SCLX Nasdaq Biological Products, (No Diagnostic Substances) Financials FY2020βFY2025
Scilex Holding Co had $30.3M of revenue in fiscal 2025, down 46.5% on the year before. Over five years, revenue changed +5.1% a year on average.
Last close Β· Oct 23, 2026
$2.35
4.9%Hi! I read Scilex Holding Coβs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
β46.5%
No. Sales fell 46.5% last year.
Does it make a profit?
β1,236.4%
No. It lost money last year.
Does profit turn into cash?
12.2%
Yes. 12.2% of sales ends up as free cash.
How healthy are the accounts?
4 / 9
Mixed. It passes 4 of 9 health tests.
How is the share priced?
β
No P/E: it made no profit over the last four quarters.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
KIRA Β· Scilex Holding Co had $30.3M of revenue in fiscal 2025, down 46.5% on the year before. Over five years, revenue changed +5.1% a year on average. Its operating margin was β1,143.7%, down 996.3Β pts: of every 100 in sales, about β1,144 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· Scilex Holding Co lost $374M in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was $3.7M in fiscal 2025, 12.2% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· In the last 12 months, insiders sold $12.8M of shares on the open market and bought none.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$12.8M
1 insider
Of sales under plans
0%
$0.0M
Can it carry its debts, and how well does it use its money?
KIRA Β· Scilex Holding Co owes $78.3M more than it holds in cash.
Cash, debt and the ratios that show how comfortably Scilex Holding Co can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $4.6M | $2.2M | $3.9M | $3.3M | $5.0M |
| Debt incl. finance leases | $110M | $0.0M | $108M | $34.9M | $83.3M |
| Debt / equity | β | 0.0x | β | β | β |
| Interest coverage | β3.0x | β5.3x | β98.7x | β42.5x | β30.2x |
| Current ratio | 0.1x | 0.7x | 0.2x | 0.2x | 0.1x |
| Quick ratio | 0.1x | 0.6x | 0.2x | 0.2x | 0.1x |
| Total assets | $77.9M | $86.5M | $101M | $93.0M | $365M |
| Total liabilities | $302M | $50.3M | $274M | $286M | $577M |
| Shareholders' equity | β$224M | $36.2M | β$173M | β$193M | β$208M |
| Net debt (β = net cash) | $105M | β$2.2M | $105M | $31.6M | $78.3M |
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· Scilex Holding Co passes 4 of 9 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β |
| F-score | β / 3 | 2 / 8 | 5 / 9 | 3 / 9 | 7 / 9 | 4 / 9 |
| Accruals ratio | β8,049.1% | β153.0% | β2.6% | β99.7% | β94.9% | β165.0% |
| Altman Z'' | β1,192.57 | β30.94 | β18.49 | β36.61 | β41.88 | β22.99 |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| Revenue | $23.6M | $31.3M | $38.0M | $46.7M | $56.6M | $30.3M |
| Gross profit | $21.4M | $27.7M | $27.2M | $31.1M | $167M | $126M |
| Research and development | $10.0M | $9.2M | $9.1M | $12.7M | $9.6M | $20.7M |
| Operating income | β$35.3M | β$35.8M | β$50.6M | β$105M | β$83.4M | β$346M |
| Interest expense | $13.1M | $11.8M | $9.6M | $1.1M | $2.0M | $11.5M |
| Pretax income | β$47.6M | β$88.4M | β$23.4M | β$114M | β$72.8M | β$374M |
| Income tax | β$0.1M | $0.0M | $0.0M | $0.0M | β$0.0M | $0.0M |
| Net income | β$47.5M | β$88.4M | β$23.4M | β$114M | β$72.8M | β$374M |
| Net income to common | β | β$88.4M | β$23.4M | β$167M | β$72.8M | β$402M |
| Diluted EPS | β$0.36 | β$0.67 | β$0.17 | β$1.28 | β$8.05 | β$36.48 |
| Diluted shares | 0.00B | 0.13B | 0.13B | 0.13B | 0.00B | 0.00B |
| Cash flow | ||||||
| Cash from operations | β$31.5M | β$28.7M | β$21.3M | β$20.7M | $19.3M | $3.8M |
| Capital expenditure | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.1M |
| Free cash flow | β$31.5M | β$28.7M | β$21.3M | β$20.7M | $19.3M | $3.7M |
| Depreciation and amortization | $3.8M | $3.8M | $4.0M | $4.1M | $4.0M | $4.6M |
| Stock-based compensation | $5.4M | $5.8M | $5.3M | $14.6M | $15.7M | $15.5M |
| Dividends paid | β | β | β | $8.7M | $8.7M | β |
| Dividends and buybacks | β | β | β | $8.7M | $8.7M | β |
| Balance sheet | ||||||
| Cash and short-term investments | $0.0M | $4.6M | $2.2M | $3.9M | $3.3M | $5.0M |
| Total debt | β | $110M | $0.0M | $108M | $34.9M | $83.3M |
| Finance lease liabilities | β | β | $0.0M | $0.0M | $0.0M | $0.0M |
| Current assets | $0.0M | $23.0M | $29.6M | $46.8M | $41.5M | $38.4M |
| Current liabilities | $0.2M | $169M | $44.8M | $250M | $260M | $484M |
| Inventory | β | $2.6M | $1.4M | $4.2M | $2.4M | $4.8M |
| Property and equipment, net | β | $0.8M | $0.8M | $0.7M | $0.7M | $13.6M |
| Goodwill | β | $13.5M | $13.5M | $13.5M | $13.5M | $13.5M |
| Intangible assets | β | $38.8M | $40.6M | $36.5M | $32.5M | $59.1M |
| Total assets | $0.2M | $77.9M | $86.5M | $101M | $93.0M | $365M |
| Total liabilities | $0.2M | $302M | $50.3M | $274M | $286M | $577M |
| Preferred stock | β | $0.0M | $0.0M | $0.0M | β | β |
| Shareholders' equity | $0.0M | β$224M | $36.2M | β$173M | β$193M | β$208M |
| Margins | ||||||
| Gross margin | 90.9% | 88.4% | 71.6% | 66.5% | 295.8% | 415.8% |
| Operating margin | β149.7% | β114.4% | β133.1% | β225.6% | β147.4% | β1,143.7% |
| EBITDA margin | β133.6% | β102.4% | β122.7% | β216.7% | β140.2% | β1,128.4% |
| Net margin | β201.7% | β282.4% | β61.4% | β244.6% | β128.7% | β1,236.4% |
| FCF margin | β133.6% | β91.5% | β55.9% | β44.4% | 34.2% | 12.2% |
| Returns | ||||||
| Return on capital | β | β | β117.5% | β | β | β |
| Return on capital employed | β188,545.5% | 39.2% | β121.5% | 70.7% | 50.0% | 291.6% |
| Return on equity | β254,112.3% | β | β | β | β | β |
| Return on assets | β23,819.0% | β226.3% | β28.4% | β121.7% | β75.0% | β163.4% |
| Return on tangible equity | β254,112.3% | β | β | β | β | β |
| Growth | ||||||
| Revenue growth | β | 32.9% | 21.4% | 22.9% | 21.1% | β46.5% |
| FCF growth | β | β | β | β | β | β81.0% |
| Share count change | β | 99,868.4% | 1.0% | β2.9% | β100.0% | 8.9% |
| Financial health | ||||||
| Debt / equity | β | β | 0.0x | β | β | β |
| Interest coverage | β2.7x | β3.0x | β5.3x | β98.7x | β42.5x | β30.2x |
| Current ratio | 0.2x | 0.1x | 0.7x | 0.2x | 0.2x | 0.1x |
| Quick ratio | 0.2x | 0.1x | 0.6x | 0.2x | 0.2x | 0.1x |
| Capital allocation | ||||||
| Capex / revenue | 0.1% | 0.0% | 0.0% | 0.1% | 0.0% | 0.4% |
| Stock comp / revenue | 22.9% | 18.6% | 13.9% | 31.2% | 27.7% | 51.2% |
| Payouts / FCF | β | β | β | β | 44.7% | β |
| Quality scores | ||||||
| Piotroski F-score | β | 2.0 | 5.0 | 3.0 | 7.0 | 4.0 |
| Altman Z'' | β1,192.6 | β30.9 | β18.5 | β36.6 | β41.9 | β23.0 |
| Accruals ratio | β8,049.1% | β153.0% | β2.6% | β99.7% | β94.9% | β165.0% |
Source: SEC EDGAR XBRL filings (CIK 0001820190). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β not investment advice. Check the original filings before relying on any figure.
