Company: SCLXW
Filing Date: 2025-12-29
Form Type: 424B3
Source: 0001193125-25-335429
Chunk: 181

Company: Scilex Holding Co
Filing Date: 2025-12-29
Form: 424B3
Chunk 181
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 by the counterparty for the benefit of the Company is
insufficient or there are delays in the Company’s ability to access such collateral, the Company may not be able to achieve its investment objectives.

111

MARKET AND INDUSTRY DATA

Certain information contained in this prospectus relates to or is based on studies, publications, surveys and other data obtained from
third-party sources and our own internal estimates and research. While we believe these third-party sources to be reliable as of the date of this prospectus, we have not independently verified the market and industry data contained in this
prospectus or the underlying assumptions relied on therein. Finally, while we believe our own internal research is reliable, such research has not been verified by any independent source. Notwithstanding the foregoing, we are liable for the
information provided in this prospectus. The industry in which we operate is subject to a high degree of uncertainty and risk due to a variety of factors, including those described in the section of this prospectus titled “Risk Factors.” These and other factors could cause results to differ materially from those expressed in the estimates made by the independent parties and by us.

112

USE OF PROCEEDS

We will receive up to an aggregate of approximately (i) $20.0 million from the exercise of the Exchange Warrants, (ii) $5.5 million
from the exercise of the September 2025 Warrants, and (iii) $41.4 million from the exercise of the November 2025 Warrants, assuming, in each case, the exercise in full of the respective warrants for cash, but will not receive any proceeds from
the sale of the shares of our Common Stock issuable upon such exercise. The Exchange Warrants, September 2025 Warrants, and November 2025 Warrants are currently exercisable by the holders thereof for the purchase of Common Stock at a price of $40.00
per share, $20.00 per share, and $29.00 per share, respectively. On December 12, 2025, the closing price for our Common Stock was $16.63 per share. If the price of our Common Stock remains below the exercise price of the Exchange Warrants,
September 2025 Warrants, or November 2025 Warrants, we believe the respective holders of such warrants will be unlikely to cash exercise their warrants, resulting in little or no cash proceeds to us.

We expect to use any proceeds from the exercise of the Exchange Warrants, September