# Scilex Holding Company (SCLX) · Edgar & Edgarette company card

> Scilex Holding Company (SCLX) saw revenue fall 46.5% in FY2025 to $30 million, operating margin -1144% against a -15.8% median for biological products, (no diagnostic substances), equity -56.9% of assets. Every figure is from the company’s own annual report filed with the SEC.

SEC CIK 1820190 · fiscal year ended 2025-12-31 · 5 audited years read · [page](https://www.pops4.com/boards/company/SCLX) · [JSON](https://www.pops4.com/boards/company/SCLX.json)

## Figures, as filed in the 10-K

| Measure | Value |
|---|---|
| Revenue | $30M |
| Revenue growth, 1 year | -46.5% |
| Revenue growth per year | -0.9% |
| Operating margin | -1143.7% (prior year -147.4%) |
| Net margin | -1236.4% |
| Operating cash flow | $4M |
| Capital spending | $133,000 |
| Free cash flow | $4M |
| Cash | $5M |
| Long-term debt | — |
| Total assets | $365M |
| Total equity | −$208M |
| Equity ÷ assets | -56.9% |
| Return on equity | — |
| Dividend per share | — |
| Dividend years rising | — |

## Readings, computed from those figures

- Altman Z: -22.99 (distress zone)
- Piotroski F: 4 of 9 (middling)
- Beneish M: -7.7 (below the −1.78 line)
- Health Harbor boat: Rotting at the dock · four or more warning signs · filed late annual report notice, late quarterly report notice in the last 12 months; liabilities exceed assets (often from years of share buybacks, not always distress); slow and jumpy: growing slower than its size class, with revenue that swings more; operating loss: a margin of -1143.7% in FY2025; revenue is hard to predict: its 80% range is ±59%
- Cash Compass: In between · no clear cash pattern yet

## Edgarette's reading

Exposure: revenue $30.3M (FY2025). Experience: revenue down 46.5% on the year, down 0.9% a year over 4 years; operating margin -1143.7%, down from -147.4%. Soundness: equity -56.9% of assets (liabilities exceed assets). Credibility: four or more audited years, reasonable weight. Range: 80% of past cases like this landed between $11.0M and $42.9M next year (method v4.1: its own 5-year record of growth weighed at 57% against under $50M filers; across 2019–2025, 69.0% landed inside, 83.4% on the one year the method never saw). In a shock year the stress range is $10.0M to $47.2M. A statistical range, not company guidance. Against peers (31 filers, $50M+ revenue, biological products, (no diagnostic substances)): operating margin -1143.7% against a -15.8% median; growth -46.5% against 21.4%.

Range logged 2026-09-30, receipt 0cd6ba0ed75d52c0, status open. A statistical range, not company guidance.

## Health Watch, last 12 months

- Item NT 10-K Late annual report notice: 1, latest 2026-04-01 ([filing](https://www.sec.gov/Archives/edgar/data/1820190/000119312526135582/0001193125-26-135582-index.htm))
- Item NT 10-Q Late quarterly report notice: 1, latest 2026-05-15 ([filing](https://www.sec.gov/Archives/edgar/data/1820190/000119312526226675/0001193125-26-226675-index.htm))
- Item 5.02 Director or officer change: 1, latest 2025-12-11 ([filing](https://www.sec.gov/Archives/edgar/data/1820190/000119312525316239/0001193125-25-316239-index.htm))

## Recent filings

- 8-K · filed 2026-09-29 · 1.01 Entry into a Material Definitive Agreement; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1820190/000119312526407333/0001193125-26-407333-index.htm)
- 10-Q · filed 2026-08-14 · [filing](https://www.sec.gov/Archives/edgar/data/1820190/000119312526352464/0001193125-26-352464-index.htm)
- 8-K · filed 2026-08-12 · 1.01 Entry into a Material Definitive Agreement; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1820190/000119312526347186/0001193125-26-347186-index.htm)
- 8-K · filed 2026-07-22 · 1.01 Entry into a Material Definitive Agreement; 2.01 Completion of Acquisition or Disposition of Assets; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1820190/000119312526312591/0001193125-26-312591-index.htm)
- 8-K · filed 2026-07-06 · 1.01 Entry into a Material Definitive Agreement; 3.02 Unregistered Sales of Equity Securities; 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1820190/000119312526295493/0001193125-26-295493-index.htm)
- 8-K · filed 2026-06-29 · 1.01 Entry into a Material Definitive Agreement; 3.02 Unregistered Sales of Equity Securities · [filing](https://www.sec.gov/Archives/edgar/data/1820190/000119312526288677/0001193125-26-288677-index.htm)

## Sources

- facts: https://data.sec.gov/api/xbrl/companyfacts/CIK0001820190.json
- filings: https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1820190

## Cite

POPS4, Edgar & Edgarette: Scilex Holding Company (SCLX) company card, from the company's own SEC filings, accessed 2026-11-15, https://www.pops4.com/boards/company/SCLX. CC BY 4.0. For a figure, add the filing URL under filings or sources.

DOI https://doi.org/10.5281/zenodo.23672509 · catalog https://www.pops4.com/boards/catalog.json · Figures as filed with the SEC. Card text CC BY 4.0, POPS4.

Reporting, not investment advice. No price targets and no trading recommendations.

Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.