Company: SCLXW
Filing Date: 2025-12-29
Form Type: 424B3
Source: 0001193125-25-335429
Chunk: 602

Company: Scilex Holding Co
Filing Date: 2025-12-29
Form: 424B3
Chunk 602
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31, 2026 and any make-whole payment due thereunder upon
prepayment shall be waived. The modification of the terms of the Oramed Note was accounted for as debt extinguishment and the Option was determined to be an embedded feature of the Oramed Note and was reflected into the remeasurement of Oramed Note
liability as of September 30, 2025.

Oramed has the right to terminate the Option Agreement if the Company (i) fails to make certain payments
thereunder or (ii) has not exercised the Option by the applicable dates set forth therein.

Pursuant to the terms of the Option Agreement, the
Company has agreed that, if the Option Agreement is terminated pursuant to the terms set forth therein, the Company will use commercially reasonable efforts to obtain the approval of its stockholders to permit the issuance of shares of Common Stock
in excess of the Stockholder Approval Cap (as defined therein) upon exercise of any Penny Warrants retained by Oramed following such termination, subject to the terms and conditions set forth therein.

In September 2025, the Company partially exercised its option purchasing 3,130,000 Penny Warrants and continues to hold the Option to repurchase the
remaining 3,370,000 Penny Warrants. As Oramed is a shareholder, the Company accounted for the excess fair value over the repurchase price as a deemed contribution from Oramed, which was recorded within Additional
Paid-in Capital.

F-85

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

| Ending Balance as of December 31, 2024                                           |     | September 30, 
 2025          | 12,161 |
|:---------------------------------------------------------------------------------|:----|:--------------|-------:|
| Change in fair value of Oramed Note – recorded in the consolidated statements of 
 operations                                                                       |     |               | 12,702 |
| Ending Balance as of September 30, 2025                                          |     | $             | 24,863 |

Tranche B Notes On October 7, 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