Scilex Holding Company Financials
Scilex Holding Company (SCLXW) 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).
Positive cash flow is masking a loss-making core inside a liability-funded balance sheet with almost no reinvestment needs.
Across FY2024 and FY2025, free cash flow stayed positive at$19.3M and$3.7M . Because gross profit was negative in both years while net losses widened from$72.8M to$374.1M , that cash is being created mainly by non-cash charges and working-capital movements, not by profitable sales; the cash flow line and income statement are describing very different realities.
The short-term funding picture is tighter than the cash-flow line suggests: FY2025 cash was only
The cost base is detached from sales scale: FY2025 SG&A burden reached
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 Company'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 Company 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 Company 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 Company 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 Company generated $30.3M in revenue in fiscal year 2025. This represents a decrease of 46.5% from the prior year.
Scilex Holding Company'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.
Scilex Holding Company reported -$374.1M in net income in fiscal year 2025. This represents a decrease of 413.8% from the prior year.
Scilex Holding Company earned -$36.48 per diluted share (EPS) in fiscal year 2025.
Cash & Balance Sheet
Scilex Holding Company 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.
Scilex Holding Company held $5.0M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
Margins & Returns
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not reported for fiscal year 2025.
Capital Allocation
Scilex Holding Company invested $20.7M in research and development in fiscal year 2025. This represents an increase of 114.8% from the prior year.
Scilex Holding Company invested $133K in capex in fiscal year 2025, funding long-term assets and infrastructure.
Not reported for fiscal year 2025.
SCLXW Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|---|
| Revenue | $33.9M | $30.3M-46.5% | $56.6M+21.1% | $46.7M+22.9% | $38.0M+21.4% | $31.3M | N/A |
| Cost of Revenue | $100.7M | $96.3M-13.2% | $110.8M+606.9% | $15.7M+45.2% | $10.8M+197.1% | $3.6M | N/A |
| Gross Profit | -$66.8M | -$66.0M-21.7% | -$54.3M-274.7% | $31.1M+14.0% | $27.2M-1.6% | $27.7M | N/A |
| R&D Expenses | $21.5M | $20.7M+114.8% | $9.6M-24.4% | $12.7M+40.8% | $9.1M-1.6% | $9.2M | N/A |
| SG&A Expenses | $269.9M | $266.9M+124.2% | $119.0M-0.5% | $119.6M+84.4% | $64.9M+28.3% | $50.6M | N/A |
| Operating Income | -$350.3M | -$346.0M-314.9% | -$83.4M+20.9% | -$105.4M-108.2% | -$50.6M-41.3% | -$35.8M | N/A |
| Interest Expense | $12.8M | $11.5M+483.7% | $2.0M+83.8% | $1.1M-88.9% | $9.6M-18.4% | $11.8M | N/A |
| Income Tax | N/A | $26K+2700.0% | -$1K-107.7% | $13K+225.0% | $4K-20.0% | $5K+109.4% | -$53K |
| Net Income | -$393.6M | -$374.1M-413.8% | -$72.8M+36.3% | -$114.3M-389.3% | -$23.4M+73.6% | -$88.4M | N/A |
| EPS (Diluted) | — | -$36.48 | -$8.05 | -$1.28 | -$0.17 | -$0.67 | -$0.36 |
TTM is the trailing twelve months, Q2 FY2025 through Q1 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
SCLXW Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|
| Total Assets | $365.0M+292.7% | $93.0M-8.2% | $101.3M+17.1% | $86.5M+11.0% | $77.9M+38966.8% | $199K |
| Current Assets | $38.4M-7.7% | $41.5M-11.2% | $46.8M+58.0% | $29.6M+28.7% | $23.0M+75292.5% | $31K |
| Cash & Equivalents | $5.0M+51.4% | $3.3M-16.6% | $3.9M+79.5% | $2.2M-49.7% | $4.3M+14117.8% | $31K |
| Inventory | $4.8M+96.6% | $2.4M-42.2% | $4.2M+205.8% | $1.4M-46.2% | $2.6M | N/A |
| Accounts Receivable | $15.2M-42.3% | $26.4M-23.6% | $34.6M+62.9% | $21.2M+48.8% | $14.3M | N/A |
| Goodwill | $13.5M0.0% | $13.5M0.0% | $13.5M0.0% | $13.5M0.0% | $13.5M | N/A |
| Total Liabilities | $576.7M+101.9% | $285.6M+4.1% | $274.2M+445.4% | $50.3M-83.3% | $301.8M+166866.1% | $181K |
| Current Liabilities | $483.7M+86.3% | $259.6M+3.7% | $250.4M+458.4% | $44.8M-73.5% | $169.4M+93626.5% | $181K |
| Long-Term Debt | N/A | N/A | N/A | $0-100.0% | $72.0M | N/A |
| Total Equity | -$207.8M-7.9% | -$192.6M-11.4% | -$172.9M-577.2% | $36.2M+116.2% | -$223.9M-1195763.3% | $19K |
| Retained Earnings | -$921.8M-63.7% | -$563.1M-14.9% | -$490.2M-30.4% | -$375.9M-6.6% | -$352.6M-5617331.5% | -$6K |
SCLXW Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$3.3M | $3.8M-80.3% | $19.3M+193.4% | -$20.7M+2.6% | -$21.3M+25.8% | -$28.7M | N/A |
| Capital Expenditures | N/A | $133K | $0-100.0% | $30K+328.6% | $7K | $0-100.0% | $25K |
| Free Cash Flow | N/A | $3.7M-81.0% | $19.3M+193.3% | -$20.7M+2.5% | -$21.3M+25.8% | -$28.7M | N/A |
| Investing Cash Flow | -$4.7M | $4.1M+252.7% | -$2.7M-710.6% | -$330K+84.0% | -$2.1M | $0+100.0% | -$25K |
| Financing Cash Flow | $6.8M | -$5.5M+69.9% | -$18.1M-176.9% | $23.6M+11.4% | $21.2M-24.8% | $28.2M | N/A |
| Dividends Paid | N/A | N/A | $8.7M0.0% | $8.7M | N/A | N/A | N/A |
Not reported in any period shown, so not listed: Share Buybacks.
TTM is the trailing twelve months, Q2 FY2025 through Q1 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
SCLXW Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|
| Gross Margin | -218.2% | -95.9%-162.3pp | 66.5%-5.2pp | 71.6%-16.8pp | 88.4% | N/A |
| Operating Margin | -1143.7% | -147.4% | -225.6% | -133.1% | -114.4% | N/A |
| Net Margin | -1236.4% | -128.7% | -244.6% | -61.4% | -282.4% | N/A |
| Return on Equity | N/A | N/A | N/A | -64.5% | N/A | N/A |
| Return on Assets | -102.5%-24.2pp | -78.3%+34.5pp | -112.9%-85.9pp | -27.0%+86.5pp | -113.5% | N/A |
| Current Ratio | 0.08-0.1x | 0.160.0x | 0.19-0.5x | 0.66+0.5x | 0.140.0x | 0.17 |
| Debt-to-Equity | N/A | N/A | N/A | 0.00 | N/A | 9.65 |
| FCF Margin | 12.2%-22.0pp | 34.2%+78.5pp | -44.4%+11.6pp | -55.9%+35.6pp | -91.5% | N/A |
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.
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Where Scilex Holding Company Ranks
Frequently Asked Questions
What is Scilex Holding Company's annual revenue?
Scilex Holding Company (SCLXW) 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 Company's revenue growing?
Scilex Holding Company (SCLXW) revenue declined by 46.5% year-over-year, from $56.6M to $30.3M in fiscal year 2025.
Is Scilex Holding Company profitable?
No, Scilex Holding Company (SCLXW) reported a net income of -$374.1M in fiscal year 2025.
What is Scilex Holding Company's EBITDA?
Scilex Holding Company (SCLXW) had EBITDA of -$341.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Scilex Holding Company's free cash flow?
Scilex Holding Company (SCLXW) 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 Company's operating cash flow?
Scilex Holding Company (SCLXW) generated $3.8M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Scilex Holding Company's total assets?
Scilex Holding Company (SCLXW) had $365.0M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Scilex Holding Company's capital expenditures?
Scilex Holding Company (SCLXW) invested $133K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Scilex Holding Company spend on research and development?
Scilex Holding Company (SCLXW) invested $20.7M in research and development during fiscal year 2025.
What is Scilex Holding Company's current ratio?
Scilex Holding Company (SCLXW) 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 Company's return on assets (ROA)?
Scilex Holding Company (SCLXW) had a return on assets of -102.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
Why is Scilex Holding Company's debt-to-equity ratio negative or not reported?
Scilex Holding Company (SCLXW) 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 Company's Piotroski F-Score?
Scilex Holding Company (SCLXW) 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 Company's earnings high quality?
Scilex Holding Company (SCLXW) 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 Company cover its interest payments?
Scilex Holding Company (SCLXW) 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 Company?
Scilex Holding Company (SCLXW) scores 54 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.