Company: SCLXW
Filing Date: 2025-12-16
Form Type: S-1
Source: 0001193125-25-319720
Chunk: 628

Company: Scilex Holding Co
Filing Date: 2025-12-16
Form: S-1
Chunk 628
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 may be issued under the ESPP shall not exceed 170,573 , which was increased from 127,902 shares as a result of automatic annual increase on January 1, 2025.

Total stock-based compensation recorded as operating expense for the ESPP was $ 7.8 thousand and $ 84.6 thousand for the three and nine months ended September 30, 2025, respectively and $ 74.2thousand and $ 0.2million for the three and nine months ended September 30, 2024, respectively.

As of September 30, 2025, there were 4,072shares of Common Stock issued under the ESPP.

Valuation Assumptions

The Company calculates the fair value of stock options granted to employees and nonemployees and shares issued under ESPP using the Black-Scholes option pricing method. The Black-Scholes option pricing method requires the use of subjective assumptions.**

<div align='center'>F-98</div>

The following assumptions were used in the Black-Scholes option pricing model to estimate stock-based compensation on the date of grant for stock options:

|                               |     | Nine Months EndedSeptember 30, 2025 |        |   |
|:------------------------------|:----|:------------------------------------|-------:|:--|
| Stock options:                |     |                                     |        |   |
| Expected dividend yield       |     |                                     |   0.00 | % |
| Expected volatility           |     |                                     |  98.45 | % |
| Risk-free interest rate       |     |                                     |   4.01 | % |
| Term of options (in years)    |     |                                     |   6.25 |   |
| Employee stock purchase plan: |     |                                     |        |   |
| Expected dividend yield       |     |                                     |   0.00 | % |
| Expected volatility           |     |                                     | 112.87 | % |
| Risk-free interest rate       |     |                                     |   4.31 | % |
| Expected life (in years)      |     |                                     |   0.49 |   |

**Semnur 2024 Stock Option Plan

Concurrent with the signing of the Semnur Business Combination Agreement, the Board, the Company (as the sole stockholder of Semnur) and the board of directors of Semnur approved the 2024 Stock Option Plan (the “Semnur