Company: SCLXW
Filing Date: 2025-05-07
Form Type: POS AM
Source: 0001193125-25-115095
Chunk: 179

Company: Scilex Holding Co
Filing Date: 2025-05-07
Form: POS AM
Chunk 179
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 |   |      454,614 |   |     |   |      407,828 |   |
| Accumulated other comprehensive income                                                                                                                                                                                                                |                                                       |   |        6,317 |   |     |   |            — |   |
| Accumulated deficit                                                                                                                                                                                                                                   |                                                       |   |     (563,052 | ) |     |   |     (490,245 | ) |
| Treasury stock, at cost; 1,716,245 shares as of each of December 31, 2024 and December 31, 2023                                                                                                                                                       |                                                       |   |      (90,522 | ) |     |   |      (90,522 | ) |
| Total stockholders’ deficit                                                                                                                                                                                                                           |                                                       | $ |     (192,641 | ) |     | $ |     (172,938 | ) |

| (1) | Adjusted to give effect to 1-for-35 reverse stock split that became effective on April 15, 2025. |

110

<div align='center'>**MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**</div>

**The following discussion and analysis of our financial condition and results of operations should be read together with the consolidated financial statements and related notes thereto included elsewhere in this prospectus. In addition to historical information, this discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions. Our actual results may differ materially from these forward-looking statements as a result of certain factors. We discuss factors that we believe could cause or contribute to these differences below and elsewhere in this prospectus, including those set forth in the sections of this prospectus titled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements.”

Overview

We are an innovative revenue-generating company focused on acquiring, developing and commercializing non-opioid management products for the treatment of acute and chronic pain. We believe that our innovative non-opioid product portfolio has the potential to provide effective pain management therapies that can have a transformative impact on patients’ lives. We target indications with high unmet needs and large market opportunities with non-opioid therapies for the treatment of patients with acute and chronic pain and are dedicated to advancing and improving patient outcomes. We launched our first commercial product in October 2018, in-licensed two commercial products in 2022 and 2023, and are developing our late-stage pipeline. Our commercial product, ZTlido