of $374.1M while generating $3.8M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. 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.
Can Scilex Holding Co cover its interest payments?
Scilex Holding Co (SCLX) reported an operating loss of $346.0M against $11.5M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. 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.
How financially healthy is Scilex Holding Co?
Scilex Holding Co (SCLX) scores 53 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.