Scilex Holding Co (NASDAQ: SCLX) is a specialty pharmaceutical company that commercializes and develops non-opioid pain management products. Revenue comes primarily from net product sales, with ZTlido, a lidocaine topical system, as the principal commercial product. Net revenue was $30.3 million for the year ended December 31, 2025, down from $56.6 million for the year ended December 31, 2024. The company also holds a pipeline including SP-102, an injectable treatment for pain, and SP-103, a triple-strength lidocaine topical system in Phase 2 development that received FDA Fast Track status for low back pain. SP-103 is supplied by Itochu, a Japanese manufacturer of lidocaine tape products. The balance sheet carries meaningful debt, including obligations under the Scilex-St. James Loans, Vivasor debt, Tranche B Notes, and deferred consideration for the GLOPERBA license acquired from Romeg in 2022. The company also holds cryptocurrency assets custodied with Biconomy PTE. LTD.

Revenue model

Product sales from ZTlido and GLOPERBA, with rebates paid under state Medicaid and commercial formulary access agreements reducing net revenue. The company has also entered royalty financing arrangements, including a ZTlido Royalty Purchase Agreement, and has raised capital through equity offerings and convertible notes.

Products and services

ZTlido (1.8% lidocaine topical system for postherpetic neuralgia pain), SP-102 (injectable pain treatment in clinical development), SP-103 (5.4% triple-strength lidocaine topical system in Phase 2 for acute low back pain, FDA Fast Track status), GLOPERBA (licensed from Romeg in 2022).

Customers and end markets

Patients with non-opioid pain management needs, including postherpetic neuralgia and acute low back pain. Commercial healthcare providers and state Medicaid programs are payers, with the company paying rebates for formulary placement.

Value-chain role

Specialty pharmaceutical commercialization and clinical development company. Relies on Itochu as a third-party manufacturer and supplier of lidocaine tape products including ZTlido and SP-103. Distributes through commercial channels subject to formulary agreements with healthcare providers.

Geographic exposure

Primarily United States commercial operations. Foreign currency exposure exists on payments to Itochu, a foreign supplier.

Competitors

Generic and biosimilar pharmaceutical manufacturers, Early-stage biotechnology companies, Large established pharmaceutical companies with pain management portfolios

Source: SEC 10-K, filed 2026-04-10

Industry: Biological Products, (No Diagnostic Substances)