It's like a private equity firm (e.g., Blackstone Group), but strictly for bringing a company to the stock market.

Think of it as a corporate matchmaker (e.g., Match.com), but for private companies looking to go public.

It's like an express lane for IPOs, similar to how Amazon Prime offers faster delivery, but for a private company wanting to list on the stock market.

• ZTlido®: A non-opioid topical lidocaine patch approved for the management of pain associated with post-herpetic neuralgia (PHN).
• SP-102 (SEMDEXA™): An investigational non-opioid, injectable corticosteroid currently in Phase 3 development for the treatment of lumbosacral radicular pain (sciatica).

Henry Ji, Ph.D. Chief Executive Officer, President, and Executive Chairman

Dr. Henry Ji was appointed CEO of Scilex in August 2025. He has served on Scilex's board since 2016 and was previously CEO of Scilex Pharmaceuticals, a subsidiary, from November 2016 to March 2019. He co-founded Sorrento Therapeutics, Inc., where he has served as CEO and President since September 2012 and Chairman of its board since 2017. During his tenure at Sorrento, he has led growth through numerous acquisitions and mergers. Dr. Ji also co-founded Stratagene Genomics, a subsidiary of Stratagene, serving as its President & CEO, and founded Vivasor Inc.

Stephen Ma Chief Operating Officer, Chief Financial Officer & Senior Vice President

Stephen Ma was appointed Chief Operating Officer of Scilex, effective October 1, 2025, while also serving as Chief Financial Officer, Senior Vice President, and Corporate Secretary. He previously held roles at Scilex as Chief Accounting Officer (since November 2022) and Vice President of Finance (since January 2022). Mr. Ma brings over 15 years of finance and operational expertise in the pharmaceutical and venture-backed biotechnology sectors. His experience includes serving as Director of Finance and Operations for Anwita Biosciences, Inc. Prior to joining Scilex, he was the Senior Director of Finance and Controller for Semnur Pharmaceuticals, which was acquired by Scilex in March 2019. He also served as Controller for Globavir, where he was involved in its IPO process, and for Ardelyx, which went public in 2014. Additionally, he held finance positions at PDL BioPharma, Inc., and Hyperion Therapeutics, Inc.

Suresh K. Khemani Senior Vice President and Chief Commercial Officer

Mr. Suresh K. Khemani serves as the Senior Vice President and Chief Commercial Officer (CCO) at Scilex Holding Company. In this role, he is responsible for leading the company's commercial strategy and operations, including sales, marketing, market access, and business development. His expertise is vital for bringing Scilex's innovative therapies to market and ensuring their successful adoption by healthcare providers and patients.

Suketu D. Desai, Ph.D. Interim Chief Technical Officer and Senior Vice President, Chemistry, Manufacturing and Controls, Regulatory CMC, and Quality Assurance

Dr. Suketu D. Desai has served as Interim Chief Technical Officer and Senior Vice President, Chemistry, Manufacturing and Controls, Regulatory CMC, and Quality Assurance at Scilex since 2015. He has more than 25 years of experience in the Biologics and Pharmaceutical Industry.

Financial Viability and Nasdaq Listing Compliance

Regulatory and Clinical Development Risks for Product Candidates

Legal and Reputational Risks

Scilex (Nasdaq: SCLX) is an innovative revenue-generating company focused on acquiring, developing, and commercializing non-opioid pain management products for the treatment of acute and chronic pain.

The addressable markets for Scilex's main products and product candidates are as follows:

• ZTlido (lidocaine topical system) 1.8% (prescription lidocaine topical product for neuropathic pain associated with postherpetic neuralgia): The total addressable market size for the lidocaine patch market in the U.S. is estimated to be approximately $1.8 billion. Its peak sales potential is projected to exceed $500 million in the U.S. within the next six years.
• ELYXYB (celecoxib oral solution) (ready-to-use oral solution for the acute treatment of migraine): The U.S. oral migraine drug market size was estimated at $1.8 billion in 2022. The Canadian migraine therapeutics market is estimated to reach approximately $400 million by 2025.
• GLOPERBA (colchicine USP) (liquid oral version of colchicine for the prophylaxis of painful gout flares): The gout treatment market in the U.S. is projected to reach $2.0 billion by 2028. Gout affects an estimated 9.2 million people in the United States.
• SP-102 (SEMDEXA) (viscous gel formulation for epidural injections to treat lumbosacral radicular pain or sciatica): If approved, SEMDEXA has the potential to become a blockbuster product with sales exceeding $1 billion annually at peak in the U.S. Scilex forecasts, based on independent market research, sales ranging from $1.5 billion to $2 billion within five years of its launch, solely in the sciatica market. Another projection estimates peak sales potential of $3.6 billion annually in the fifth year post-launch. The 7 major sciatica market (United States, Germany, France, United Kingdom, Italy, Spain, and Japan) reached a value of $2.5 billion in 2024 and is expected to reach $3.4 billion by 2035, with the United States holding the largest patient base and market. Annually, over 12 million off-label epidural steroid injections are administered in the U.S. for sciatica.
• SP-103 (lidocaine topical system) 5.4% (next-generation formulation of ZTlido for chronic neck pain and low back pain): The U.S. low back and neck pain market is estimated to reach $134.5 billion. Peak sales potential for SP-103 is projected to reach $1.2 billion annually in the sixth year post-launch in the U.S.
• SP-104 (low-dose naltrexone hydrochloride delayed-release capsules) (for the treatment of fibromyalgia): Fibromyalgia impacts an estimated 4 million Americans, with the market estimated to be worth approximately $3 billion (implied U.S.).

Expected Drivers of Future Revenue Growth for Scilex (SCLX)

Scilex Holding Company (SCLX), a biopharmaceutical firm focused on non-opioid pain management, is anticipated to experience revenue growth over the next 2-3 years driven by several key factors:

1. Increased Sales and Market Penetration of Commercial Products: Continued expansion in the sales volume and market share of its existing FDA-approved non-opioid pain management products, namely ZTlido (a lidocaine topical system for postherpetic neuralgia), ELYXYB (an oral solution for acute migraine), and GLOPERBA (an oral solution for gout flares). The company reported growth in ZTlido net sales and total product net sales for the quarter ended September 30, 2024, indicating ongoing momentum in its current portfolio. Analysts forecast significant revenue growth for Scilex in the coming years, suggesting increasing adoption of these products.
2. Successful Advancement and Commercialization of Clinical Pipeline Products: The progression through clinical trials and eventual market launch of new product candidates from its pipeline are critical for future revenue streams. Notably, Scilex's pipeline includes SP-102 (SEMDEXA) for sciatica, SP-103 for chronic neck and low back pain, and SP-104 for fibromyalgia. The successful development and commercialization of these non-opioid therapeutics would introduce new offerings to the market.
3. Expansion into New Markets and Patient Populations: Scilex's strategic objective to become a global leader in non-opioid pain management suggests efforts to broaden its market presence. This could involve expanding the geographical reach of its current products or targeting new patient segments within the pain management landscape, supported by robust forecast annual revenue growth rates.
4. Strategic Investments and Partnerships: The company's strategic investment, such as the $20 million in Quantum Scan Holdings, Inc., aims to target preventive diagnosis and prognosis markets. Such investments and potential partnerships could lead to synergistic opportunities, broaden Scilex's healthcare offerings, and indirectly or directly contribute to revenue growth by enhancing its overall market position and complementary solutions in the broader pain and healthcare ecosystem.

Share Repurchases

• Scilex completed the repurchase of warrants from Oramed Pharmaceuticals for a total of $27 million, executed in two tranches during September 2025 ($13 million) and December 2025 ($14 million).

Share Issuance

• Scilex became a publicly traded company in November 2022 through a SPAC merger with Vickers Vantage Corp. I, a transaction anticipated to generate up to $140 million in gross proceeds, assuming no redemptions from Vickers Vantage Corp. I's existing public shareholders.
• The company sold common stock amounting to $12.7 million in three separate transactions between December 26 and December 30, 2025.
• Shareholders approved a one-time repricing of certain stock options in 2025, reducing the exercise price from $282.80 to $16.80 per share, affecting up to 289,405 shares under the 2022 Equity Incentive Plan.

Inbound Investments

• Scilex secured a loan agreement with The St. James Bank & Trust Company, which was subsequently amended to increase the total available principal from $50 million to $100 million.

Outbound Investments

• Scilex announced a $20 million strategic investment in Quantum Scan Holdings, Inc.

Capital Expenditures

• Scilex reported $0 in capital expenditures for the third quarter of 2024.
• The company's Property, Plant & Equipment (PPE) was valued at $2.93 million in fiscal year 2024, $3.67 million in fiscal year 2023, and $1.90 million in fiscal year 2022.