Company: SCLXW
Filing Date: 2025-12-29
Form Type: 424B3
Source: 0001193125-25-335429
Chunk: 32

Company: Scilex Holding Co
Filing Date: 2025-12-29
Form: 424B3
Chunk 32
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November 2025 Warrants under the Securities Act is also not effective or available at the time that holders wish to exercise such warrants, holders will be able to exercise the such warrants on a “cashless basis.” As a result, the number
of shares of Common Stock that holders will receive upon exercise of such warrants will be fewer than it would have been had such holders exercised their warrants for cash.

We may not receive any additional funds upon the exercise of the Exchange Warrants, September 2025 Warrants and November 2025 Warrants.

Each Exchange Warrant, September 2025 Warrant and November 2025 Warrants may be exercised by way of a cashless exercise if permitted by the
terms of such warrants, as described above, meaning that the holder may not pay a cash purchase price upon exercise, but instead would receive upon such exercise the net number of shares of our Common Stock determined according to the formula set
forth in the respective warrant. Accordingly, we may not receive any additional funds upon the exercise of the Exchange Warrants, September 2025 Warrants or November 2025 Warrants, or if such warrants are not exercised at all.

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Risks Related to our Limited Operating History, Financial Condition and Capital Requirements We currently have three commercial products, ZTlido, ELYXYB and GLOPERBA; but we are currently heavily dependent on the commercial success of ZTlido, as ELYXYB and GLOPERBA are in the initial stages of commercialization, and we may be unable to generate sufficient revenue to support our operations. We currently have three commercial products, ZTlido, ELYXYB and GLOPERBA; but we are currently heavily dependent upon ZTlido sales to generate revenue, as ELYXYB and GLOPERBA are in the initial stages of commercialization. In February 2018, we obtained FDA regulatory approval for ZTlido for the relief of neuropathic pain associated with PHN in adults, which is a form of post-shingles nerve pain, and we began commercializing ZTlido in the United States in October 2018. In late February 2023, we acquired ELYXYB, a potential first-line treatment and the only FDA-approved, ready-to-useoral solution for the acute treatment of migraine, with or without aura, in adults, in the U.S. We launched ELYXYB in April of 2023. In June 202