Scilex Holding Company
SCLXHealthcare|Drug Manufacturers - General|US
$1.70
+0.00 (+0.00%)
Cash / Share
$0.08
Financials
Financial Snapshot
Market Cap
$12.0M
Enterprise Value
$106.9M
Revenue (TTM)
$31.6M
Net Income (TTM)
-$447.1M
Cash & Investments
$581.0K
Net Cash
-$95.0M
Free Cash Flow (TTM)
-$17.9M
Operating CF (TTM)
-$17.5M
Debt/Equity
-0.31
Cash Runway & Burn Rate
Cash on Hand
$581.0K
Quarterly Burn
$4.4M
Monthly Burn
$1.5M
Est. Runway
~0.1 quarters
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | — | $4.8M | $4.3M | $2.2M | $3.9M | $3.3M | $11.0M | $581.0K | |
| Operating Cash Flow | -$60.4M | -$31.5M | -$28.7M | -$21.3M | -$20.7M | $19.3M | $3.8M | -$17.5M | |
| Free Cash Flow | -$61.0M | -$31.5M | -$28.7M | -$23.3M | -$21.0M | $18.7M | $3.7M | -$17.9M | |
| Capital Expenditure | -$584.0K | -$25.0K | $0.00 | -$2.1M | -$330.0K | -$600.0K | -$133.0K | -$427.1K | |
| Financing Cash Flow | $15.8M | -$19.2M | $28.2M | $21.2M | $23.6M | -$18.1M | -$5.5M | $11.3M |
R&D Spending
R&D (TTM)
$18.6M
R&D Intensity
58.9%
R&D Growth vs Prior
-10.1%
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $21.0M | $23.6M | $31.3M | $38.0M | $46.7M | $56.6M | $30.3M | $31.6M | |
| R&D Expense | $85.5M | $10.0M | $9.2M | $9.1M | $12.7M | $9.6M | $20.7M | $18.6M | |
| R&D % of Revenue | 406.6% | 42.3% | 29.4% | 23.8% | 27.3% | 17.0% | 68.5% | 58.9% | |
| SG&A | $64.7M | $43.0M | $50.6M | $64.9M | $119.6M | $119.0M | $266.6M | $277.0M |
Income Statement
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $21.0M | $23.6M | $31.3M | $38.0M | $46.7M | $56.6M | $30.3M | $31.6M | |
| Cost of Revenue | $5.8M | $2.1M | $3.6M | $10.8M | $15.7M | $16.7M | $15.2M | $18.5M | |
| Gross Profit | $15.2M | $21.4M | $27.7M | $27.2M | $31.1M | $39.9M | $15.0M | $13.1M | |
| R&D | $85.5M | $10.0M | $9.2M | $9.1M | $12.7M | $9.6M | $20.7M | $18.6M | |
| SG&A | $64.7M | $43.0M | $50.6M | $64.9M | $119.6M | $119.0M | $266.6M | $277.0M | |
| Operating Income | -$138.7M | -$35.3M | -$35.8M | -$50.6M | -$105.4M | -$83.4M | -$272.3M | -$285.6M | |
| Interest Expense | $16.9M | $13.1M | $11.8M | $9.6M | $1.1M | $2.0M | $11.5M | $16.2M | |
| Pretax Income | -$178.6M | -$47.6M | -$88.4M | -$23.4M | -$114.3M | -$72.8M | -$374.0M | -$464.5M | |
| Net Income | -$178.6M | -$47.5M | -$88.4M | -$23.4M | -$114.3M | -$72.8M | -$358.7M | -$447.1M | |
| EPS (Diluted) | -1.27 | -0.01 | -23.29 | -6.09 | -44.85 | -19.43 | -36.48 | -64.88 | |
| EBITDA | -$158.0M | -$31.5M | -$72.9M | -$9.8M | -$109.1M | -$66.8M | -$357.9M | -$360.6M | |
| Shares Out. (M) | 4.03 | 4.03 | 3.80 | 3.83 | 3.72 | 6.95 | 11.03 | 6.89 |
Balance Sheet
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | — | $4.8M | $4.3M | $2.2M | $3.9M | $3.3M | $5.0M | $566.0K | |
| Short-Term Investments | — | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $6.0M | $15.0K | |
| Total Current Assets | — | $22.4M | $23.0M | $29.6M | $46.8M | $41.5M | $38.4M | $36.2M | |
| Total Assets | — | $81.5M | $77.9M | $86.5M | $101.3M | $93.0M | $365.0M | $253.6M | |
| Total Current Liabilities | — | $78.5M | $169.4M | $44.8M | $250.4M | $259.6M | $483.7M | $512.2M | |
| Long-Term Debt | — | $107.7M | $95.5M | $0.00 | $17.0M | $845.0K | $27.1M | $12.5M | |
| Total Liabilities | — | $223.2M | $301.8M | $50.3M | $274.2M | $285.6M | $576.7M | $564.0M | |
| Stockholders' Equity | — | -$141.7M | -$223.9M | $36.2M | -$172.9M | -$192.6M | -$207.8M | -$308.3M | |
| Retained Earnings | — | -$264.1M | -$352.6M | -$375.9M | -$490.2M | -$563.1M | -$921.8M | -$1.08B |
Cash Flow Statement
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$60.4M | -$31.5M | -$28.7M | -$21.3M | -$20.7M | $19.3M | $3.8M | -$17.5M | |
| Capital Expenditure | -$584.0K | -$25.0K | $0.00 | -$2.1M | -$330.0K | -$600.0K | -$133.0K | -$427.1K | |
| Free Cash Flow | -$61.0M | -$31.5M | -$28.7M | -$23.3M | -$21.0M | $18.7M | $3.7M | -$17.9M | |
| Investing Cash Flow | -$17.6M | -$25.0K | $0.00 | -$2.1M | -$330.0K | -$2.7M | $4.1M | $4.0M | |
| Financing Cash Flow | $15.8M | -$19.2M | $28.2M | $21.2M | $23.6M | -$18.1M | -$5.5M | $11.3M | |
| Issuance of Stock | $0.00 | -$93.2K | $0.00 | $96.0K | $35.5M | $44.6M | $27.9M | $15.9M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | -$10.0M | $0.00 | $0.00 | -$2.4M | |
| Net Debt Issuance | $0.00 | -$37.6M | -$19.7M | -$31.3M | $728.0K | -$64.2M | -$2.8M | $17.8M | |
| Stock Based Comp. | $4.3M | $5.4M | $5.8M | $5.3M | $14.6M | $15.7M | $15.5M | $10.5M | |
| Net Change in Cash | -$62.3M | -$50.7M | -$501.0K | -$2.2M | $2.5M | -$1.5M | $1.7M | -$3.5M |
Dilution Tracker
Shares outstanding grew 173.7% over 5 years — significant dilution
Shares Outstanding
7M
5-Year Share Growth
+173.7%
Stock Issuance (TTM)
$15.9M
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 4.03 | 4.03 | 3.80 | 3.83 | 3.72 | 6.95 | 11.03 | 6.89 | |
| Change vs Prior % | — | 0.0% | -5.8% | 1.0% | -2.9% | 86.7% | 58.7% | -37.5% | |
| Stock Issuance | $0.00 | -$93.2K | $0.00 | $96.0K | $35.5M | $44.6M | $27.9M | $15.9M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | -$10.0M | $0.00 | $0.00 | -$2.4M | |
| Stock Based Comp. | $4.3M | $5.4M | $5.8M | $5.3M | $14.6M | $15.7M | $15.5M | $10.5M |
Margins & Profitability
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 72.4% | 90.9% | 88.4% | 71.6% | 66.5% | 70.5% | 49.7% | 41.5% | |
| Operating Margin % | -659.4% | -149.7% | -114.4% | -133.1% | -225.6% | -147.4% | -900.1% | -903.5% | |
| Net Margin % | -849.1% | -201.7% | -282.4% | -61.4% | -244.6% | -128.7% | -1185.8% | -1414.6% | |
| EBITDA Margin % | -751.0% | -133.6% | -232.7% | -25.8% | -233.4% | -118.0% | -1183.2% | -1140.8% | |
| FCF Margin % | -290.0% | -133.6% | -91.5% | -61.3% | -45.0% | 33.1% | 12.2% | -56.7% | |
| ROE % | 0.0% | 33.5% | 39.5% | -64.5% | 66.1% | 37.8% | 172.7% | 189.8% | |
| ROA % | 0.0% | -58.3% | -113.5% | -27.0% | -112.9% | -78.3% | -98.3% | -176.3% | |
| ROIC % | 0.0% | -108.9% | 107.2% | -119.3% | 264.4% | 63.6% | 1031.6% | 162.6% | |
| R&D / Revenue % | 406.6% | 42.3% | 29.4% | 23.8% | 27.3% | 17.0% | 68.5% | 58.9% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | 12.0% | 32.9% | 21.4% | 22.9% | 21.1% | -46.5% | |
| Gross Profit | 0.0% | 40.6% | 29.3% | -1.6% | 14.0% | 28.5% | -62.3% | |
| Operating Income | 0.0% | 74.6% | -1.6% | -41.3% | -108.2% | 20.9% | -226.5% | |
| Net Income | 0.0% | 73.4% | -86.1% | 73.6% | -389.3% | 36.3% | -392.7% | |
| EPS (Diluted) | 0.0% | 99.0% | -184741.3% | 73.9% | -636.5% | 56.7% | -87.8% | |
| Operating Cash Flow | 0.0% | 47.9% | 8.9% | 25.8% | 2.6% | 193.4% | -80.3% | |
| Free Cash Flow | 0.0% | 48.4% | 9.0% | 18.6% | 9.8% | 189.1% | -80.4% | |
| R&D Expense | 0.0% | -88.4% | -7.6% | -1.6% | 40.8% | -24.4% | 114.8% | |
| SG&A Expense | 0.0% | -33.6% | 17.7% | 28.3% | 84.4% | -0.5% | 124.0% | |
| Total Assets | 0.0% | 0.0% | -4.4% | 11.0% | 17.1% | -8.2% | 292.7% | |
| Book Value / Share | 0.0% | 0.0% | -67.8% | 116.0% | -591.6% | 40.4% | 30.7% | |
| Debt | 0.0% | 0.0% | 11.6% | -99.1% | 9010.9% | -70.5% | 249.2% | |
| Diluted Shares | 0.0% | 0.0% | -5.8% | 1.0% | -2.9% | 86.7% | 58.7% |
Valuation
P/E (TTM)At Loss
P/S0.38
10Y Low / Med / High1.83 / 14.08 / 66.07
P/B-0.04
EV/EBITDAAt Loss
EV/Revenue3.38
10Y Low / Med / High2.45 / 14.06 / 64.67
P/FCFAt Loss
Intrinsic Value Models (per share)
Cash / Share
$0.08
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -271.46 | -27361.11 | -15.09 | -22.93 | -1.59 | -0.77 | -0.33 | -0.03 | |
| P/S Ratio | 66.07 | 58.99 | 42.59 | 14.08 | 5.69 | 1.83 | 4.45 | 0.38 | |
| P/B Ratio | 0.00 | -9.81 | -5.96 | 14.78 | -1.54 | -0.54 | -0.65 | -0.04 | |
| EV/EBITDA | 0.00 | -48.40 | -20.37 | -54.60 | -3.58 | -2.07 | -0.73 | -0.30 | |
| EV/Revenue | 0.00 | 64.67 | 47.39 | 14.06 | 8.35 | 2.45 | 8.67 | 3.38 |
Analyst Estimates & Quality
Altman Z-Score
-12.87
Distress
Piotroski F-Score
2
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $66.0M | $189.0M | $608.5M |
| Net Income | -$6.1M | $5.0M | $46.6M |
| EPS | $-0.55 | $0.45 | $4.22 |
| # Analysts (EPS) | 1 | 1 | 1 |