2023 Q1 Form 10-K Financial Statement

#000095017023006493 Filed on March 07, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $10.58M $11.92M $38.03M
YoY Change
Cost Of Revenue $3.591M $4.513M $10.80M
YoY Change 213.9% 315.94% 197.11%
Gross Profit $6.991M $7.406M $27.24M
YoY Change -711.1% 3.18% -849.5%
Gross Profit Margin 66.07% 62.14% 71.61%
Selling, General & Admin $28.70M $23.52M $64.90M
YoY Change 163.12% 62.35% 28.3%
% of Gross Profit 410.54% 317.63% 238.26%
Research & Development $2.736M $2.597M $9.054M
YoY Change 3.99% 19.68% -1.6%
% of Gross Profit 39.14% 35.07% 33.24%
Depreciation & Amortization $1.037M $1.035M $3.961M
YoY Change 9.85% -72.61% 4.82%
% of Gross Profit 14.83% 13.98% 14.54%
Operating Expenses $31.44M $27.15M $73.95M
YoY Change 9711.19% 6953.73% 7254.45%
Operating Profit -$25.50M -$19.74M -$50.60M
YoY Change 189.58% -390.6% 41.19%
Interest Expense -$5.272M $1.897M $9.604M
YoY Change 95580.58% 210677.78% 33120.34%
% of Operating Profit
Other Income/Expense, Net -$5.272M $27.27M
YoY Change 997.65% 1423.48%
Pretax Income -$30.75M -$17.84M -$23.36M
YoY Change 3713.48% -1675.36% -3081.72%
Income Tax $8.000K $40.00K $4.000K
% Of Pretax Income
Net Earnings -$30.75M -$17.88M -$23.36M
YoY Change 3714.46% -1678.9% -3082.23%
Net Earnings / Revenue -290.62% -150.05% -61.43%
Basic Earnings Per Share -$0.22 -$0.17
Diluted Earnings Per Share -$0.22 -$0.13 -$0.17
COMMON SHARES
Basic Shares Outstanding 145.8M 13.18M shares 134.2K
Diluted Shares Outstanding 141.7M 134.2K

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.069M $2.184M $2.184M
YoY Change 3877.56% 329.99% 329.99%
Cash & Equivalents $5.100M $2.184M $2.184M
Short-Term Investments
Other Short-Term Assets $4.516M $4.810M $4.810M
YoY Change 1037.82% 105847.14% 105847.14%
Inventory $2.275M $1.378M $1.378M
Prepaid Expenses
Receivables $19.24M $21.24M $21.24M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $31.10M $29.61M $29.61M
YoY Change 5832.03% 5677.66% 5677.62%
LONG-TERM ASSETS
Property, Plant & Equipment $762.0K $772.0K $1.903M
YoY Change -4.1% -9.72%
Goodwill $13.50M $13.50M
YoY Change 0.0%
Intangibles $39.56M $40.59M
YoY Change 4.61%
Long-Term Investments
YoY Change
Other Assets $153.0K $944.0K $944.0K
YoY Change -99.89% -99.32% -99.32%
Total Long-Term Assets $54.95M $56.92M $56.92M
YoY Change -60.88% -59.17% -59.17%
TOTAL ASSETS
Total Short-Term Assets $31.10M $29.61M $29.61M
Total Long-Term Assets $54.95M $56.92M $56.92M
Total Assets $86.05M $86.53M $86.53M
YoY Change -38.96% -38.16% -38.16%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.817M $8.450M $8.450M
YoY Change 23843.9% 3948.87% 3948.87%
Accrued Expenses $44.79M $36.13M $36.13M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $9.600M $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00
YoY Change -100.0%
Total Short-Term Liabilities $64.60M $44.84M $44.84M
YoY Change 157465.85% 21385.93% 21386.34%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $168.0K $163.0K $5.446M
YoY Change -98.48% 2265.06% -39.7%
Total Long-Term Liabilities $168.0K $163.0K $5.446M
YoY Change -98.48% 2265.06% -39.7%
TOTAL LIABILITIES
Total Short-Term Liabilities $64.60M $44.84M $44.84M
Total Long-Term Liabilities $168.0K $163.0K $5.446M
Total Liabilities $74.98M $50.29M $50.29M
YoY Change 575.73% 444.23% 444.22%
SHAREHOLDERS EQUITY
Retained Earnings -$406.7M -$375.9M
YoY Change 4221.96%
Common Stock $15.00K $14.00K
YoY Change 3957.97%
Preferred Stock
YoY Change
Treasury Stock (at cost) $0.00
YoY Change
Treasury Stock Shares
Shareholders Equity $11.08M $36.24M $36.24M
YoY Change
Total Liabilities & Shareholders Equity $86.05M $86.53M $86.53M
YoY Change -38.96% -38.16% -38.16%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$30.75M -$17.88M -$23.36M
YoY Change 3714.46% -1678.9% -3082.23%
Depreciation, Depletion And Amortization $1.037M $1.035M $3.961M
YoY Change 9.85% -72.61% 4.82%
Cash From Operating Activities -$7.744M -$725.0K -$21.26M
YoY Change 779.52% 573.04% 2552.84%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $7.000K
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00 $0.00 -$2.067M
YoY Change -100.0% -98.52%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 10.63M 426.0K 21.17M
YoY Change 592.44% -14.8% -84.95%
NET CHANGE
Cash From Operating Activities -7.744M -725.0K -21.26M
Cash From Investing Activities 0.000 0.000 -2.067M
Cash From Financing Activities 10.63M 426.0K 21.17M
Net Change In Cash 2.885M -299.0K -2.154M
YoY Change -858.25% -176.22% -551.18%
FREE CASH FLOW
Cash From Operating Activities -$7.744M -$725.0K -$21.26M
Capital Expenditures $0.00 $7.000K
Free Cash Flow -$725.0K -$21.27M
YoY Change 573.04% 2553.71%

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CY2020 us-gaap Allocated Share Based Compensation Expense
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5395000
CY2020 us-gaap Profit Loss
ProfitLoss
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CY2020Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
-141683000
CY2021 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5822000
CY2021 sclx Adjustment To Shares Issued In Semnur Acquisition Value
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409000
CY2021 us-gaap Profit Loss
ProfitLoss
-88424000
CY2021Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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-223876000
CY2022 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
96000
CY2022 sclx Adjustment To Additional Paid In Capital License Transfer Net Of Discount Value
AdjustmentToAdditionalPaidInCapitalLicenseTransferNetOfDiscountValue
-4127000
CY2022 sclx Adjustmenttoadditionalpaidincapitaldiscountamortization
Adjustmenttoadditionalpaidincapitaldiscountamortization
-35000
CY2022 us-gaap Stock Issued During Period Value Conversion Of Units
StockIssuedDuringPeriodValueConversionOfUnits
289733000
CY2022 us-gaap Stock Issued During Period Value Purchase Of Assets
StockIssuedDuringPeriodValuePurchaseOfAssets
8706000
CY2022 sclx Shares Issued To Yorkville Pursuant To Yorkville Purchase Agreement
SharesIssuedToYorkvillePursuantToYorkvillePurchaseAgreement
1238000
CY2022 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5280000
CY2022 us-gaap Profit Loss
ProfitLoss
-23364000
CY2022Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
36239000
CY2021 sclx Payment On The Scilex Pharma Notes Attributed To Accreted Interest Related To The Debt Discount
PaymentOnTheScilexPharmaNotesAttributedToAccretedInterestRelatedToTheDebtDiscount
12487000
CY2020 sclx Payment On The Scilex Pharma Notes Attributed To Accreted Interest Related To The Debt Discount
PaymentOnTheScilexPharmaNotesAttributedToAccretedInterestRelatedToTheDebtDiscount
10866000
CY2022 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
28634000
CY2021 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-12463000
CY2020 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
0
CY2021 us-gaap Share Based Compensation
ShareBasedCompensation
5822000
CY2020 us-gaap Share Based Compensation
ShareBasedCompensation
5395000
CY2022 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
8310000
CY2021 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
-300000
CY2022 us-gaap Net Income Loss
NetIncomeLoss
-23364000
CY2021 us-gaap Net Income Loss
NetIncomeLoss
-88424000
CY2020 us-gaap Net Income Loss
NetIncomeLoss
-47519000
CY2022 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
3961000
CY2021 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
3779000
CY2020 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
3777000
CY2022 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
3142000
CY2021 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
7909000
CY2022 sclx Non Cash Operating Lease Cost
NonCashOperatingLeaseCost
492000
CY2021 sclx Non Cash Operating Lease Cost
NonCashOperatingLeaseCost
372000
CY2020 sclx Non Cash Operating Lease Cost
NonCashOperatingLeaseCost
825000
CY2022 us-gaap Share Based Compensation
ShareBasedCompensation
5280000
CY2022 sclx Transaction Costs Paid Related To The Recapitalization Transaction
TransactionCostsPaidRelatedToTheRecapitalizationTransaction
2949000
CY2020 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
800000
CY2022 sclx Forfeitures Of Private Warrants
ForfeituresOfPrivateWarrants
1697000
CY2021 sclx Forfeitures Of Private Warrants
ForfeituresOfPrivateWarrants
0
CY2020 sclx Forfeitures Of Private Warrants
ForfeituresOfPrivateWarrants
0
CY2022 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
6968000
CY2021 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
1142000
CY2020 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
598000
CY2022 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-1184000
CY2021 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
1417000
CY2020 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-2379000
CY2022 us-gaap Increase Decrease In Prepaid Expenses Other
IncreaseDecreaseInPrepaidExpensesOther
2629000
CY2021 us-gaap Increase Decrease In Prepaid Expenses Other
IncreaseDecreaseInPrepaidExpensesOther
-1479000
CY2020 us-gaap Increase Decrease In Prepaid Expenses Other
IncreaseDecreaseInPrepaidExpensesOther
1035000
CY2022 us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
-350000
CY2021 us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
0
CY2020 us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
-2580000
CY2022 us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
2806000
CY2021 us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
-3836000
CY2020 us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
-4062000
CY2022 sclx Increase Decrease In Accrued Payroll
IncreaseDecreaseInAccruedPayroll
-2379000
CY2021 sclx Increase Decrease In Accrued Payroll
IncreaseDecreaseInAccruedPayroll
-21000
CY2020 sclx Increase Decrease In Accrued Payroll
IncreaseDecreaseInAccruedPayroll
1247000
CY2022 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-123000
CY2021 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
664000
CY2020 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-1066000
CY2022 sclx Increase Decrease In Accrued Rebates And Fees
IncreaseDecreaseInAccruedRebatesAndFees
23531000
CY2021 sclx Increase Decrease In Accrued Rebates And Fees
IncreaseDecreaseInAccruedRebatesAndFees
-255000
CY2020 sclx Increase Decrease In Accrued Rebates And Fees
IncreaseDecreaseInAccruedRebatesAndFees
3117000
CY2022 us-gaap Increase Decrease In Other Current Liabilities
IncreaseDecreaseInOtherCurrentLiabilities
-392000
CY2021 us-gaap Increase Decrease In Other Current Liabilities
IncreaseDecreaseInOtherCurrentLiabilities
-80000
CY2020 us-gaap Increase Decrease In Other Current Liabilities
IncreaseDecreaseInOtherCurrentLiabilities
-604000
CY2022 us-gaap Increase Decrease In Notes Payable Related Parties Current
IncreaseDecreaseInNotesPayableRelatedPartiesCurrent
30125000
CY2021 us-gaap Increase Decrease In Notes Payable Related Parties Current
IncreaseDecreaseInNotesPayableRelatedPartiesCurrent
18210000
CY2020 us-gaap Increase Decrease In Notes Payable Related Parties Current
IncreaseDecreaseInNotesPayableRelatedPartiesCurrent
5105000
CY2022 sclx Other Long Term Liabilities
OtherLongTermLiabilities
163000
CY2022 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-21258000
CY2021 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-28664000
CY2020 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-31461000
CY2022 sclx Acquisition Consideration Paid In Cash For Romeg Intangible Asset Acquisition
AcquisitionConsiderationPaidInCashForRomegIntangibleAssetAcquisition
2060000
CY2021 sclx Acquisition Consideration Paid In Cash For Romeg Intangible Asset Acquisition
AcquisitionConsiderationPaidInCashForRomegIntangibleAssetAcquisition
0
CY2020 sclx Acquisition Consideration Paid In Cash For Romeg Intangible Asset Acquisition
AcquisitionConsiderationPaidInCashForRomegIntangibleAssetAcquisition
0
CY2022 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
7000
CY2021 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
0
CY2020 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
25000
CY2022 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-2067000
CY2021 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
0
CY2020 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-25000
CY2022 sclx Proceeds From The Business Combination
ProceedsFromTheBusinessCombination
3375000
CY2021 sclx Proceeds From The Business Combination
ProceedsFromTheBusinessCombination
0
CY2020 sclx Proceeds From The Business Combination
ProceedsFromTheBusinessCombination
0
CY2021 sclx Transaction Costs Paid Related To The Recapitalization Transaction
TransactionCostsPaidRelatedToTheRecapitalizationTransaction
0
CY2020 sclx Transaction Costs Paid Related To The Recapitalization Transaction
TransactionCostsPaidRelatedToTheRecapitalizationTransaction
0
CY2022 sclx Repayment Of Principal On The Scilex Pharma Notes
RepaymentOfPrincipalOnTheScilexPharmaNotes
-84808000
CY2021 sclx Repayment Of Principal On The Scilex Pharma Notes
RepaymentOfPrincipalOnTheScilexPharmaNotes
-33387000
CY2020 sclx Repayment Of Principal On The Scilex Pharma Notes
RepaymentOfPrincipalOnTheScilexPharmaNotes
-58927000
CY2022 sclx Proceeds From Repayment Of Loans To Purchase
ProceedsFromRepaymentOfLoansToPurchase
-18800000
CY2021 sclx Proceeds From Repayment Of Loans To Purchase
ProceedsFromRepaymentOfLoansToPurchase
-48832000
CY2020 sclx Proceeds From Repayment Of Loans To Purchase
ProceedsFromRepaymentOfLoansToPurchase
0
CY2022 us-gaap Proceeds From Other Short Term Debt
ProceedsFromOtherShortTermDebt
9857000
CY2021 us-gaap Proceeds From Other Short Term Debt
ProceedsFromOtherShortTermDebt
47832000
CY2020 us-gaap Proceeds From Other Short Term Debt
ProceedsFromOtherShortTermDebt
11007000
CY2022 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
96000
CY2021 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
0
CY2020 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
50000
CY2022 us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
51900000
CY2021 us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
47850000
CY2020 us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
18400000
CY2022 us-gaap Proceeds From Secured Notes Payable
ProceedsFromSecuredNotesPayable
62500000
CY2021 us-gaap Proceeds From Secured Notes Payable
ProceedsFromSecuredNotesPayable
14700000
CY2020 us-gaap Proceeds From Secured Notes Payable
ProceedsFromSecuredNotesPayable
10300000
CY2022 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
21171000
CY2021 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
28163000
CY2020 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-19170000
CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-2154000
CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-501000
CY2020 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-50656000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
4338000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
4839000
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
55495000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
2184000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
4338000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
4839000
CY2022 sclx Related Party Debt Converted To Equity Pursuant To Debt Exchange Agreement
RelatedPartyDebtConvertedToEquityPursuantToDebtExchangeAgreement
289733000
CY2022 sclx Deferred Consideration For Romeg Intangible Asset Acquisition
DeferredConsiderationForRomegIntangibleAssetAcquisition
3650000
CY2021 sclx Deferred Consideration For Romeg Intangible Asset Acquisition
DeferredConsiderationForRomegIntangibleAssetAcquisition
0
CY2020 sclx Deferred Consideration For Romeg Intangible Asset Acquisition
DeferredConsiderationForRomegIntangibleAssetAcquisition
0
CY2022 sclx Non Cash Consideration In Semnur Acquisition
NonCashConsiderationInSemnurAcquisition
0
CY2021 sclx Non Cash Consideration In Semnur Acquisition
NonCashConsiderationInSemnurAcquisition
409000
CY2020 sclx Non Cash Consideration In Semnur Acquisition
NonCashConsiderationInSemnurAcquisition
0
CY2022 sclx Other Loan Forgiveness
OtherLoanForgiveness
0
CY2021 sclx Other Loan Forgiveness
OtherLoanForgiveness
1536000
CY2020 sclx Other Loan Forgiveness
OtherLoanForgiveness
0
CY2022 sclx Promissory Note Issued To Sorrento In Exchange For The Sp104 License Net Of Discount
PromissoryNoteIssuedToSorrentoInExchangeForTheSp104LicenseNetOfDiscount
4162000
CY2021 sclx Promissory Note Issued To Sorrento In Exchange For The Sp104 License Net Of Discount
PromissoryNoteIssuedToSorrentoInExchangeForTheSp104LicenseNetOfDiscount
0
CY2020 sclx Promissory Note Issued To Sorrento In Exchange For The Sp104 License Net Of Discount
PromissoryNoteIssuedToSorrentoInExchangeForTheSp104LicenseNetOfDiscount
0
CY2022 sclx Fair Value Adjustment To Derivative Liability In Troubled Debt Restructuring
FairValueAdjustmentToDerivativeLiabilityInTroubledDebtRestructuring
30400000
CY2022 sclx Acquisition Of Right Of Use Asset
AcquisitionOfRightOfUseAsset
320000
CY2022 sclx Private Placement Warrant Liability Acquired
PrivatePlacementWarrantLiabilityAcquired
2545000
CY2022 sclx Forfeiture Of Private Warrants
ForfeitureOfPrivateWarrants
1696000
CY2021 sclx Fair Value Adjustment To Derivative Liability In Troubled Debt Restructuring
FairValueAdjustmentToDerivativeLiabilityInTroubledDebtRestructuring
0
CY2020 sclx Fair Value Adjustment To Derivative Liability In Troubled Debt Restructuring
FairValueAdjustmentToDerivativeLiabilityInTroubledDebtRestructuring
0
CY2022 sclx Change In Valuation Inputs Or Other Assumptions
ChangeInValuationInputsOrOtherAssumptions
-38710000
CY2022Q4 us-gaap Derivative Liabilities
DerivativeLiabilities
1231000
CY2021 sclx Acquisition Of Right Of Use Asset
AcquisitionOfRightOfUseAsset
0
CY2020 sclx Acquisition Of Right Of Use Asset
AcquisitionOfRightOfUseAsset
0
CY2022 sclx Issuance Of Shares To Yorkville Pursuant To Yorkville Purchase Agreement
IssuanceOfSharesToYorkvillePursuantToYorkvillePurchaseAgreement
1238000
CY2022 sclx Non Cash Distribution To Sorrento
NonCashDistributionToSorrento
0
CY2021 sclx Non Cash Distribution To Sorrento
NonCashDistributionToSorrento
0
CY2020 sclx Non Cash Distribution To Sorrento
NonCashDistributionToSorrento
9600000
CY2022 sclx Notes Principal Increase
NotesPrincipalIncrease
0
CY2021 sclx Notes Principal Increase
NotesPrincipalIncrease
-28000000
CY2020 sclx Notes Principal Increase
NotesPrincipalIncrease
0
CY2022 sclx Accrual For Transaction Costs Related To The Business Combination
AccrualForTransactionCostsRelatedToTheBusinessCombination
1372000
CY2022 sclx Transaction Costs Obligation Assumed By Sorrento
TransactionCostsObligationAssumedBySorrento
5148000
CY2022Q4 sclx Transaction Costs Amount
TransactionCostsAmount
3400000
CY2022 sclx Common Stock Exchange Ratio Description
CommonStockExchangeRatioDescription
as part of the consideration using the 0.673498:1 ratio of the Company Common Stock to Legacy Scilex Common Stock
CY2022Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
16939436
CY2022 us-gaap Use Of Estimates
UseOfEstimates
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">  </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The preparation of these consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of these consolidated financial statements and the reported amounts of expenses during the reporting period. Management believes that these estimates are reasonable; however, actual results may differ from these estimates.</span></p>
CY2022Q4 sclx Equity Value
EquityValue
3.99
CY2022Q2 us-gaap Debt Securities Available For Sale Weighted Average Yield
DebtSecuritiesAvailableForSaleWeightedAverageYield
0.215
CY2022Q4 sclx Derivative Warrant Liability Private Warrants
DerivativeWarrantLiabilityPrivateWarrants
1200000
CY2019Q4 us-gaap Derivative Liabilities
DerivativeLiabilities
33400000
CY2022 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">Customer Concentration Risk</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Prior to April 2, 2022, sales to the Company's sole distributor represented </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">100</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">% of net revenue. On April 2, 2022, the Company announced the expansion of its direct distribution network to national and regional wholesalers and pharmacies. The distributor continued to provide traditional third-party logistics functions for the Company. </span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The Company had four customers during the year ended December 31, 2022, which individually generated 10% or more of the Company’s total revenue. These customers accounted for </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">83</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">%</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> of the Company’s revenue for the year ended December 31, 2022, individually ranging between </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">19</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">%</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> to </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">24</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">%</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">. As of December 31, 2022, these customers represented </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">90</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">%</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> of the Company’s outstanding accounts receivable, individually ranging between </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">24</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">%</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> to </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">36</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">%</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">. Additionally, during the fiscal years ended December 31, 2022 and 2021, the Company purchased inventory from its sole supplier, Itochu. This exposes the Company to concentration of customer and supplier risk. The Company monitors the financial condition of its customers, limits its credit exposure by setting credit limits, and has not experienced any credit losses for the years ended December 31, 2022, 2021, and 2020</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">.</span></p>
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