Scilex Holding Company
- Open
- 5.37
- Day high
- 5.42
- Day low
- 5.34
- Prev close
- 5.35
- Volume
- 726
- Mkt cap
- $45M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- -0.1
- P/S
- 1.4
- Yield
- —
- Per share
- —
Scilex Holding Company (SCLX) is a Healthcare company listed on NASDAQ. The stock is down 72% over the past year.
Scilex Holding Company (SCLX) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
SCLX earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 14, 2026 | $-0.18 | $-16.65 | -9083.2% | $8M | -52.2% |
| May 20, 2026 | $-0.34 | $-4.76 | -1311.2% | $9M | -42.6% |
| Nov 14, 2025 | $-0.47 | $-22.17 | -4617.0% | $11M | -12.7% |
| Aug 13, 2025 | $-0.41 | $-7.42 | -1709.8% | $10M | -62.3% |
| Mar 31, 2025 | $-0.10 | $-0.25 | -150.0% | $15M | -16.2% |
| Mar 11, 2024 | $-7.34 | $-8.74 | -19.1% | $13M | +17.8% |
| Nov 14, 2023 | $-5.94 | $-22.03 | -270.9% | $10M | -11.0% |
| Aug 11, 2023 | — | $-5.59 | — | $13M | — |
| May 12, 2023 | — | $-0.22 | — | $11M | — |
| Mar 7, 2023 | — | $-4.66 | — | $12M | — |
| Jun 30, 2022 | — | $-4.42 | — | $8M | — |
| Mar 31, 2022 | — | $-2.27 | — | $7M | — |
SCLX insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Apr 20, 2026 | Ma Stephen Hoidirector, officer: CFO, COO and Secretary | Buy | 650,000 | $1.20 |
| Apr 20, 2026 | Ji Henrydirector, officer: Exec Chair, CEO and President | Sell | 650,000 | $1.20 |
| Apr 20, 2026 | Ji Henrydirector, officer: Exec Chair, CEO and President | Buy | 3,250,000 | $1.20 |
| Dec 30, 2025 | Scilex Holding Co10 percent owner | Sell | 9,657,300 | $0.54 |
| Dec 30, 2025 | Scilex Holding Co10 percent owner | Sell | 7,310,984 | $0.66 |
| Dec 30, 2025 | Scilex Holding Co10 percent owner | Sell | 3,689,016 | $0.75 |
| Oct 9, 2025 | Ji Henrydirector, officer: CEO and President | Grant | 120,000 | $17.58 |
| Oct 9, 2025 | Followwill Dormandirector | Grant | 20,000 | $17.58 |
| Oct 9, 2025 | Wu Yue Alexanderdirector | Grant | 20,000 | $17.58 |
| Oct 9, 2025 | Ma Stephen Hoidirector, officer: CFO and COO | Grant | 60,000 | $17.58 |
| Oct 9, 2025 | Chun Jaydirector | Grant | 20,000 | $17.58 |
| Dec 18, 2024 | SHAH JAISIMdirector, officer: See Remarks | Buy | 30,000 | $0.46 |
| Dec 17, 2024 | Wu Yue Alexanderdirector | Grant | 100,000 | $0.50 |
| Dec 17, 2024 | Followwill Dormandirector | Grant | 100,000 | $0.50 |
| Dec 17, 2024 | Chun Jaydirector | Grant | 100,000 | $0.50 |
Source: SCLX SEC Form 4 filings, latest Apr 20, 2026. For informational purposes only — not investment advice.
See the full SCLX insider & 13F page →Scilex Holding Company company profile
Overview
Scilex Holding Company (NASDAQ:SCLX) is a biopharmaceutical company founded in 2016 and publicly traded since March 2021. Based in Palo Alto, California, the company operates as a subsidiary of Sorrento Therapeutics and focuses on developing and commercializing non-opioid pain management solutions. Scilex addresses the critical healthcare challenge of treating acute and chronic pain without contributing to the opioid crisis that has plagued the United States for decades.
Business
Scilex operates in the pharmaceutical industry, specifically focusing on non-opioid pain management therapies. The company's approach addresses a significant medical need, as traditional pain management has heavily relied on opioid medications, which carry substantial risks of addiction and abuse. The company's flagship commercial product is ZTlido 1.8%, a prescription topical lidocaine patch designed to treat neuropathic pain associated with post-herpetic neuralgia. Post-herpetic neuralgia is a painful condition that can persist for months or years after a shingles outbreak, affecting the nerve fibers and skin where the shingles rash occurred. ZTlido works by delivering lidocaine, a local anesthetic, directly through the skin to numb the affected area and provide pain relief without systemic opioid exposure. Beyond its commercial product, Scilex maintains a robust pipeline of investigational treatments. SP-102 is a viscous gel formulation containing corticosteroids designed for epidural injections to treat lumbosacral radicular pain, commonly known as sciatica. This treatment is currently in Phase III clinical trials. SP-103 represents another approach to treating low back pain and is progressing through Phase II clinical trials. Additionally, SP-104 is a novel low-dose, delayed-release formulation of naltrexone hydrochloride that has completed Phase I trials for fibromyalgia treatment. The company's revenue is primarily generated from ZTlido sales, which represented essentially 100% of commercial revenue in recent periods, with the pipeline products still in development phases and not yet contributing to revenue.
Revenue model
Scilex generates revenue primarily through product sales of its commercial pharmaceutical product ZTlido to healthcare providers, pharmacies, and patients through the traditional pharmaceutical distribution system. The company sells ZTlido through wholesale distributors who then supply retail pharmacies, hospitals, and other healthcare facilities. Patients typically obtain the medication through prescription from their healthcare providers, with costs often covered by insurance plans. The company's business model faces several factors that can impact profitability. Positive margin drivers include the growing awareness of opioid addiction risks, which increases demand for non-opioid alternatives, potential insurance coverage expansion for non-opioid treatments, and the ability to command premium pricing for specialized pain management solutions. The aging population also represents a growing market for chronic pain treatments. Negative margin pressures include intense competition from other pharmaceutical companies developing alternative pain management solutions, potential generic competition as patents expire, pricing pressure from insurance companies and pharmacy benefit managers seeking to control healthcare costs, and the substantial research and development expenses required to advance pipeline products through clinical trials. Manufacturing costs, regulatory compliance expenses, and the need for ongoing clinical studies to support product efficacy also impact margins. Additionally, the company must invest significantly in sales and marketing efforts to educate healthcare providers about non-opioid alternatives and compete against established pain management protocols.
Competitive moat
Scilex operates in a highly competitive pharmaceutical landscape with limited sustainable competitive advantages. The company's primary moat consists of its FDA-approved product portfolio and regulatory exclusivity periods, particularly for ZTlido, which provides temporary protection from generic competition. The specialized formulation technology and delivery mechanisms for its topical and injectable products offer some differentiation, but these advantages are not insurmountable. The company's moat is relatively narrow and time-limited. Patent protection provides temporary exclusivity, but pharmaceutical patents eventually expire, opening the door to generic competition that typically results in significant price erosion. The regulatory approval process creates barriers to entry, as competitors must conduct their own clinical trials and obtain FDA approval, but this protection is not permanent. Competitive threats come from multiple directions: large pharmaceutical companies with greater resources developing competing non-opioid pain treatments, generic drug manufacturers who will eventually challenge expired patents, and alternative treatment modalities including medical devices, physical therapy solutions, and emerging technologies like neuromodulation. The pain management market attracts significant investment and innovation, meaning new competitive threats regularly emerge. Additionally, Scilex lacks the scale and resources of major pharmaceutical companies, limiting its ability to invest heavily in research and development or marketing compared to larger competitors.
Risks & safety
Scilex presents significant financial risk with limited margin of safety for investors. • Liquidity concerns: Cash position of only $5.8 million as of Q1 2025, down from $6.9 million in Q2 2024, indicating rapid cash depletion • Solvency risk: Total current liabilities of $275.7 million vastly exceed current assets of $28.7 million, resulting in a current ratio of 0.10 • Debt burden: Total liabilities of $290.5 million against total assets of $78.1 million, creating negative book value • Operating losses: Consistent EBITDA losses, with -$27.9 million in Q1 2025 and -$66.8 million for full year 2024 • Valuation metrics: Negative book value makes traditional valuation metrics unreliable; company trades at significant premium to tangible assets • Cash flow: While recent quarters showed positive operating cash flow, the company has historically burned cash and maintains minimal reserves relative to operating expenses • Going concern: The combination of negative working capital, minimal cash reserves, and ongoing losses raises questions about the company's ability to continue operations without additional financing
Recent development
Based on the financial data trends, Scilex has undergone several significant developments over recent years. The company has demonstrated revenue growth momentum, with annual revenue increasing from $38.0 million in 2022 to $46.7 million in 2023 and further to $56.6 million in 2024, representing a 49% increase over two years. This growth appears driven primarily by expanded ZTlido adoption and market penetration. Operational efficiency improvements have been notable, with the company achieving positive operating cash flow in 2024 ($19.3 million) after negative cash flow in 2023 (-$20.7 million). Recent quarters have consistently generated positive operating cash flow, suggesting improved working capital management and operational discipline. The company has made strategic pipeline advancement, progressing SP-102 through Phase III trials for lumbosacral radicular pain treatment and advancing SP-103 and SP-104 through their respective clinical development phases. These pipeline developments represent potential future revenue diversification beyond ZTlido. However, the company has experienced significant equity value destruction, with the stock price declining from over $300 in 2022 to under $5 by 2025, reflecting investor concerns about the financial structure and long-term viability despite operational improvements.
SCLX company profile · for informational purposes only — not investment advice.
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