Company: SCLXW
Filing Date: 2025-12-29
Form Type: 424B3
Source: 0001193125-25-335429
Chunk: 205

Company: Scilex Holding Co
Filing Date: 2025-12-29
Form: 424B3
Chunk 205
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 and cash equivalents of approximately $0.9 million. Our management has concluded that there
is substantial doubt about our ability to continue as a going concern for one year after the date that the consolidated financial statements are issued. See Note 2 titled “Liquidity and Going Concern” to our consolidated financial
statements and our independent registered public accounting firm report included elsewhere in this prospectus for additional information.

We expect to continue to make investments in our sales and marketing organization and expand digital marketing efforts to broaden awareness of
ZTlido, GLOPERBA and ELYXYB and in research and development, clinical trials and regulatory affairs to develop our product candidates, SEMDEXA, SP-103 and SP-104. As a
result, we will need substantial additional funding to support our continuing operations and pursue our growth strategy. Until we can generate significant revenue, if ever, we expect to finance our operations through a combination of equity
offerings, debt financings, collaborations, government contracts or other strategic transactions. We may be unable to raise additional funds or enter into such agreements or arrangements when needed on favorable terms, or at all. If adequate funds
on acceptable terms are not available when needed, we may be required to reduce the scope of the commercialization of ZTlido, GLOPERBA and ELYXYB or delay, scale back or discontinue the development of one or more of our product candidates.

131

Recent Developments

Datavault Investment

On
September 25, 2025, we entered into the Datavault SPA with Datavault, pursuant to which Datavault agreed to issue and sell, and we agreed to purchase, the Datavault Shares in the initial closing which occurred on the Initial Datavault Closing
and the Datavault Pre-Funded Warrant to purchase 263,914,094 shares of Datavault Common Stock on the Subsequent Datavault Closing, for an aggregate purchase price of $150 million in BTC (based on the Spot
Exchange Rate).

On November 25, 2025, the Subsequent Datavault Closing was consummated with us transferring an amount of BTC (based
on the Spot Exchange Rate) in satisfaction of the payment of the remainder of the aggregate purchase price to Datavault and Datavault issuing the Datavault Pre-Funded Warrant to us. Also on November 25,
2025, following the Subsequent Datavault Closing, we exercised the Datavault Pre-F