Company: SCLXW
Filing Date: 2025-11-14
Form Type: 424B3
Source: 0001193125-25-283337
Chunk: 34

Company: Scilex Holding Co
Filing Date: 2025-11-14
Form: 424B3
Chunk 34
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 |               | — |     |                  | — |     |                  | 18,303 |
| Other long-term liabilities |     |                   |    155 |     |               | — |     |                  | — |     |                  |    155 |
| Total liabilities           |     | $                 | 60,979 |     | $             | — |     | $                | — |     | $                | 60,979 |

<div align='center'>17</div>

The Oramed Note

In September 2023, the Company issued a senior secured promissory note to Oramed in the principal amount of $101.9 million (the “Oramed Note”) (see Note 7). The Company elected the fair value option to account for the Oramed Note with any changes in the fair value of the note recorded in the unaudited condensed consolidated statements of operations, with the exception of changes in fair value due to instrument-specific credit risk, if any, which are recorded as a component of other comprehensive income. The Company uses a discounted cash flow model to determine the fair value of the Oramed Note based on Level 3 inputs. This methodology discounts the interest and principal payments using a risk-adjusted discount rate. The fair value as of September 30, 2025 and December 31, 2024 was determined to be $24.9 million and $12.2 million, respectively, by applying a discount rate of 36.00% and 128.82%, respectively. For the three and nine months ended September 30, 2025, the Company recorded a loss of $6.4 million and $12.7 million in change in fair value of the Oramed Note in the unaudited condensed consolidated statements of operations, respectively. For the three and nine months ended September 30, 2024, the Company recorded a gain of $0.6 million and a loss of $7.6 million in change in fair value of the Oramed Note in the unaudited condensed consolidated statements of operations, respectively. For each of the three and nine months ended September 30, 2025, the change in fair value due to instrument-specific credit risk recorded as a component of other comprehensive income was nil. The change in fair value due to instrument-specific credit risk recorded as a component of other comprehensive income was $3.2 million and $5.0 million during the three and nine months ended September 30,