Company: SCLXW
Filing Date: 2025-08-04
Form Type: S-1
Source: 0001193125-25-172703
Chunk: 194

Company: Scilex Holding Co
Filing Date: 2025-08-04
Form: S-1
Chunk 194
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 Firm Warrants. Change in Fair Value of Debt and Liability Instruments Change in fair value of debt and liability instruments for the three months ended March 31, 2025 and 2024 was $6.1 million and $3.9 million, respectively. The loss recognized during the three months ended March 31, 2025 was attributed to losses of $2.8 million for the Oramed Note, $0.8 million for the purchased revenue liability pursuant to the ZTlido Royalty Purchase Agreement and $2.5 million in change in fair value of the Tranche B Notes. The loss recognized during the three months ended March 31, 2024 was primarily attributed to the Oramed Note. The Oramed Note was issued in September 2023 in the principal amount of $101.9 million, of which the principal amount of $25.7 million remained outstanding as of March 31, 2025. The Tranche B Notes were issued in October 2024 in the principal amount of $50.0 million, of which the principal amount of $37.0 million remained outstanding as of March 31, 2025. Interest Expense, Net Interest expense, net for the three months ended March 31, 2025 and 2024 was $2.5 million and $0.5 million, respectively. Interest expense of $2.5 million for the three months ended March 31, 2025 primarily consists of the interest on the balances due for government and commercial rebate programs. Interest expense of $0.5 million for the three months ended March 31, 2024 consists of the interest related to the Revolving Facility. Comparison of the Years Ended December 31, 2024 and 2023 Net Revenue The following table summarizes net revenue by product for the years ended December 31, 2024 and 2023 (in thousands):

|                   |     | Year Ended December 31, |   2024 |     |   |   2023 |     |   |   Increase 
 (Decrease) |
|:------------------|:----|:------------------------|-------:|:----|:--|-------:|:----|:--|-----------:|
| ZTlido            |     |                         |        |     |   |        |     |   |            |
| Net Revenue       |     | $                       | 52,094 |     | $ | 46,300 |