The company's financial position is precarious, featuring a negative equity balance of $249.2 million and a critically low current ratio of 0.08 as of 2026Q1.
| Total Current Assets | 41.97M | 38.36M | 41.55M | 46.78M | 29.61M | 23M | 22.42M |
| Cash & Short-Term Investments | 3.36M | 10.98M | 3.27M | 3.92M | 2.18M | 4.34M | 4.84M |
| Cash Only | 3.35M | 4.96M | 3.27M | 3.92M | 2.18M | 4.34M | 4.84M |
| Short-Term Investments | 10K | 6.03M | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 29.85M | 15.24M | 26.44M | 34.6M | 21.24M | 14.27M | 13.13M |
| Days Sales Outstanding | 198.87 | 183.92 | 170.55 | 270.16 | 203.79 | 166.29 | 203.35 |
| Inventory | 4.53M | 4.79M | 2.44M | 4.21M | 1.38M | 2.56M | 1.15M |
| Days Inventory Outstanding | 77.32 | 114.83 | 53.28 | 98.09 | 46.58 | 257.33 | 194.47 |
| Other Current Assets | 4.23M | 7.34M | 9.4M | 0 | 0 | 1.83M | 0 |
| Total Non-Current Assets | 251.66M | 326.62M | 51.41M | 54.53M | 56.92M | 54.93M | 59.08M |
| Property, Plant & Equipment | 27.55M | 28.42M | 2.93M | 3.67M | 1.9M | 2.11M | 2.52M |
| Fixed Asset Turnover | 2.22x | 1.06x | 19.29x | 12.75x | 19.99x | 14.86x | 9.35x |
| Goodwill | 13.48M | 13.48M | 13.48M | 13.48M | 13.48M | 13.48M | 13.48M |
| Intangible Assets | 59.81M | 59.09M | 32.45M | 36.48M | 40.59M | 38.8M | 42.54M |
| Long-Term Investments | 184.05M | 1M | 2.42M | 808K | 0 | 0 | 0 |
| Other Non-Current Assets | 145.99M | 224.64M | 119K | 89K | 944K | 538K | 538K |
| Total Assets | 293.63M | 364.98M | 92.95M | 101.31M | 86.53M | 77.93M | 81.5M |
| Asset Turnover | 0.13x | 0.08x | 0.61x | 0.46x | 0.44x | 0.40x | 0.29x |
| Asset Growth % | 719.27% | 292.65% | -8.25% | 17.08% | 11.03% | -4.38% | - |
| Total Current Liabilities | 501.75M | 483.65M | 259.63M | 250.38M | 44.84M | 169.42M | 78.48M |
| Accounts Payable | 101.58M | 86.27M | 52.62M | 40.95M | 8.45M | 4.28M | 8.12M |
| Days Payables Outstanding | 1.88K | 2.07K | 1.15K | 953.27 | 285.66 | 430.29 | 1.38K |
| Short-Term Debt | 88.07M | 92.28M | 34.88M | 108.43M | 0 | 57.56M | 28.9M |
| Deferred Revenue (Current) | 4.59M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 308.06M | 301.79M | 169.04M | 491K | 264K | 0 | 26.66M |
| Current Ratio | 0.08x | 0.08x | 0.16x | 0.19x | 0.66x | 0.14x | 0.29x |
| Quick Ratio | 0.07x | 0.07x | 0.15x | 0.17x | 0.63x | 0.12x | 0.27x |
| Cash Conversion Cycle | -1.6K | -1.77K | -927.01 | -585.03 | -35.28 | -6.66 | -981.33 |
| Total Non-Current Liabilities | 45.95M | 93.08M | 25.96M | 23.87M | 5.45M | 132.39M | 144.71M |
| Long-Term Debt | 5.6M | 27.12M | 845K | 17.04M | 0 | 95.54M | 107.66M |
| Capital Lease Obligations | 27.88M | 13.15M | 1.52M | 2.24M | 665K | 1.15M | 1.65M |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 27.66M | 52.81M | 20.91M | 4.59M | 4.78M | 30.51M | 35.4M |
| Total Liabilities | 547.71M | 576.73M | 285.59M | 274.25M | 50.29M | 301.81M | 223.19M |
| Total Debt | 106.36M | 132.54M | 37.96M | 128.46M | 1.41M | 154.75M | 138.63M |
| Net Debt | 103.01M | 127.59M | 34.69M | 124.54M | -774K | 150.41M | 133.79M |
| Debt / Equity | -0.42x | - | - | - | 0.04x | - | - |
| Debt / EBITDA | -0.39x | - | - | - | - | - | - |
| Net Debt / EBITDA | -0.38x | - | - | - | - | - | - |
| Interest Coverage | -29.85x | -31.64x | -36.09x | -106.04x | -1.43x | -6.52x | -2.69x |
| Total Equity | -254.07M | -211.75M | -192.64M | -172.94M | 36.24M | -223.88M | -141.68M |
| Equity Growth % | -31.08% | -9.92% | -11.39% | -577.22% | 116.19% | -58.01% | - |
| Book Value per Share | -36.87 | -19.19 | -27.71 | -46.46 | 9.45 | -58.98 | -35.15 |
| Total Shareholders' Equity | -249.22M | -207.78M | -192.64M | -172.94M | 36.24M | -223.88M | -141.68M |
| Common Stock | 1K | 1K | 24K | 16K | 14K | 13K | 20K |
| Retained Earnings | -965.06M | -921.79M | -563.05M | -490.25M | -375.91M | -352.55M | -264.13M |
| Treasury Stock | -76.92M | -76.92M | -90.52M | -90.52M | 0 | 0 | 0 |
| Accumulated OCI | -6.55M | -5.8M | 6.32M | 0 | 0 | 0 | 0 |
| Minority Interest | -4.85M | -3.97M | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity and solvency
As reported in recent financial filings, Scilex's total equity has plummeted into deep negative territory, reaching -$249.2 million by 2026Q1, a trend that underscores the persistent erosion of shareholder value driven by recurring net losses and an inability to achieve sustainable operational scale.
The consistent expansion of the accumulated deficit, which now exceeds $965 million, suggests that the company is consuming its capital base at an unsustainable rate. This trajectory implies that the firm's business model remains fundamentally unproven, with the balance sheet reflecting a structural inability to generate internal capital to offset development costs.
Based on the company's 2026Q1 balance sheet, cash and equivalents have dwindled to a precarious $3.4 million, representing a significant decline from historical levels and leaving the firm with a current ratio of just 0.08, which indicates an acute inability to cover near-term obligations.
The current ratio of 0.08 is exceptionally low, suggesting that the company lacks the liquid assets necessary to meet its immediate liabilities without external intervention. Investors should monitor this liquidity profile closely, as the current cash runway appears insufficient to support ongoing operations without immediate and likely dilutive capital raises.
According to the latest quarterly data, Scilex carries a debt load of $106.4 million, which, when viewed against the backdrop of negative equity and minimal cash reserves, suggests that the company's leverage is a necessity-driven burden rather than a strategic tool for growth.
The presence of significant debt on a balance sheet with negative equity and minimal cash flow generation implies a high risk of default or the need for complex restructuring. This debt structure appears to limit the company's financial flexibility, potentially forcing management to prioritize debt service over essential R&D or commercialization efforts.
As disclosed in recent financial statements, the company's asset base is heavily skewed toward intangible and non-liquid items, with net PPE of $27.6 million and goodwill of $13.5 million, which may provide little support in a potential liquidation or distress scenario.
The reliance on non-liquid assets suggests that the balance sheet provides a poor cushion against operational shocks or further revenue declines. The valuation of these assets warrants further investigation, as their carrying value may not be realizable in the event that the company's core commercial strategy fails to gain traction.
Quick answers to the most common questions about buying SCLX stock.
As of 2025, Scilex Holding Company (SCLX) had total assets of $365.0M including $38.4M in current assets.
Scilex Holding Company (SCLX) carries total debt of $132.5M, offset by $11.0M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Scilex Holding Company (SCLX) has total shareholders' equity (book value) of $-207.8M ($-19.19 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Scilex Holding Company (SCLX) reported a current ratio of 0.08x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.