Company: SCLXW
Filing Date: 2025-12-29
Form Type: 424B3
Source: 0001193125-25-335429
Chunk: 572

Company: Scilex Holding Co
Filing Date: 2025-12-29
Form: 424B3
Chunk 572
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 value of assets acquired and liabilities assumed in acquisitions, and the noncontrolling interests recognized in acquisitions. Management believes that these
estimates are reasonable; however, actual results may differ from these estimates.

Customer and Supplier Concentration Risk

The Company had four and five customers during the three and nine months ended September 30, 2025, respectively, each of which individually generated 10%
or more of the Company’s total revenue. These customers accounted for 99% of the Company’s revenue for each of the three and nine months ended September 30, 2025, and individually ranging from 10% to 32% and 11% to 34%,
respectively. As of each of September 30, 2025 and 2024, these customers represented 99% of the Company’s outstanding accounts receivable, individually ranging between 15% and 31%, and 9% and 44% for respective periods. Additionally,
during the three and nine months ended September 30, 2025 and 2024, the Company purchased ZTlido, ELYXYB and GLOPERBA inventories from its sole suppliers, Itochu Chemical Frontier Corporation (“Itochu”), Contract Pharmaceuticals
Ltd. Canada (“CPL”) and Ferndale Laboratories, Inc., respectively. This exposes the Company to concentration of customer and supplier risk. The Company monitors the financial condition of its customers, limits its credit exposure by
setting credit limits, and has not experienced any credit losses during the nine months ended September 30, 2025 and 2024.

Significant Accounting Policies

There have been no significant changes to the accounting policies during the three and nine months ended September 30,
2025, as compared to the significant accounting policies described in Note 1 of the Notes to Consolidated Financial Statements in the Company’s audited consolidated financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2024, except as noted below:

F-66

Cryptocurrency Assets

In September 2025, the Company adopted a cryptocurrency treasury strategy and began acquiring Bitcoin. The Company measures eligible crypto assets at fair
value at each reporting period, with changes in fair value recognized in net income. Crypto assets are classified as Level 1 in the fair value hierarchy when quoted prices in active markets are available. These assets are held in custody
accounts and are not considered cash equivalents.

Noncontrolling Interests

The Company consolidates entities in which it