Company: SCLXW
Filing Date: 2025-08-04
Form Type: S-1
Source: 0001193125-25-172703
Chunk: 556

Company: Scilex Holding Co
Filing Date: 2025-08-04
Form: S-1
Chunk 556
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 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 (as defined below) of $ 22,500,000. As of March 31, 2025, the Company’s negative working capital was $ 247.0million, including cash and cash equivalents of approximately $ 5.8million. During the three months ended March 31, 2025, the Company had operating losses of $ 27.9million and cash flows received from operating activities of $ 6.0million. The Company had an accumulated deficit of $ 589.1million as of March 31, 2025. The Company has plans to obtain additional resources to fund its currently planned operations and expenditures and to service its debt obligations (whether under the Oramed Note, the FSF Deposit or otherwise) for at least twelve months from the issuance of these unaudited condensed consolidated financial statements through a combination of equity offerings, debt financings, collaborations, government contracts or other strategic transactions. The Company’s plans are also dependent upon the success of future sales of ZTlido, ELYXYB and GLOPERBA, among which GLOPERBA and ELYXYB are still in the early stages of commercialization. Although the Company believes such plans, if executed, should provide the Company with financing to meet its needs, successful completion of such plans is dependent on factors outside the Company’s control. As a result, F-67

management has concluded that the aforementioned conditions, among other things, raise substantial doubt about the Company’s ability to continue as a going concern for one year after the date the unaudited condensed consolidated financial statements are issued. 3. Acquisitions and License Agreements SP-104Acquisition In May 2022, the Company acquired the Delayed Burst Release Low Dose Naltrexone asset and intellectual property rights for the treatment of chronic pain, fibromyalgia and chronic post-COVID syndrome (collectively, the “SP-104Assets”). Pursuant to the acquisition provisions, the Company is obligated to pay Aardvark Therapeutics, Inc. (“Aardvark”) (i) $ 3.0million upon initial approval by the FDA of a new drug application for the SP-104Assets (which amount may be paid in shares of Common Stock or cash, in the Company’s sole discretion)