Company: SCLXW
Filing Date: 2025-08-04
Form Type: S-1
Source: 0001193125-25-172703
Chunk: 578

Company: Scilex Holding Co
Filing Date: 2025-08-04
Form: S-1
Chunk 578
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, 2024, the fair value of the Oramed Note was $ 15.0million and $ 12.2million, respectively, which is classified as debt, current in the consolidated balance sheets. F-79

The following table provides a summary of the changes in the balance and the estimated fair value of the Oramed Note (in thousands):

|                                                                                             |     | March 31,2025 |        |
|:--------------------------------------------------------------------------------------------|:----|:--------------|-------:|
| Ending Balance as of December 31, 2024                                                      |     | $             | 12,161 |
| Change in fair value of Oramed Note - recorded in the consolidated statements of operations |     |               |  2,801 |
| Ending Balance as of March 31, 2025                                                         |     | $             | 14,962 |

**Tranche B Notes

On October 8, 2024, the Company entered into the Tranche B Securities Purchase Agreement with the Tranche B Investors and Oramed to refinance a portion of the Oramed Note and pay off certain other indebtedness of the Company. Pursuant to the Tranche B Securities Purchase Agreement, the Company agreed to issue and sell, in a registered offering by the Company directly to the Tranche B Noteholders: (i) the Tranche B Notes, which notes will mature on the two-year anniversary of the issuance date and will be convertible into shares of Common Stock at a current conversion price equal to $ 36.40 per share and (ii) warrants (the “October 2024 Noteholder Warrants”) to purchase up to 214,284 shares of Common Stock directly to the Tranche B Noteholders.

In exchange for the issuance of the Tranche B Notes to the Tranche B Investors, the Company has received an aggregate amount of $ 22,500,000 in cash, excluding fees and expenses payable by the Company. In consideration for the Tranche B Notes issued to Oramed, the Company has received from Oramed an exchange and reduction of the principal balance under the Oramed Note of $ 22,500,000 .

The October 2024 Noteholder Warrants are immediately exercisable for cash at a current exercise price equal to $ 36.40 per share and will expire five years from the issuance date. The October 2024 Noteholder Warrants issued to the Tranche B Investors are initially exercisable for 107,142 shares