What is Scilex's operating income?

Scilex's total operating income in 2025 was -$346.01 million, based on the following breakdown: Total Gross Profit: $19.65 million Total Operating Expenses: $365.66 million

Scilex (SCLX) Financials

$9.48 +0.28 (+3.04%)

Closing price 07/10/2026 04:00 PM Eastern

Extended Trading

$9.48 +0.00 (+0.05%)

As of 07/10/2026 07:54 PM Eastern

Compare

Annual Income Statements for Scilex

This table shows Scilex's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-48	-88	-23	-114	-73	-402
Consolidated Net Income / (Loss)	-48	-88	-23	-114	-73	-374
Net Income / (Loss) Continuing Operations	-48	-88	-23	-114	-73	-374
Total Pre-Tax Income	-48	-88	-23	-114	-73	-374
Total Operating Income	-35	-36	-51	-105	-83	-346
Total Gross Profit	21	28	27	31	40	20
Total Revenue	24	31	38	47	57	30
Operating Revenue	24	31	38	47	57	30
Total Cost of Revenue	2.15	3.63	11	16	17	11
Operating Cost of Revenue	2.15	3.63	11	16	17	11
Total Operating Expenses	57	64	78	136	123	366
Selling, General & Admin Expense	43	51	65	120	119	267
Research & Development Expense	9.96	9.20	9.05	13	9.64	21
Amortization Expense	3.74	3.74	3.92	4.11	4.03	4.36
Other Operating Expenses / (Income)	-	-	-	0.00	-9.39	0.35
Impairment Charge	-	-	-	-	0.00	73
Total Other Income / (Expense), net	-12	-53	27	-8.89	11	-28
Interest Expense	13	24	-19	1.07	1.96	19
Interest & Investment Income	-	-	-	-	0.00	55
Other Income / (Expense), net	0.80	-28	8.24	-7.82	13	-64
Income Tax Expense	-0.05	0.01	0.00	0.01	-0.00	0.03
Preferred Stock Dividends Declared	-	-	-	-	0.00	44
Net Income / (Loss) Attributable to Noncontrolling Interest	-	-	-	-	0.00	-15
Basic Earnings per Share	($0.36)	($0.67)	($0.17)	($1.28)	($7.24)	($36.48)
Weighted Average Basic Shares Outstanding	132.89M	132.86M	134.23M	130.30M	10.06M	11.03M
Diluted Earnings per Share	($0.36)	($0.67)	($0.17)	($1.28)	($8.05)	($36.48)
Weighted Average Diluted Shares Outstanding	132.89M	132.86M	134.23M	130.30M	10.15K	11.03M

This table shows Scilex's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	-36	-21	-24	-38	-4.39	-6.46	-26	-86	-257	-33	-43
Consolidated Net Income / (Loss)	-36	-21	-24	-38	-4.39	-6.46	-26	-44	-258	-46	-46
Net Income / (Loss) Continuing Operations	-36	-21	-24	-38	-4.39	-6.46	-26	-44	-258	-46	-46
Total Pre-Tax Income	-36	-21	-24	-38	-4.39	-6.46	-26	-44	-258	-46	-46
Total Operating Income	-39	-18	-19	-16	-20	-28	-28	-21	-187	-111	-32
Total Gross Profit	6.73	8.94	7.04	12	11	10	3.62	6.62	7.23	2.18	4.17
Total Revenue	10	13	11	16	14	15	5.00	9.90	11	4.79	8.61
Operating Revenue	10	13	11	16	14	15	5.00	9.90	11	4.79	8.61
Total Cost of Revenue	3.39	4.52	3.84	4.39	3.77	4.69	1.38	3.27	3.33	2.61	4.45
Operating Cost of Revenue	3.39	4.52	3.84	4.39	3.77	4.69	1.38	3.27	3.33	2.61	4.45
Total Operating Expenses	46	27	27	28	31	39	32	27	194	113	36
Selling, General & Admin Expense	40	24	29	25	30	35	28	20	189	30	31
Research & Development Expense	4.07	2.73	3.11	2.00	2.35	2.18	2.46	6.19	3.90	8.17	3.21
Amortization Expense	1.03	1.03	1.03	1.00	1.00	1.00	1.00	1.01	1.02	1.33	2.09
Total Other Income / (Expense), net	3.28	-3.05	-4.90	-22	16	22	1.82	-24	-71	65	-13
Interest Expense	0.51	0.55	0.53	0.57	0.58	0.29	2.48	2.68	2.80	11	3.78
Interest & Investment Income	-	-	-	-	-	-	0.00	-	-	-	-32
Other Income / (Expense), net	3.79	-2.50	-4.37	-21	16	22	4.30	-21	-69	21	22
Net Income / (Loss) Attributable to Noncontrolling Interest	-	-	-	0.00	0.00	-	0.00	-1.74	-0.59	-	-2.38
Basic Earnings per Share	($0.63)	($0.24)	($8.33)	($7.67)	($0.58)	$0.02	($2.26)	($7.42)	($22.17)	($3.00)	($6.28)
Weighted Average Basic Shares Outstanding	139.81K	130.30M	2.93M	4.90M	7.56M	131.14M	11.57M	11.60M	11.60M	11.03M	6.89M
Diluted Earnings per Share	($0.63)	($0.24)	($8.33)	($7.67)	($0.58)	($0.03)	($2.26)	($7.42)	($22.17)	($3.00)	($6.28)
Weighted Average Diluted Shares Outstanding	139.81K	130.30M	2.93M	4.90M	7.56M	134.08M	11.57M	11.60M	11.60M	11.03M	6.89M
Weighted Average Basic & Diluted Shares Outstanding	155.94M	166.19M	181.19M	191.79M	-	243.31M	6.95M	6.96M	7.59M	0.00	8.49M

This table details how cash moves in and out of Scilex's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-51	-0.50	-2.15	2.55	-1.46	1.68
Net Cash From Operating Activities	-31	-29	-21	-21	19	3.82
Net Cash From Continuing Operating Activities	-31	-29	-21	-21	19	3.82
Net Income / (Loss) Continuing Operations	-48	-88	-23	-114	-73	-374
Consolidated Net Income / (Loss)	-48	-88	-23	-114	-73	-374
Depreciation Expense	3.78	3.78	3.96	4.15	4.05	4.62
Amortization Expense	11	7.91	3.14	0.07	0.32	0.41
Non-Cash Adjustments To Reconcile Net Income	-1.08	34	-29	84	94	327
Changes in Operating Assets and Liabilities, net	2.70	14	24	5.75	-6.16	46
Net Cash From Investing Activities	-0.03	0.00	-2.07	-0.33	-2.68	4.08
Net Cash From Continuing Investing Activities	-0.03	0.00	-2.07	-0.33	-2.68	4.08
Purchase of Property, Plant & Equipment	-0.03	0.00	-0.01	-0.03	0.00	-1.13
Acquisitions	0.00	0.00	-2.06	-0.30	-0.68	23
Purchase of Investments	-	-	-	0.00	-2.00	0.00
Divestitures	-	-	-	-	0.00	1.52
Other Investing Activities, net	-	0.00	0.00	0.00	0.00	-19
Net Cash From Financing Activities	-19	28	21	24	-18	-5.46
Net Cash From Continuing Financing Activities	-19	28	21	24	-18	-5.46
Repayment of Debt	-59	-82	-104	-90	-189	0.37
Repurchase of Preferred Equity	-	0.00	0.00	-1.99	-0.45	-1.86
Repurchase of Common Equity	-	-	-	0.00	0.00	-29
Issuance of Debt	40	110	124	110	120	0.00
Issuance of Common Equity	-	0.00	0.00	35	40	0.00
Other Financing Activities, net	0.05	0.00	0.52	-30	10	25
Effect of Exchange Rate Changes	-	-	-	-	0.00	-0.76
Cash Interest Paid	-	0.00	0.00	1.43	1.56	0.94

This table details how cash moves in and out of Scilex's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-33	2.75	-1.96	6.89	-1.55	-4.84	2.53	-1.70	-3.22	4.08	-1.60
Net Cash From Operating Activities	5.90	-5.39	9.39	2.31	5.11	2.53	6.01	7.05	8.23	-17	-1.11
Net Cash From Continuing Operating Activities	5.90	-5.39	9.39	2.31	5.11	2.53	6.01	7.05	8.23	-17	-1.11
Net Income / (Loss) Continuing Operations	-36	-21	-24	-38	-4.39	-6.46	-26	-44	-258	-46	-46
Consolidated Net Income / (Loss)	-36	-21	-24	-38	-4.39	-6.46	-26	-44	-258	-46	-46
Depreciation Expense	1.04	1.03	1.03	1.01	1.01	1.00	1.00	1.01	1.02	1.59	2.87
Amortization Expense	0.03	0.03	0.03	0.03	0.03	0.22	0.00	-	-	0.41	1.03
Non-Cash Adjustments To Reconcile Net Income	18	31	25	48	2.45	19	9.88	53	235	29	30
Changes in Operating Assets and Liabilities, net	22	-16	7.75	-8.80	6.02	-11	21	-2.96	30	-2.73	11
Net Cash From Investing Activities	-0.16	-0.17	-0.15	-0.15	-2.18	-0.20	-0.40	-0.15	-0.15	4.78	-9.16
Net Cash From Continuing Investing Activities	-0.16	-0.17	-0.15	-0.15	-2.18	-0.20	-0.40	-0.15	-0.15	4.78	-9.16
Acquisitions	-0.13	-0.17	-0.15	-0.15	-0.15	-0.15	-0.35	-0.15	-0.15	24	-19
Purchase of Investments	-	-	-	-	-	-	0.00	-	-	-	-0.20
Sale and/or Maturity of Investments	-	-	-	-	-	-	0.00	-	-	-	2.95
Other Investing Activities, net	-	-	0.00	-	-0.03	-0.05	-0.05	-0.00	-0.00	-19	6.94
Net Cash From Financing Activities	-39	8.31	-11	4.73	-4.48	-7.18	-3.08	-8.60	-11	18	9.14
Net Cash From Continuing Financing Activities	-39	8.31	-11	4.73	-4.48	-7.18	-3.08	-8.60	-11	18	9.14
Repayment of Debt	-54	-33	-53	-52	-33	-52	-1.60	-7.28	-7.16	16	-7.06
Repurchase of Preferred Equity	-	-	0.00	-	-	-0.45	-0.60	-0.81	-0.45	-	0.00
Payment of Dividends	-	-	-	-	-	-	-0.10	-	-	-	0.00
Issuance of Debt	35	34	33	33	28	27	0.00	-	-	-	16
Other Financing Activities, net	-30	0.03	0.05	10	0.53	-0.18	-0.80	-0.51	9.32	17	0.71
Effect of Exchange Rate Changes	-	-	-	-	-	-	0.00	-	-	-	-0.48

This table presents Scilex's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	0.20	78	87	101	93	365
Total Current Assets	0.03	23	30	47	42	38
Cash & Equivalents	0.03	4.34	2.18	3.92	3.27	4.96
Short-Term Investments	-	-	-	0.00	0.00	6.03
Accounts Receivable	-	14	21	35	26	15
Inventories, net	-	2.56	1.38	4.21	2.44	4.79
Prepaid Expenses	0.00	1.84	4.81	4.05	9.40	7.34
Plant, Property, & Equipment, net	0.00	0.81	0.77	0.72	0.71	14
Total Noncurrent Assets	0.17	54	56	54	51	313
Goodwill	-	13	13	13	13	13
Intangible Assets	-	39	41	36	32	59
Other Noncurrent Operating Assets	0.17	1.84	2.08	3.84	4.76	240
Total Liabilities & Shareholders' Equity	0.20	78	87	101	93	365
Total Liabilities	0.18	302	50	274	286	577
Total Current Liabilities	0.18	169	45	250	260	484
Short-Term Debt	0.13	58	0.00	108	35	83
Accounts Payable	0.00	4.28	8.45	41	53	86
Accrued Expenses	0.03	14	35	100	167	301
Other Current Liabilities	0.03	93	1.01	1.25	5.28	13
Total Noncurrent Liabilities	0.00	132	5.45	24	26	93
Long-Term Debt	-	96	0.00	17	0.85	22
Other Noncurrent Operating Liabilities	0.00	37	5.45	6.83	25	71
Commitments & Contingencies	-	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	0.02	-224	36	-173	-193	-212
Total Preferred & Common Equity	0.02	-224	36	-173	-193	-208
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	0.02	-224	36	-173	-193	-208
Common Stock	0.03	129	412	408	455	797
Retained Earnings	-0.01	-353	-376	-490	-563	-922
Treasury Stock	-	-	0.00	-91	-91	-77
Accumulated Other Comprehensive Income / (Loss)	-	-	-	0.00	6.32	-5.80
Noncontrolling Interest	-	-	-	-	0.00	-3.97

This table presents Scilex's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	81	91	105	100	79	84	276	294
Total Current Assets	25	38	50	40	29	34	16	42
Cash & Equivalents	1.95	1.82	6.89	0.08	5.80	4.10	0.88	3.35
Short-Term Investments	-	-	-	-	-	-	-	0.01
Accounts Receivable	16	30	38	32	11	17	12	30
Inventories, net	3.94	3.49	3.07	2.40	3.02	2.52	1.08	4.53
Prepaid Expenses	3.16	2.73	2.45	5.79	9.27	10	2.59	4.23
Plant, Property, & Equipment, net	0.77	0.72	0.71	0.71	0.71	0.71	0.70	13
Total Noncurrent Assets	54	53	53	60	50	49	259	238
Goodwill	13	13	13	13	13	13	13	13
Intangible Assets	38	35	34	33	31	31	30	60
Other Noncurrent Operating Assets	3.29	3.84	5.48	13	4.63	4.46	215	165
Total Liabilities & Shareholders' Equity	81	91	105	100	79	84	276	294
Total Liabilities	243	281	319	312	290	333	456	548
Total Current Liabilities	229	253	255	282	276	306	359	502
Short-Term Debt	115	93	75	85	39	40	46	81
Accounts Payable	33	42	42	43	57	59	67	102
Accrued Expenses	80	116	137	152	174	201	236	311
Other Current Liabilities	1.29	1.21	1.17	1.15	5.48	5.79	10	7.94
Total Noncurrent Liabilities	15	28	64	30	15	27	97	46
Long-Term Debt	6.93	16	29	14	0.00	0.00	0.00	0.00
Other Noncurrent Operating Liabilities	7.69	12	35	16	15	27	97	46
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-163	-190	-215	-211	-211	-249	-180	-254
Total Preferred & Common Equity	-163	-190	-215	-211	-211	-249	-177	-249
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	-163	-190	-215	-211	-211	-249	-177	-249
Common Stock	397	415	426	431	448	453	785	799
Retained Earnings	-469	-515	-552	-557	-589	-631	-889	-965
Treasury Stock	-91	-91	-91	-91	-77	-77	-77	-77
Accumulated Other Comprehensive Income / (Loss)	-	-	1.85	5.01	6.32	6.32	3.35	-6.55
Noncontrolling Interest	-	-	-	-	-	0.00	-2.78	-4.85

This table displays calculated financial ratios and metrics derived from Scilex's official financial filings.

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	0.00	17,250,000.00	13,176,395.00	155,942,986.00	-	7,585,446.00
DEI Adjusted Shares Outstanding	0.00	492,857.00	376,468.00	4,455,514.00	-	7,585,446.00
DEI Earnings Per Adjusted Shares Outstanding	0.00	-179.41	-62.06	-25.66	-	-53.06
Growth Metrics	-	-	-	-	-	-
Revenue Growth	0.00%	32.92%	21.45%	22.90%	21.07%	-46.54%
EBITDA Growth	0.00%	-162.32%	32.79%	-209.01%	39.03%	-509.10%
EBIT Growth	0.00%	-86.30%	33.96%	-167.16%	37.44%	-478.70%
NOPAT Growth	0.00%	-1.65%	-41.29%	-108.22%	20.90%	-314.90%
Net Income Growth	0.00%	-86.08%	73.58%	-389.35%	36.32%	-413.76%
EPS Growth	0.00%	-86.11%	74.63%	-652.94%	52.34%	-353.17%
Operating Cash Flow Growth	0.00%	8.89%	25.84%	2.59%	193.44%	-80.28%
Free Cash Flow Firm Growth	0.00%	0.00%	-388.41%	108.05%	332.99%	-666.03%
Invested Capital Growth	0.00%	-66,449.27%	145.34%	-250.91%	-211.71%	26.97%
Revenue Q/Q Growth	0.00%	0.00%	-33.78%	3.41%	2.61%	-25.04%
EBITDA Q/Q Growth	0.00%	0.00%	55.35%	-4.49%	18.23%	-25.81%
EBIT Q/Q Growth	0.00%	0.00%	52.92%	-4.31%	17.15%	-25.70%
NOPAT Q/Q Growth	0.00%	0.00%	23.41%	1.31%	-13.69%	-31.41%
Net Income Q/Q Growth	0.00%	0.00%	75.03%	-3.17%	17.03%	-11.86%
EPS Q/Q Growth	0.00%	0.00%	0.00%	-9.40%	25.61%	-12.63%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	56.17%	-29.08%	69.36%	-83.98%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	-81.20%	170.99%	-76.39%
Invested Capital Q/Q Growth	0.00%	0.00%	-63.87%	-21.01%	-42.49%	13.29%
Profitability Metrics	-	-	-	-	-	-
Gross Margin	90.88%	88.40%	71.61%	66.45%	70.51%	64.97%
EBITDA Margin	-84.95%	-167.65%	-92.78%	-233.27%	-117.48%	-1,338.53%
Operating Margin	-149.65%	-114.44%	-133.13%	-225.55%	-147.37%	-1,143.71%
EBIT Margin	-146.25%	-204.97%	-111.45%	-242.28%	-125.19%	-1,355.16%
Profit (Net Income) Margin	-201.69%	-282.35%	-61.43%	-244.59%	-128.66%	-1,236.42%
Tax Burden Percent	99.89%	100.01%	100.02%	100.01%	100.00%	100.01%
Interest Burden Percent	138.07%	137.74%	55.11%	100.94%	102.77%	91.23%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-21,800.15%	0.00%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	-45,970.58%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	-231,986.44%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	-253,786.58%	79.00%	24.90%	167.27%	39.83%	184.99%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	-424.65%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	-17,272.56%	-164.32%	-51.55%	-120.58%	-72.94%	-179.06%
Return on Assets (ROA)	-23,820.96%	-226.35%	-28.41%	-121.73%	-74.96%	-163.37%
Return on Common Equity (ROCE)	-253,786.58%	79.00%	24.90%	167.28%	39.83%	183.18%
Return on Equity Simple (ROE_SIMPLE)	0.00%	39.50%	-64.47%	66.11%	37.79%	0.00%
Net Operating Profit after Tax (NOPAT)	-25	-25	-35	-74	-58	-242
NOPAT Margin	-104.76%	-80.11%	-93.19%	-157.89%	-103.16%	-800.60%
Net Nonoperating Expense Percent (NNEP)	24,170.43%	85.10%	-16.48%	67.91%	18.74%	207.29%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	155.47%	37.20%	228.47%
Cost of Revenue to Revenue	9.12%	11.60%	28.39%	33.55%	29.49%	35.03%
SG&A Expenses to Revenue	182.39%	161.52%	170.62%	255.95%	210.31%	882.17%
R&D to Revenue	42.28%	29.38%	23.81%	27.27%	17.04%	68.46%
Operating Expenses to Revenue	240.53%	202.83%	204.74%	292.01%	217.88%	1,208.68%
Earnings before Interest and Taxes (EBIT)	-34	-64	-42	-113	-71	-410
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-20	-53	-35	-109	-66	-405
Valuation Ratios	-	-	-	-	-	-
Price to Book Value (P/BV)	5,340.74	0.00	1.45	0.00	0.00	0.00
Price to Tangible Book Value (P/TBV)	5,340.74	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	4.24	5.53	1.38	6.81	1.45	3.06
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	884.13	0.00	1.48	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	4.25	10.28	1.32	9.41	2.02	6.06
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	5.90	48.04
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	6.42	0.00	37.76	2.27	0.00
Leverage & Solvency	-	-	-	-	-	-
Debt to Equity	6.68	-0.68	0.00	-0.73	-0.19	-0.50
Long-Term Debt to Equity	0.00	-0.43	0.00	-0.10	0.00	-0.11
Financial Leverage	5.05	-0.67	-0.78	-0.87	-0.42	-0.31
Leverage Ratio	10.65	-0.35	-0.88	-1.37	-0.53	-1.13
Compound Leverage Factor	14.71	-0.48	-0.48	-1.39	-0.55	-1.03
Debt to Total Capital	86.97%	-216.31%	0.00%	-264.30%	-22.76%	-99.75%
Short-Term Debt to Total Capital	86.97%	-81.32%	0.00%	-228.41%	-22.23%	-78.54%
Long-Term Debt to Total Capital	0.00%	-134.99%	0.00%	-35.89%	-0.54%	-21.21%
Preferred Equity to Total Capital	0.00%	0.00%	0.01%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	3.75%
Common Equity to Total Capital	13.03%	316.31%	99.99%	364.30%	122.76%	196.00%
Debt to EBITDA	-0.01	-2.92	0.00	-1.15	-0.54	-0.26
Net Debt to EBITDA	0.00	-2.83	0.00	-1.11	-0.49	-0.23
Long-Term Debt to EBITDA	0.00	-1.82	0.00	-0.16	-0.01	-0.06
Debt to NOPAT	-0.01	-6.10	0.00	-1.70	-0.61	-0.44
Net Debt to NOPAT	0.00	-5.93	0.00	-1.65	-0.56	-0.39
Long-Term Debt to NOPAT	0.00	-3.81	0.00	-0.23	-0.01	-0.09
Altman Z-Score	-120.91	-10.56	-6.84	-11.72	-13.03	-8.53
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.98%
Liquidity Ratios	-	-	-	-	-	-
Current Ratio	0.17	0.14	0.66	0.19	0.16	0.08
Quick Ratio	0.17	0.11	0.52	0.15	0.11	0.05
Cash Flow Metrics	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	50	-145	12	50	-285
Operating Cash Flow to CapEx	-125,844.00%	0.00%	-303,685.71%	-69,023.33%	0.00%	336.80%
Free Cash Flow to Firm to Interest Expense	0.00	2.07	0.00	10.90	25.69	-15.17
Operating Cash Flow to Interest Expense	-2.40	-1.18	0.00	-19.39	9.86	0.20
Operating Cash Flow Less CapEx to Interest Expense	-2.40	-1.18	0.00	-19.42	9.86	0.14
Efficiency Ratios	-	-	-	-	-	-
Asset Turnover	118.10	0.80	0.46	0.50	0.58	0.13
Accounts Receivable Turnover	0.00	0.00	2.14	1.67	1.85	1.45
Inventory Turnover	0.00	0.00	5.48	5.61	5.02	2.93
Fixed Asset Turnover	0.00	0.00	48.24	62.57	79.15	4.23
Accounts Payable Turnover	0.00	0.00	1.70	0.63	0.36	0.15
Days Sales Outstanding (DSO)	0.00	0.00	170.36	217.99	196.85	251.47
Days Inventory Outstanding (DIO)	0.00	0.00	66.60	65.08	72.72	124.40
Days Payable Outstanding (DPO)	0.00	0.00	215.24	574.98	1,023.26	2,391.42
Cash Conversion Cycle (CCC)	0.00	0.00	21.72	-291.91	-753.70	-2,015.55
Capital & Investment Metrics	-	-	-	-	-	-
Invested Capital	0.11	-75	34	-51	-160	-117
Invested Capital Turnover	208.10	-0.84	-1.85	-5.39	-0.53	-0.22
Increase / (Decrease) in Invested Capital	0.00	-75	109	-85	-109	43
Enterprise Value (EV)	100	322	50	440	114	183
Market Capitalization	100	173	53	318	82	93
Book Value per Share	$0.00	($12.98)	$2.75	($1.11)	($1.00)	($27.39)
Tangible Book Value per Share	$0.00	($16.01)	($1.35)	($1.43)	($1.24)	($36.96)
Total Capital	0.14	-71	36	-47	-157	-106
Total Debt	0.13	153	0.00	125	36	106
Total Long-Term Debt	0.00	96	0.00	17	0.85	22
Net Debt	0.09	149	-2.18	122	32	95
Capital Expenditures (CapEx)	0.03	0.00	0.01	0.03	0.00	1.13
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-0.06	-93	-17	-99	-186	-373
Debt-free Net Working Capital (DFNWC)	-0.03	-89	-15	-95	-183	-362
Net Working Capital (NWC)	-0.15	-146	-15	-204	-218	-445
Net Nonoperating Expense (NNE)	23	63	-12	41	14	132
Net Nonoperating Obligations (NNO)	0.09	149	-2.18	122	32	95
Total Depreciation and Amortization (D&A)	14	12	7.10	4.21	4.36	5.03
Debt-free, Cash-free Net Working Capital to Revenue	-0.24%	-297.59%	-45.80%	-211.99%	-329.54%	-1,232.98%
Debt-free Net Working Capital to Revenue	-0.11%	-283.74%	-40.05%	-203.60%	-323.75%	-1,196.68%
Net Working Capital to Revenue	-0.64%	-467.53%	-40.05%	-435.57%	-385.38%	-1,471.90%
Earnings Adjustments	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.05	($0.17)	($1.28)	($0.56)	($36.48)
Adjusted Weighted Average Basic Shares Outstanding	0.00	17.25M	134.23M	130.30M	131.14M	11.03M
Adjusted Diluted Earnings per Share	$0.00	$0.05	($0.17)	($1.28)	($0.61)	($36.48)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	16.83M	134.23M	130.30M	134.08M	11.03M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.05	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	16.82M	145.80M	166.19M	243.31M	0.00
Normalized Net Operating Profit after Tax (NOPAT)	-25	-25	-35	-74	-58	-191
Normalized NOPAT Margin	-104.76%	-80.11%	-93.19%	-157.89%	-103.16%	-630.86%
Pre Tax Income Margin	-201.92%	-282.34%	-61.42%	-244.57%	-128.66%	-1,236.33%
Debt Service Ratios	-	-	-	-	-	-
EBIT to Interest Expense	-2.63	-2.65	0.00	-106.04	-36.09	-21.80
NOPAT to Interest Expense	-1.88	-1.04	0.00	-69.10	-29.74	-12.88
EBIT Less CapEx to Interest Expense	-2.63	-2.65	0.00	-106.07	-36.09	-21.86
NOPAT Less CapEx to Interest Expense	-1.88	-1.04	0.00	-69.13	-29.74	-12.94
Payout Ratios	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	-0.41%	-7.68%

This table displays calculated financial ratios and metrics derived from Scilex's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	149,055,371.00	155,942,986.00	166,189,835.00	181,189,935.00	191,790,520.00	-	243,312,885.00	6,951,622.00	6,955,697.00	7,585,446.00	7,585,446.00
DEI Adjusted Shares Outstanding	4,258,725.00	4,455,514.00	4,748,281.00	5,176,855.00	5,479,729.00	-	6,951,797.00	6,951,622.00	6,955,697.00	7,585,446.00	7,585,446.00
DEI Earnings Per Adjusted Shares Outstanding	-8.34	-4.80	-5.13	-7.26	-0.80	-	-3.75	-12.38	-36.98	-4.37	-5.70
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-11.08%	12.95%	2.85%	30.11%	42.69%	10.68%	-54.02%	-39.55%	-26.85%	-67.83%	72.12%
EBITDA Growth	-277.24%	-31.05%	23.31%	-40.46%	91.82%	74.97%	0.83%	-12.13%	-9,049.78%	-1,678.06%	72.27%
EBIT Growth	-247.21%	-28.97%	22.44%	-38.89%	89.11%	70.37%	1.04%	-11.72%	-6,589.95%	-1,357.42%	56.94%
NOPAT Growth	-155.74%	7.10%	23.53%	31.52%	48.67%	-54.74%	-43.23%	-31.26%	-836.45%	-291.47%	-15.31%
Net Income Growth	-265.24%	-19.66%	20.73%	-41.03%	87.65%	69.81%	-6.99%	-17.21%	-5,775.57%	-613.70%	-75.04%
EPS Growth	-493.75%	-84.62%	20.73%	-41.03%	87.65%	87.50%	-6.99%	3.26%	-3,722.41%	-368.75%	-177.88%
Operating Cash Flow Growth	132.93%	-643.45%	221.27%	117.15%	-13.34%	147.01%	-36.03%	205.06%	60.96%	-789.46%	-118.43%
Free Cash Flow Firm Growth	346.28%	159.04%	-30.76%	15.93%	-48.88%	22.48%	1.64%	-17.03%	-292.91%	-236.01%	-131.22%
Invested Capital Growth	-145.05%	-250.91%	-1,471.03%	-1,404.39%	-164.72%	-211.71%	-115.94%	-81.96%	-20.01%	26.97%	0.67%
Revenue Q/Q Growth	-19.59%	33.06%	-19.15%	50.40%	-11.81%	3.21%	-66.42%	97.76%	6.71%	-54.61%	79.70%
EBITDA Q/Q Growth	-32.54%	41.74%	-15.21%	-57.89%	92.28%	-78.31%	-356.48%	-78.51%	-529.69%	65.35%	92.88%
EBIT Q/Q Growth	-31.41%	40.48%	-14.42%	-55.21%	89.70%	-62.01%	-282.11%	-75.21%	-516.78%	64.70%	88.71%
NOPAT Q/Q Growth	-70.09%	52.74%	-6.21%	19.79%	-27.49%	-42.48%	1.69%	26.49%	-809.50%	40.44%	71.04%
Net Income Q/Q Growth	-33.32%	39.77%	-13.91%	-54.17%	88.32%	-47.22%	-303.72%	-68.90%	-485.32%	82.12%	0.99%
EPS Q/Q Growth	-231.58%	61.90%	-13.91%	-54.17%	88.32%	0.00%	-303.72%	-228.32%	-198.79%	86.47%	-109.33%
Operating Cash Flow Q/Q Growth	143.79%	-191.36%	274.23%	-75.39%	121.25%	-50.44%	137.06%	17.36%	16.74%	-312.28%	93.66%
Free Cash Flow Firm Q/Q Growth	29.02%	-33.73%	2.92%	31.74%	-43.10%	58.77%	-14.59%	7.54%	-232.29%	-11.94%	80.40%
Invested Capital Q/Q Growth	-445.24%	-21.01%	-60.25%	-42.28%	4.05%	-42.49%	-11.02%	-19.89%	36.72%	13.29%	-50.99%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	66.47%	66.42%	64.72%	73.18%	73.90%	68.52%	72.34%	66.94%	68.48%	45.46%	48.37%
EBITDA Margin	-335.51%	-146.90%	-209.33%	-219.75%	-19.23%	-33.22%	-451.56%	-407.61%	-2,405.28%	-1,836.30%	-72.74%
Operating Margin	-383.56%	-136.23%	-178.96%	-95.44%	-137.97%	-190.46%	-557.51%	-207.23%	-1,766.21%	-2,317.76%	-373.49%
EBIT Margin	-346.11%	-154.81%	-219.09%	-226.09%	-26.41%	-41.45%	-471.60%	-417.82%	-2,414.97%	-1,877.95%	-117.98%
Profit (Net Income) Margin	-351.18%	-158.97%	-223.97%	-229.58%	-30.40%	-43.36%	-521.18%	-445.11%	-2,441.48%	-961.92%	-530.01%
Tax Burden Percent	100.00%	100.04%	100.00%	100.00%	100.00%	99.98%	100.00%	100.04%	100.00%	100.01%	100.00%
Interest Burden Percent	101.47%	102.64%	102.23%	101.54%	115.11%	104.61%	110.51%	106.49%	101.10%	51.22%	449.22%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-468.63%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	-482.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	822.21%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	353.57%	167.27%	120.82%	116.40%	46.93%	39.83%	37.14%	34.93%	171.04%	184.99%	169.10%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	-171.93%	-77.05%	-116.27%	-99.50%	-16.10%	-24.15%	-281.00%	-196.31%	-518.02%	-248.13%	-21.44%
Return on Assets (ROA)	-174.45%	-79.12%	-118.86%	-101.04%	-18.53%	-25.26%	-310.54%	-209.13%	-523.71%	-127.10%	-96.33%
Return on Common Equity (ROCE)	841.65%	167.28%	120.82%	116.40%	46.93%	39.83%	37.14%	34.93%	169.82%	183.18%	167.34%
Return on Equity Simple (ROE_SIMPLE)	68.12%	0.00%	56.88%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-27	-13	-14	-11	-14	-20	-20	-14	-131	-78	-23
NOPAT Margin	-268.49%	-95.36%	-125.27%	-66.81%	-96.58%	-133.32%	-390.26%	-145.06%	-1,236.35%	-1,622.43%	-261.45%
Net Nonoperating Expense Percent (NNEP)	13.37%	14.35%	20.99%	67.20%	-8.72%	-17.41%	9.29%	44.56%	177.14%	-49.77%	41.65%
Return On Investment Capital (ROIC_SIMPLE)	67.05%	27.04%	16.93%	9.92%	12.41%	12.66%	11.35%	6.86%	97.40%	73.35%	12.99%
Cost of Revenue to Revenue	33.53%	33.58%	35.28%	26.82%	26.10%	31.48%	27.66%	33.06%	31.52%	54.54%	51.63%
SG&A Expenses to Revenue	399.63%	174.71%	269.00%	150.26%	205.97%	237.62%	560.75%	200.50%	1,788.11%	629.23%	360.30%
R&D to Revenue	40.25%	20.31%	28.56%	12.24%	16.27%	14.63%	49.08%	62.52%	36.92%	170.42%	37.27%
Operating Expenses to Revenue	450.03%	202.64%	243.68%	168.62%	211.87%	258.97%	629.86%	274.16%	1,834.69%	2,363.22%	421.86%
Earnings before Interest and Taxes (EBIT)	-35	-21	-24	-37	-3.81	-6.18	-24	-41	-255	-90	-10
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-34	-20	-23	-36	-2.78	-4.95	-23	-40	-254	-88	-6.27
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	4.62	6.81	5.62	6.88	3.22	1.45	1.19	0.93	3.39	3.06	1.49
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	7.28	9.41	7.90	8.80	5.01	2.02	1.86	1.73	4.43	6.06	3.64
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	36.62	24.18	5.90	5.89	3.71	7.51	48.04	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	5.31	37.76	19.81	9.98	14.84	2.27	3.02	2.71	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	-0.75	-0.73	-0.58	-0.49	-0.47	-0.19	-0.19	-0.16	-0.25	-0.50	-0.32
Long-Term Debt to Equity	-0.04	-0.10	-0.09	-0.14	-0.07	0.00	0.00	0.00	0.00	-0.11	0.00
Financial Leverage	-1.71	-0.87	-0.57	-0.39	-0.59	-0.42	-0.35	-0.29	-0.37	-0.31	-0.24
Leverage Ratio	-2.48	-1.37	-0.99	-1.13	-0.48	-0.53	-0.42	-0.41	-0.96	-1.13	-0.80
Compound Leverage Factor	-2.52	-1.41	-1.01	-1.15	-0.56	-0.56	-0.47	-0.43	-0.97	-0.58	-3.60
Debt to Total Capital	-301.50%	-264.30%	-135.64%	-94.66%	-88.09%	-22.76%	-22.93%	-19.07%	-34.07%	-99.75%	-46.62%
Short-Term Debt to Total Capital	-284.39%	-228.41%	-115.38%	-68.34%	-75.33%	-22.23%	-22.93%	-19.07%	-34.07%	-78.54%	-46.62%
Long-Term Debt to Total Capital	-17.11%	-35.89%	-20.27%	-26.32%	-12.76%	-0.54%	0.00%	0.00%	0.00%	-21.21%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	2.08%	3.75%	2.80%
Common Equity to Total Capital	401.50%	364.30%	235.64%	194.66%	188.09%	122.76%	122.93%	119.07%	132.00%	196.00%	143.82%
Debt to EBITDA	-1.17	-1.15	-1.07	-0.93	-1.22	-0.54	-0.59	-0.56	-0.14	-0.26	-0.21
Net Debt to EBITDA	-1.15	-1.11	-1.05	-0.87	-1.22	-0.49	-0.51	-0.51	-0.14	-0.23	-0.20
Long-Term Debt to EBITDA	-0.07	-0.16	-0.16	-0.26	-0.18	-0.01	0.00	0.00	0.00	-0.06	0.00
Debt to NOPAT	-1.63	-1.70	-1.57	-1.62	-1.93	-0.61	-0.61	-0.59	-0.25	-0.44	-0.33
Net Debt to NOPAT	-1.61	-1.65	-1.54	-1.51	-1.93	-0.56	-0.52	-0.53	-0.24	-0.39	-0.32
Long-Term Debt to NOPAT	-0.09	-0.23	-0.23	-0.45	-0.28	-0.01	0.00	0.00	0.00	-0.09	0.00
Altman Z-Score	-11.54	-8.71	-10.51	-9.77	-9.88	-10.73	-14.42	-15.48	-8.72	-5.63	-6.42
Noncontrolling Interest Sharing Ratio	-138.04%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.71%	0.98%	1.04%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.11	0.19	0.15	0.20	0.14	0.16	0.10	0.11	0.05	0.08	0.08
Quick Ratio	0.08	0.15	0.12	0.18	0.11	0.11	0.06	0.07	0.04	0.05	0.07
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	110	73	75	98	56	89	76	82	-108	-121	-24
Operating Cash Flow to CapEx	28,095.24%	-539,000.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	213.58	131.78	140.74	172.42	97.25	312.05	30.61	30.46	-38.62	-11.15	-6.27
Operating Cash Flow to Interest Expense	11.50	-9.78	17.69	4.05	8.88	8.89	2.42	2.63	2.94	-1.61	-0.29
Operating Cash Flow Less CapEx to Interest Expense	11.46	-9.78	17.69	4.05	8.88	8.89	2.42	2.63	2.94	-1.61	-0.29
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.50	0.50	0.53	0.44	0.61	0.58	0.60	0.47	0.21	0.13	0.18
Accounts Receivable Turnover	0.00	1.67	1.92	1.55	2.30	1.85	2.51	1.62	1.85	1.45	1.67
Inventory Turnover	0.00	5.61	5.53	5.22	5.21	5.02	4.38	4.69	7.27	2.93	3.62
Fixed Asset Turnover	0.00	62.57	63.57	68.97	74.53	79.15	71.17	62.35	57.09	4.23	4.81
Accounts Payable Turnover	0.94	0.63	0.61	0.61	0.43	0.36	0.29	0.26	0.23	0.15	0.17
Days Sales Outstanding (DSO)	0.00	217.99	189.93	235.42	158.86	196.85	145.16	225.96	196.79	251.47	218.09
Days Inventory Outstanding (DIO)	0.00	65.08	66.00	69.90	70.11	72.72	83.38	77.81	50.19	124.40	100.84
Days Payable Outstanding (DPO)	388.56	574.98	596.14	601.43	839.20	1,023.26	1,275.51	1,404.64	1,594.67	2,391.42	2,121.75
Cash Conversion Cycle (CCC)	-388.56	-291.91	-340.21	-296.11	-610.23	-753.70	-1,046.97	-1,100.87	-1,347.69	-2,015.55	-1,802.82
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	-42	-51	-82	-117	-112	-160	-178	-213	-135	-117	-177
Invested Capital Turnover	1.75	-5.39	-1.23	-0.81	-0.71	-0.53	-0.39	-0.27	-0.33	-0.22	-0.19
Increase / (Decrease) in Invested Capital	-137	-85	-88	-109	-70	-109	-95	-96	-22	43	1.19
Enterprise Value (EV)	329	440	372	447	276	114	94	77	179	183	123
Market Capitalization	209	318	264	350	177	82	60	41	137	93	51
Book Value per Share	($1.09)	($1.11)	($1.14)	($1.18)	($1.10)	($1.00)	($0.87)	($35.82)	($25.44)	($27.39)	($32.85)
Tangible Book Value per Share	($1.43)	($1.43)	($1.44)	($1.45)	($1.35)	($1.24)	($1.05)	($42.28)	($31.75)	($36.96)	($42.52)
Total Capital	-41	-47	-81	-110	-112	-157	-172	-209	-134	-106	-173
Total Debt	122	125	109	104	99	36	39	40	46	106	81
Total Long-Term Debt	6.93	17	16	29	14	0.85	0.00	0.00	0.00	22	0.00
Net Debt	120	122	107	98	99	32	34	36	45	95	77
Capital Expenditures (CapEx)	0.02	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-90	-99	-124	-137	-157	-186	-213	-236	-298	-373	-382
Debt-free Net Working Capital (DFNWC)	-88	-95	-122	-130	-157	-183	-208	-232	-297	-362	-379
Net Working Capital (NWC)	-203	-204	-215	-205	-242	-218	-247	-272	-342	-445	-460
Net Nonoperating Expense (NNE)	8.37	8.56	11	27	-9.55	-13	6.55	30	127	-32	23
Net Nonoperating Obligations (NNO)	120	122	107	98	99	32	34	36	45	95	77
Total Depreciation and Amortization (D&A)	1.07	1.07	1.06	1.04	1.04	1.23	1.00	1.01	1.02	2.00	3.90
Debt-free, Cash-free Net Working Capital to Revenue	-198.74%	-211.99%	-263.33%	-268.63%	-284.89%	-329.54%	-420.82%	-534.61%	-737.53%	-1,232.98%	-1,129.17%
Debt-free Net Working Capital to Revenue	-194.42%	-203.60%	-259.46%	-255.08%	-284.75%	-323.75%	-409.38%	-525.34%	-735.35%	-1,196.68%	-1,119.25%
Net Working Capital to Revenue	-449.33%	-435.57%	-456.98%	-403.35%	-438.21%	-385.38%	-487.16%	-615.47%	-848.52%	-1,471.90%	-1,357.81%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.63)	($0.24)	($8.40)	($10.85)	($1.05)	$0.02	($2.26)	($7.42)	($22.17)	($3.00)	($6.28)
Adjusted Weighted Average Basic Shares Outstanding	139.81M	130.30M	2.93M	3.43M	3.63K	131.14M	11.57M	11.60M	11.60M	11.03M	6.89M
Adjusted Diluted Earnings per Share	($0.63)	($0.24)	($8.40)	($10.85)	($1.05)	($0.03)	($2.26)	($7.42)	($22.17)	($3.00)	($6.28)
Adjusted Weighted Average Diluted Shares Outstanding	139.81M	130.30M	2.93M	3.43M	3.63K	134.08M	11.57M	11.60M	11.60M	11.03M	6.89M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	($3.00)	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	155.94M	166.19M	5.18M	5.48M	0.00	243.31M	6.95M	6.96M	7.59M	0.00	8.49M
Normalized Net Operating Profit after Tax (NOPAT)	-27	-13	-14	-11	-14	-20	-20	-14	-131	-78	-23
Normalized NOPAT Margin	-268.49%	-95.36%	-125.27%	-66.81%	-96.58%	-133.32%	-390.26%	-145.06%	-1,236.35%	-1,622.43%	-261.45%
Pre Tax Income Margin	-351.18%	-158.91%	-223.97%	-229.58%	-30.40%	-43.36%	-521.18%	-444.92%	-2,441.47%	-961.80%	-530.01%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-68.26	-37.82	-44.91	-64.82	-6.62	-21.67	-9.51	-15.42	-91.14	-8.30	-2.69
NOPAT to Interest Expense	-52.95	-23.30	-25.68	-19.15	-24.20	-69.70	-7.87	-5.35	-46.66	-7.17	-5.96
EBIT Less CapEx to Interest Expense	-68.30	-37.83	-44.91	-64.82	-6.62	-21.67	-9.51	-15.42	-91.14	-8.30	-2.69
NOPAT Less CapEx to Interest Expense	-52.99	-23.30	-25.68	-19.15	-24.20	-69.70	-7.87	-5.35	-46.66	-7.17	-5.96
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	-2.38%	-0.34%	-0.41%	0.00%	3.13%	-3.89%	-7.68%	0.00%

Financials Breakdown Chart

Key Financial Trends

Scilex (NASDAQ: SCLX) continues to show top-line growth, but the bigger story is the company’s heavy losses, weak balance sheet, and reliance on financing to stay afloat. Over the last several quarters, revenue has improved from year-ago levels, but operating expenses remain far above gross profit, and shareholder equity remains deeply negative.

What stands out from the last four years:

Revenue has generally grown year over year, with Q1 2026 revenue of $8.6 million versus $5.0 million in Q1 2025 and $10.9 million in Q1 2024.
Gross profit remains positive, which means the business is still generating margin before overhead.
Operating cash flow improved sharply in Q1 2025 and Q3 2025, helped by non-cash adjustments and working capital movements.
Cash and equivalents improved to $3.4 million in Q1 2026 from just $878,000 in Q3 2025.
The company has no long-term debt reported in Q1 2026, which reduces one layer of balance-sheet risk.
The company has been actively managing capital structure, including debt issuance, repayment, and occasional equity-related activity.
Several quarters show large non-cash charges and balance-sheet movements that complicate a simple read on cash generation.
Intangible assets, goodwill, and other noncurrent operating assets make up a large part of total assets, so reported asset quality is heavily tied to non-cash items.
Operating losses remain substantial: Q1 2026 operating loss was $32.2 million, after a $111.1 million operating loss in Q4 2025 and a $186.5 million operating loss in Q3 2025.
Q1 2026 net loss was $43.3 million, and the company has posted losses in every quarter shown.
Current liabilities far exceed current assets in Q1 2026: $501.8 million versus $42.0 million, pointing to very weak short-term liquidity.
Total liabilities of $547.7 million are well above total assets of $293.6 million, leaving total equity at negative $254.1 million.
Share dilution has been a recurring issue over time, with large changes in weighted average shares and financing activity tied to equity issuance.

Quarterly trend summary: Scilex’s revenue has not collapsed, but profitability has not kept up. In Q1 2026, gross profit was only $4.2 million against $36.3 million of operating expenses, and the company still lost money after interest and other items. That pattern is similar to prior quarters, although Q3 2025 and Q1 2025 showed temporary operating cash flow strength.

Balance-sheet picture: The most concerning signal is the balance sheet. By Q1 2026, Scilex had a negative equity position of $254.1 million, and short-term liabilities were more than 12 times current assets. Even though cash improved modestly and long-term debt was reported at zero, the company still appears dependent on ongoing access to financing and working-capital support.

Bottom line: Scilex has some positives, including revenue growth, positive gross profit, and intermittent operating cash flow improvement. But for retail investors, the biggest takeaway is risk: persistent losses, a highly leveraged liability structure, and negative equity make the stock speculative and financially fragile.

07/12/26 02:59 PM ETAI Generated. May Contain Errors.

Scilex Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Scilex's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Scilex's net income appears to be on an upward trend, with a most recent value of -$374.05 million in 2025, rising from -$47.52 million in 2020. The previous period was -$72.81 million in 2024. See where experts think Scilex is headed by visiting Scilex's forecast page.

Scilex's total operating income in 2025 was -$346.01 million, based on the following breakdown:

Total Gross Profit: $19.65 million
Total Operating Expenses: $365.66 million

Over the last 5 years, Scilex's total revenue changed from $23.56 million in 2020 to $30.25 million in 2025, a change of 28.4%.

Scilex's total liabilities were at $576.73 million at the end of 2025, a 101.9% increase from 2024, and a 318,960.1% increase since 2020.

In the past 5 years, Scilex's cash and equivalents has ranged from $30.51 thousand in 2020 to $4.96 million in 2025, and is currently $4.96 million as of their latest financial filing in 2025.

Over the last 5 years, Scilex's book value per share changed from 0.00 in 2020 to -27.39 in 2025, a change of -27,392,300.0%.

Related Companies

Financial statements for NASDAQ:SCLX last updated on 7/9/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

From Our Partners

Unlock superior investment research and tools.

Get MarketBeat All Access

In-depth profiles and analysis for 20,000 public companies.
Real-time analyst ratings, insider transactions, earnings data, and more.
Our daily ratings and market update email newsletter.

Sign In
Create Account

Your Email Address:

Your Password:

Forgot your password?

Your Email Address:

Choose a Password:

By creating a free account, you agree to our terms of service. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Scilex (SCLX) Financials

Financials Breakdown Chart

Key Financial Trends

Scilex Financials - Frequently Asked Questions

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools

About MarketBeat

MarketBeat Products

Popular Tools

Financial Calendars

Terms & Info

Scilex (SCLX) Financials

Annual Income Statements for Scilex

Quarterly Income Statements for Scilex

Annual Cash Flow Statements for Scilex

Quarterly Cash Flow Statements for Scilex

Annual Balance Sheets for Scilex

Quarterly Balance Sheets for Scilex

Annual Metrics And Ratios for Scilex

Quarterly Metrics And Ratios for Scilex

Financials Breakdown Chart

Key Financial Trends

Scilex Financials - Frequently Asked Questions

When does Scilex's financial year end?

How has Scilex's net income changed over the last 5 years?

What is Scilex's operating income?

How has Scilex's revenue changed over the last 5 years?

How much debt does Scilex have?

How much cash does Scilex have?

How has Scilex's book value per share changed over the last 5 years?

MarketBeat All Access Features

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools