Company: SCLXW
Filing Date: 2025-12-16
Form Type: S-1
Source: 0001193125-25-319720
Chunk: 186

Company: Scilex Holding Co
Filing Date: 2025-12-16
Form: S-1
Chunk 186
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 net tangible book value per share after this offering. As of September 30, 2025, we had net tangible book value (deficit) of approximately $(179,719,000), or $(23.69) per share. Net tangible book value per share represents the amount of total tangible assets less total liabilities divided by the number of shares of our Common Stock outstanding. Our pro forma net tangible book value (deficit) as of September 30, 2025, before giving effect to this offering, was approximately $(159,355,000), or $(18.77) per share of our Common Stock. Pro forma net tangible book value, before the issuance and sale of shares of Common Stock in this offering, gives effect to the issuance of an aggregate of 905,821 shares of Common Stock after September 30, 2025 and prior to December 5, 2025 (from (i) the exercise of 428,572 April 2024 RDO Common Warrants, and 475,824 December 2024 RDO Common Warrants, and (ii) 1,425 shares of Common Stock issued under the ESPP. After giving effect to (i) the pro forma adjustments set forth above and (ii) the sale of shares of Common Stock at an Exchange Warrant exercise price of $40.00 per share, net of offering costs, our pro forma as adjusted net tangible book value (deficit) as of September 30, 2025 would have been approximately $(139,855,000), or approximately $(14.13) per share. This amount represents an immediate increase in pro forma net tangible book value of approximately $4.64 per share to our existing stockholders and an immediate dilution in net tangible book value of approximately $54.13 per share to new investors purchasing shares of Common Stock in this offering pursuant to the exercise of Exchange Warrants. Dilution per share to new investors is determined by subtracting pro forma as adjusted net tangible book value (deficit) per share after this offering from the offering price per share paid by new investors. The following table illustrates this dilution:

| Assumed public offering price per share                                                         
 Net tangible book value (deficit) per share as of September 30, 2025                            
 Pro forma net tangible book value (deficit) per share as of September 30, 2025                  |     |   | (23.69 
 (18.77 | ) 
 ) |     |     |