Company: SCLXW
Filing Date: 2025-11-14
Form Type: 424B3
Source: 0001193125-25-283322
Chunk: 37

Company: Scilex Holding Co
Filing Date: 2025-11-14
Form: 424B3
Chunk 37
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 RDO Common Warrants exercisable for an aggregate of up to 1,013,122 shares of Common Stock, 500,000 New Tranche B Warrants and 275,000 September 2025 Warrants. As of September 30, 2025, the fair value of derivative warrant liabilities related to these warrants was $82.0 million. The following table includes a summary of the derivative liabilities measured at fair value during the nine months ended September 30, 2025 (in thousands):

|                                                                                                           |     | Fair Value |        |   |
|:----------------------------------------------------------------------------------------------------------|:----|:-----------|-------:|:--|
| Ending Balance as of December 31, 2024                                                                    |     | $          | 18,303 |   |
| Change in fair value measurement                                                                          |     |            | 60,324 |   |
| Issuance of September 2025 Warrants                                                                       |     |            |  3,091 |   |
| Tranche B deferral modification                                                                           |     |            |   (839 | ) |
| Change in fair value related to the October 2024 Noteholder Warrants exchanged for New Tranche B Warrants |     |            |  1,103 |   |
| Ending Balance as of September 30, 2025                                                                   |     | $          | 81,982 |   |

Warrant Liability Measurement The derivative warrant liability was valued using the Black-Scholes option pricing model, which is considered to be a Level 3 fair value measurement. The primary unobservable input utilized in determining the fair value of the warrant is the expected volatility of the Common Stock. The expected volatility assumption is based on the Company’s historical volatility, historical volatilities of comparable companies whose share prices are publicly available as well as the implied volatility of the Public Warrants (as defined below), described in Note 9 of the Notes to Consolidated Financial Statements in the Annual Report on Form 10-K . A summary of the inputs used in valuing the derivative warrant liabilities as of September 30, 2025 is as follows:

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|                |     |   | Private Warrants |   |     |   | February 2024 BDO Firm Warrants |   |     |   | April 2024 RDO Common Warrants |   |     |   | Deposit Warrant |   |     |   | October 2024 Noteholder Warrants |   |