Revenue volatility and margin compression are evident, with gross margins collapsing from historical peaks near 73% to 12.3% in 2025Q4.
| Sales/Revenue | 33.86M | 30.25M | 56.59M | 46.74M | 38.03M | 31.32M | 23.56M |
| Revenue Growth % | -33.22% | -46.54% | 21.07% | 22.9% | 21.45% | 32.92% | - |
| Cost of Goods Sold | 15.25M | 15.22M | 16.69M | 15.68M | 10.8M | 3.63M | 2.15M |
| COGS % of Revenue | - | 50.32% | 29.49% | 33.55% | 28.39% | 11.6% | 9.12% |
| Gross Profit | 18.61M | 15.03M | 39.9M | 31.06M | 27.24M | 27.68M | 21.41M |
| Gross Margin % | 54.96% | 49.68% | 70.51% | 66.45% | 71.61% | 88.4% | 90.88% |
| Gross Profit Growth % | - | -62.33% | 28.46% | 14.04% | -1.61% | 29.29% | - |
| Operating Expenses | 295.28M | 287.33M | 123.3M | 136.49M | 77.87M | 63.52M | 56.67M |
| OpEx % of Revenue | - | 949.77% | 217.88% | 292.01% | 204.74% | 202.83% | 240.53% |
| Selling, General & Admin | 269.6M | 266.63M | 119.02M | 119.64M | 64.89M | 50.58M | 42.97M |
| SG&A % of Revenue | - | 881.32% | 210.31% | 255.95% | 170.62% | 161.52% | 182.39% |
| Research & Development | 21.46M | 20.71M | 9.64M | 12.75M | 9.05M | 9.2M | 9.96M |
| R&D % of Revenue | - | 68.46% | 17.04% | 27.27% | 23.8% | 29.38% | 42.28% |
| Other Operating Expenses | 3M | 0 | -5.36M | 4.11M | 3.92M | 3.74M | 3.74M |
| Operating Income | -276.67M | -272.3M | -83.4M | -105.43M | -50.63M | -35.84M | -35.26M |
| Operating Margin % | -817.05% | -900.09% | -147.37% | -225.55% | -133.13% | -114.44% | -149.65% |
| Operating Income Growth % | - | -226.52% | 20.9% | -108.22% | -41.29% | -1.65% | - |
| EBITDA | -270.18M | -267.68M | -79.35M | -101.28M | -46.18M | -32.06M | -31.48M |
| EBITDA Margin % | -797.89% | -884.81% | -140.22% | -216.68% | -121.42% | -102.37% | -133.62% |
| EBITDA Growth % | -207.73% | -237.34% | 21.66% | -119.32% | -44.05% | -1.84% | - |
| D&A (Non-Cash Add-back) | 6.49M | 4.62M | 4.05M | 4.15M | 4.45M | 3.78M | 3.78M |
| EBIT | -380.84M | -362.57M | -70.84M | -113.25M | -13.76M | -76.66M | -35.26M |
| Net Interest Income | -12.76M | -11.46M | -1.96M | -1.07M | -9.6M | -11.76M | -13.12M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 12.76M | 11.46M | 1.96M | 1.07M | 9.6M | 11.76M | 13.12M |
| Other Income/Expense | -116.93M | -101.72M | 10.59M | -8.89M | 27.27M | -52.58M | -12.31M |
| Pretax Income | -393.6M | -374.03M | -72.81M | -114.32M | -23.36M | -88.42M | -47.57M |
| Pretax Margin % | -1162.36% | -1236.33% | -128.66% | -244.57% | -61.42% | -282.34% | -201.92% |
| Income Tax | 24K | 26K | -1K | 13K | 4K | 5K | -53K |
| Effective Tax Rate % | -0.01% | -0.01% | 0% | -0.01% | -0.02% | -0.01% | 0.11% |
| Net Income | -419.68M | -358.73M | -72.81M | -114.33M | -23.36M | -88.42M | -47.52M |
| Net Margin % | -1239.37% | -1185.78% | -128.66% | -244.59% | -61.43% | -282.35% | -201.69% |
| Net Income Growth % | -463.25% | -392.72% | 36.32% | -389.35% | 73.58% | -86.08% | - |
| Net Income (Continuing) | -393.62M | -374.05M | -72.81M | -114.33M | -23.36M | -88.42M | -47.52M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | -4.85M | -3.97M | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -60.90 | -36.48 | -19.43 | -44.85 | -6.09 | -23.29 | -0.01 |
| EPS Growth % | -148.53% | -87.75% | 56.68% | -636.45% | 73.85% | -184741.27% | - |
| EPS (Basic) | - | -36.48 | -19.43 | -44.85 | -6.09 | -23.29 | -0.01 |
| Diluted Shares Outstanding | 6.89M | 11.03M | 6.95M | 3.72M | 3.83M | 3.8M | 4.03M |
| Basic Shares Outstanding | 6.89M | 11.03M | 6.95M | 3.72M | 3.83M | 3.8M | 4.03M |
| Dividend Payout Ratio | - | - | - | - | - | - | - |
Liquidity and solvency crisis
As reported in recent financial filings, Scilex experienced a significant revenue contraction, with quarterly figures fluctuating from a high of $16.4 million in 2024Q2 to just $4.8 million by 2025Q4, indicating a lack of consistent commercial traction for its primary ZTlido product line.
The erratic top-line performance suggests that the company struggles with predictable prescription volume or is facing aggressive competitive pricing pressure. Investors should monitor whether the recent 72.1% growth in 2026Q1 represents a sustainable recovery or merely a volatile rebound from an extremely depressed base.
Based on the provided income statement data, gross margins have demonstrated significant instability, collapsing to 12.3% in 2025Q4 from historical peaks near 73%, which implies substantial pricing concessions or rising manufacturing costs that severely undermine the company's ability to achieve long-term profitability.
The inability to maintain consistent gross margins suggests that the company lacks the pricing power necessary to defend its market share against generic alternatives. This margin compression appears to be a structural issue that will likely persist until the company can achieve greater scale or optimize its supply chain.
According to the company's historical income statements, operating expenses consistently dwarf gross profits, resulting in massive operating losses that reached $186.5 million in 2025Q3, highlighting a failure to achieve the necessary scale to cover fixed corporate and clinical development overheads.
The persistent disconnect between revenue generation and operating expenses suggests that the current business model is not yet optimized for commercial viability. Without a significant reduction in SG&A or a massive surge in product demand, the company appears trapped in a cycle of high cash burn.
Analysis of the reported figures reveals that net income remains deeply negative, with EPS reaching a low of -22.17 in 2025Q3, a trend that is further complicated by recurring stock-based compensation expenses that continue to dilute shareholders despite the lack of operational profitability.
The reliance on non-operating items and the impact of ongoing litigation costs make it difficult to discern the true underlying performance of the core pharmaceutical business. Investors should be wary of the quality of these earnings, as they appear to be heavily influenced by restructuring and capital structure issues.
Based on the reported cash position of approximately $4.95 million, the company faces an acute liquidity risk, as the current rate of cash burn significantly exceeds available resources, suggesting that further dilutive financing or asset sales may be required to maintain operations.
Short-sellers would likely focus on the widening gap between the company's cash reserves and its massive quarterly operating losses. This precarious financial position warrants extreme caution, as the company's ability to fund its ongoing clinical trials and commercial activities appears increasingly dependent on external capital markets.
Quick answers to the most common questions about buying SCLX stock.
For fiscal year 2025, Scilex Holding Company (SCLX) reported total revenue of $30.3M. This represents a 28.4% increase compared to $23.6M in 2020.
Scilex Holding Company (SCLX) reported a net loss of $358.7M for the fiscal year ending 2025.
Scilex Holding Company (SCLX) reported an operating income of $-272.3M, resulting in an operating profit margin of -900.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Scilex Holding Company (SCLX) generated $15.0M in gross profit for the year, representing a gross profit margin of 49.7%. This demonstrates the company's core pricing power and production efficiency.