Scilex Holding Co
scilexholding.comWhat Do They Do?
Sells non-opioid medicines for post-shingles nerve pain, migraine, and gout, and develops treatments for other pain conditions such as sciatica.
10-K for FY2025, filed Apr 10, 2026Our commercial products are: (i) ZTlidoÒ (lidocaine topical system) 1.8%, a prescription lidocaine topical product approved by the U.S.…View ↗
We launched our third commercial product, GLOPERBA, in June 2024. We acquired certain rights to GLOPERBA and the exclusive license to use…View ↗
We acquired SP-102 from Semnur Pharmaceuticals, Inc. (“Semnur”) in March 2019 and are developing SP-102 to be an injectable viscous gel…View ↗
How Do They Make Money?
The company mainly earns money by selling its medicines in the United States. It invoices customers when products ship, with payment due soon after.
10-K for FY2025, filed Apr 10, 2026
$30.3M
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10-K for FY2025, filed Apr 10, 2026
$30.3M ↗
Who Are Their Customers?
Scilex distributes its medicines directly to national and regional wholesalers and pharmacies in the United States, while its sales team promotes them to healthcare providers.
10-K for FY2025, filed Apr 10, 2026
Do Revenues Turn Into Profits?
Not on paper. It lost $374.1M in FY2025, but brought in more cash than it spent: $3.7M of free cash flow.
10-K for FY2025, filed Apr 10, 2026
−$346MView ↗
10-K for FY2025, filed Apr 10, 2026
−$374.1MView ↗
10-K for FY2025, filed Apr 10, 2026
$3.7MView ↗
How Are They Changing?
- Net income
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Sources
10-Q for Q2 FY2026, filed Aug 14, 2026
−$115MView ↗
- ▲ +161% (Loss)
- vs −$44M in Q2 FY2025
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May 5, 2026
Agrees to exchange ACEA Pharma for Phoenix shares
Its subsidiary would transfer ACEA Pharma for newly issued Phoenix shares; closing depends on customary conditions.
Sources
8-K, filed May 5, 2026
On May 4, 2026, ACEA Therapeutics, Inc. (“ACEA Thera”), an indirect minority owned subsidiary of Scilex Holding Company (the “Company”)…View ↗
Flat. Revenue was $30.3M in FY2025, about the same as the $31.3M of FY2021.
Expanded marketed products
ELYXYB and GLOPERBA have moved from planned launches to marketed products.
10-K for FY2022, filed Mar 7, 2023 10-K for FY2025, filed Apr 10, 2026We are an innovative revenue-generating company focused on acquiring, developing and commercializing non-opioid pain management products…View ↗
On June 14, 2022, we entered into a License and Commercialization Agreement (the “Romeg Agreement”) with RxOmeg Therapeutics, LLC (a/k/a…View ↗
and Collegium Pharmaceutical, Inc. the rights to certain patents, trademarks, regulatory approvals, data, contracts, and other rights…View ↗
Our commercial products are: (i) ZTlidoÒ (lidocaine topical system) 1.8%, a prescription lidocaine topical product approved by the U.S.…View ↗
Broader drug pipeline
The earlier report described a pipeline of pain treatments; the latest adds an exclusive license to a candidate for metabolic and neurodegenerative diseases.
10-K for FY2022, filed Mar 7, 2023 10-K for FY2025, filed Apr 10, 2026Our three product candidates are (i) SP-102 (10 mg, dexamethasone sodium phosphate viscous gel) (“SEMDEXAÔ”), a Phase 3, novel, viscous gel…View ↗
In April 2025, Scilex Bio, Inc. (“Scilex Bio”), our subsidiary, signed an agreement with NeuroBiogen Company (“NBG”) to grant Scilex Bio an…View ↗
New treasury strategy
The earlier report described a business centered on pain products; the latest adds a cryptocurrency treasury strategy that aims to generate revenue through staking and related activities.
10-K for FY2022, filed Mar 7, 2023 10-K for FY2025, filed Apr 10, 2026We are an innovative revenue-generating company focused on acquiring, developing and commercializing non-opioid pain management products…View ↗
We have adopted a cryptocurrency treasury strategy in which we intend to invest in bitcoin, Ethereum and other blockchain-linked…View ↗
Who Do They Compete With?
Competes with Teva, Mylan, and Par Pharmaceutical
10-K for FY2025, filed Apr 10, 2026ZTlido and our product candidate, SP-103, if approved, face and will likely face competition from prescription, generic, and OTC topical…View ↗
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