Here are 1-2 brief analogies to describe Scilex:

• The **Tesla for pain relief**, focusing on innovative, non-opioid solutions to address the challenges of traditional painkillers.

• The **Beyond Meat for pain medication**, offering non-addictive alternatives to traditional painkillers.

• ZTlido® (lidocaine topical system 1.8%): An FDA-approved topical system for the management of neuropathic pain associated with Post-herpetic Neuralgia (PHN).
• SP-102 (SEMDEXA™): An investigational non-opioid injectable drug, having completed two Phase 3 clinical trials, intended for the treatment of lumbosacral radicular pain (sciatica).
• SP-103 (lidocaine topical system 5%): An investigational topical system in Phase 2 development for the treatment of chronic low back pain.

Scilex (symbol: SCLX) primarily sells its pharmaceutical products to other companies, specifically major pharmaceutical wholesalers who then distribute the products to pharmacies, hospitals, and other healthcare providers. Scilex does not sell directly to individual consumers.

Based on their latest SEC filings (e.g., 2023 10-K), Scilex's major customers for the year ended December 31, 2023, were the following pharmaceutical wholesale companies:

• Cencora (symbol: COR)
• Cardinal Health (symbol: CAH)
• McKesson (symbol: MCK)

• Almac Pharma Services Limited
• Catalent, Inc. (CTLT)

Henry Ji, PhD, Executive Chairman, Chief Executive Officer and President

Dr. Ji brings over 25 years of experience in the biotechnology and life sciences industry. He has been Chairman of Scilex since March 2019 and previously served as CEO of Scilex Pharmaceuticals from November 2016 to March 2019. Dr. Ji co-founded Sorrento Therapeutics, Inc. and has served as a director since 2006, as its CEO and President since September 2012, and as Chairman of its board of directors since 2017. He also founded Vivasor Inc. and has served as CEO and President, and as Chairman of its board of directors since 2024. Dr. Ji was instrumental in Scilex's acquisition of Semnur in 2019, the launch of ZTlido®, and the completion of the first SP-102 Phase 3 clinical trial.

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

Mr. Ma has served as the Chief Operating Officer, Chief Financial Officer, and Senior Vice President since September 2023. Prior to that, he served as the Company's Chief Accounting Officer and Vice President of Finance. He possesses more than 20 years of finance and operational expertise across pharmaceuticals and venture-backed biotechnology companies.

Dmitri Lissin, MD, Interim Chief Medical Officer & Senior Vice President

Dr. Lissin currently serves as Interim Chief Medical Officer and Senior Vice President, Clinical Development and Medical Affairs of Scilex/Semnur Pharmaceuticals since 2015. From 2011 to 2015, he was Vice President of Clinical Development at Xenoport, where he was responsible for conducting multiple clinical research programs in neurology and dermatology.

Suresh Khemani, Chief Commercial Officer & Senior Vice President and General Manager of Scilex Pharma

Mr. Khemani is responsible for driving Scilex's commercial strategy and operations, which include sales, marketing, market access, and business development. He plays a key role in identifying market opportunities, developing go-to-market strategies, and building strong commercial partnerships.

Gigi DeGuzman, Vice President and Chief People Officer

Ms. DeGuzman also serves as the Senior Executive Director & Chief of Staff at Scilex Holding Company. In her role as Chief of Staff, she provides strategic support and guidance to the executive leadership team, facilitating the efficient execution of company initiatives and projects.

The key risks to Scilex's business include:

1. Significant Financial Strain and Liquidity Concerns: Scilex has negative shareholder equity and faces limitations in its ability to repay debts and maintain liquidity. The company is ineligible for Form S-3 filings until February 1, 2026, which can materially adversely affect its financial operations and market positioning, severely limiting its ability to raise capital. Furthermore, Scilex has a 24% probability of bankruptcy within the next 24 months.
2. Regulatory and Compliance Challenges: Beyond the Form S-3 ineligibility, Scilex has faced past compliance issues with Nasdaq due to delayed financial filings. There is also an ongoing investigation by its independent registered public accounting firm concerning certain contracts, which could materially impact the company's financial statements.
3. Product Commercialization and Market Acceptance Risks: There is inherent uncertainty in the commercial success of Scilex's product candidates, such as ZTlido, ELYXYB, and GLOPERBA. The company faces the risk that its products may not progress through clinical development, receive timely regulatory approvals, or achieve market acceptance and generate expected revenues. Investor skepticism regarding future revenue volatility has been noted. Additionally, a "stock clawback claim" has restricted the transfer of certain Scilex shares, adding to market unpredictability.

Scilex (SCLX) has several products and product candidates targeting significant addressable markets:

• ZTlido (lidocaine topical system) 1.8%: For neuropathic pain associated with postherpetic neuralgia (PHN). The U.S. peak sales potential is projected to reach over $500 million in the next 6 years. ZTlido is also expected to be distributed outside the U.S. in 2025, with a minimum 5-year purchase commitment of $105 million from distributors in the Middle East and North/South Africa countries.
• ELYXYB (celecoxib oral solution): For the acute treatment of migraine with or without aura in adults. The U.S. oral migraine drug market size was estimated at $1.8 billion in 2022 and is estimated to be $2.3 billion in 2025. The acute migraine drug market size is expected to reach approximately $9.26 billion globally by 2030. The Canadian migraine therapeutics market is estimated to reach approximately $400 million by 2025.
• GLOPERBA (colchicine USP) oral solution: For the prophylaxis of painful gout flares in adults. The gout treatment market is projected to reach $2.0 billion in the U.S. by 2028.
• SP-102 (SEMDEXA): A product candidate for lumbosacral radicular pain or sciatica. Over 12 million epidural steroid injections are performed annually in the U.S. SP-102 has the potential to become a blockbuster ($1B+) product in the U.S., with end sales reaching $1.25 billion by 2030.
• SP-103 (lidocaine topical system) 5.4%: A product candidate for chronic neck pain and low back pain. The U.S. low back and neck pain market is estimated to reach $134.5 billion. SP-103 has a peak sales potential projected to reach $1.2 billion annually by the 6th year post-launch in the U.S.
• SP-104 (low-dose naltrexone hydrochloride delayed-release capsules): A product candidate for fibromyalgia. Null

Scilex (SCLX) is expected to drive future revenue growth over the next 2-3 years through several key initiatives within the non-opioid pain management market:

1. Continued Commercialization and Growth of Existing Products: Scilex is focused on expanding the sales of its currently marketed non-opioid pain management products, ZTlido (lidocaine topical system) 1.8%, Elyxyb (celecoxib oral solution), and Gloperba (colchicine USP) oral solution. ZTlido demonstrated projected net sales growth of approximately 9% to 29% for the third quarter of 2024 compared to the same period last year. Elyxyb, launched in April 2023, and Gloperba, launched in June 2024, are in their initial stages of commercialization, with management anticipating $15-20 million in net revenue for Elyxyb in 2025.
2. Advancement and Potential Approval of SP-102 (SEMDEXA): SP-102, a novel, viscous gel formulation for epidural injections to treat lumbosacral radicular pain (sciatica), is a flagship product candidate with FDA Fast Track status. If approved, SP-102 has the potential to replace 12 million off-label epidural steroid injections administered annually in the U.S., tapping into a chronic lower back pain market projected for double-digit compound annual growth through 2034. Scilex has secured $20 million in funding to accelerate SP-102's development, including supporting Phase 3 trials and market entry.
3. Expansion of Elyxyb to New Indications: Beyond its current indication for acute migraine, Scilex has submitted a Supplemental New Drug Application (sNDA) for Elyxyb, targeting an acute pain indication. This expansion is expected to diversify Elyxyb's revenue streams and address additional unmet needs in the acute pain market.
4. Strategic Partnerships and Pipeline Development: Scilex is actively pursuing strategic collaborations and developing new products within the non-opioid pain management sector. The company's overall strategy involves acquiring, developing, and commercializing non-opioid pain management products for both acute and chronic pain. A proposed joint venture with IPMC Company for neurodegenerative and cardiometabolic diseases, and an option agreement with Oramed Pharmaceuticals, are examples of strategic moves that could open new pharmaceutical opportunities and contribute to future growth. The company also holds exclusive rights for the tokenization and monetization of real-world asset (RWA) data in genomics, DNA, diagnostics, and therapeutics from Datavault AI.

Capital Allocation Decisions (Last 3-5 Years)

Share Repurchases

• Scilex Holding Company repurchased 3.13 million warrants from Oramed Pharmaceuticals for $13 million as of October 1, 2025.
• The company retains the option to repurchase an additional 3.37 million warrants from Oramed for $14 million on or before December 31, 2025.

Share Issuance

• As of October 7, 2024, Scilex issued new tranche B senior secured convertible notes totaling $50 million and warrants to purchase up to 7,500,000 shares of common stock as part of a debt restructuring agreement with Oramed Pharmaceuticals, affiliates of Murchinson, and 3i LP.
• On September 25, 2023, B. Riley Principal Capital II, LLC committed to purchase up to $500,000,000 of Scilex's common stock through a standby equity purchase agreement.
• On October 31, 2025, Scilex paid $2.7 million to terminate an equity line of credit with Tumim Stone Capital, thereby avoiding the issuance of 150,000 commitment shares.

Inbound Investments

• On August 21, 2025, Scilex's majority-owned subsidiary, Semnur Pharmaceuticals, Inc., secured a $20,000,000 private placement for 1,250,000 shares of the combined company from an investor.
• Scilex received $50 million through the sale of new tranche B senior secured convertible notes to Oramed, affiliates of Murchinson and 3i LP as part of a debt restructuring in October 2024.

Outbound Investments

• On September 26, 2025, Scilex closed the initial tranche of a $150 million Bitcoin investment in Datavault AI Inc., receiving an initial 15,000,000 shares of Datavault common stock.