Company: SCLXW
Filing Date: 2025-12-29
Form Type: 424B3
Source: 0001193125-25-335429
Chunk: 606

Company: Scilex Holding Co
Filing Date: 2025-12-29
Form: 424B3
Chunk 606
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The terms of the New Tranche B Warrants are generally identical to the terms of the Existing
Tranche B Warrants, other than with respect to the number of shares issuable upon exercise thereof and the Exercise Price and certain other matters. The Exercise Price of the New Tranche B Warrants is subject to adjustment for any stock split, stock
dividend, stock combination, recapitalization or similar event. The Exercise Price is also subject to full-ratchet adjustment (down to the Exercise Price Floor (as defined below)) in connection with a subsequent offering at a per share price less
than the exercise price then in effect. The New Tranche B Warrants also permit a voluntary adjustment to the Exercise Price, subject to certain conditions set forth therein, including compliance with the Nasdaq Listing Rules and having obtained the
prior written consent of the required holders as described therein. The Exercise Price cannot be lower than $36.40 per share (as adjusted for stock splits, stock dividends, stock combinations, recapitalizations and similar events, the
“Exercise Price Floor”), unless shareholder approval is obtained to allow the New Tranche B Warrants to be exercised at a price lower than the Exercise Price Floor in accordance with the Nasdaq Listing Rules. The Company is under no
obligation to seek or obtain such shareholder approval.

F-87

The following table provides a summary of the changes in the balance and the estimated fair value of the Tranche B Notes (in thousands):

| Ending Balance as of December 31, 2024                                                       |     | September 30, 
 2025          |  23,560 |   |
|:---------------------------------------------------------------------------------------------|:----|:--------------|--------:|:--|
| Repayment of Tranche B Notes principal and interest                                          |     |               | (18,656 | ) |
| Change in fair value of Tranche B Notes                                                      |     |               |  12,936 |   |
| Change in fair value of Tranche B Notes—due to instrument-specific credit risk recorded as a 
 component of other comprehensive income                                                      |     |               |   2,970 |   |
| Ending Balance as of September 30, 2025                                                      |     | $             |  20,810 |   |

Aggregate principal repayments for the Company’s outstanding debt will be $4.3 million and $19.2 million in 2025 and 2026, respectively. Promissory Notes Pursuant to the Semnur Business