Company: SCLXW
Filing Date: 2025-01-17
Form Type: 10-Q
Source: 0000950170-25-006755
Chunk: 97

Company: Scilex Holding Co
Filing Date: 2025-01-17
Form: 10-Q
Item: Item 1
Chunk 97
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In April 2023, the Company modified the lease term for its principal executive offices located in Palo Alto, California. The modification extended the lease term for an additional three years, with the lease term expiring in September 2027. As a result of the modification, the Company recognized additional ROU assets and corresponding lease liabilities of $2.5 million.  Lease expense was $0.3 million for each of the three months ended September 30, 2024 and 2023, and $0.8 million for each of the nine months ended September 30, 2024 and 2023. The lease expense included variable lease costs, sublease income and impairment, which were immaterial for the periods presented. 

 33

Supplemental quantitative information related to leases includes the following: 

        Nine Months Ended September 30,

        2024

        2023

        Cash paid for amounts included in the measurement of lease liabilities:

        Operating cash flows from operating leases (in thousands)
         
        $
        (259
        )
         
        $
        (744
        )

        Weighted average remaining lease term in years — operating leases

        3.0

        3.9

        Weighted average discount rate — operating leases

        11.0
        %

        11.1
        %
       
       Approximate future minimum lease payments under operating leases were as follows (in thousands): 

        Amount

        2024 (Remainder of 2024)
         
        $
        227

        2025

        916

        2026

        944

        2027

        724

        Total lease payments

        2,811

        Less imputed interest

        (409
        )

        Total lease liabilities

        2,402

        Less current portion of lease liability

        688

        Lease liability, net of current portion
         
        $
        1,714

12. Net Loss Per Share The following table sets forth the reconciliation of basic and diluted loss per share for the three and nine months ended September 30, 2024 and 2023 (in thousands except per share data): 

        Three Months Ended September 30,

        Nine Months Ended September 30,

        2024

        2023

        2024
         
        2023

        Net loss