Scilex Holding Company reported a significant decline in financial performance for the second quarter of 2025, with net revenue of $9.9 million, down from $16.4 million in the same period last year. The decrease of $6.5 million was primarily attributed to a $5.5 million drop in sales of its flagship product, ZTlido, alongside declines in revenue from ELYXYB and GLOPERBA. The company also recorded a net loss of $44.0 million for the quarter, compared to a loss of $37.6 million in the prior year, reflecting ongoing challenges in generating sufficient revenue to cover operational costs.
In terms of operational metrics, Scilex's total net operating costs and expenses for the quarter were $30.4 million, slightly lower than the $32.0 million reported in the previous year. Research and development expenses surged to $6.2 million, up from $2.0 million, driven by increased costs associated with the development of its product candidates. Selling, general, and administrative expenses decreased to $19.8 million from $24.6 million, indicating a strategic effort to manage costs amid declining revenues.
The company’s balance sheet as of June 30, 2025, showed total assets of $83.8 million, down from $92.9 million at the end of 2024. Cash and cash equivalents increased to $4.1 million from $3.3 million, but the company reported a negative working capital of $272.3 million. Scilex's accumulated deficit reached $631.4 million, raising concerns about its ability to continue as a going concern. The company has indicated that it will need to secure additional funding through equity offerings, debt financing, or strategic partnerships to support its operations and product development.
Strategically, Scilex has been active in expanding its product portfolio and market presence. The company launched ELYXYB in the U.S. in April 2023 and GLOPERBA in June 2024, while also developing three product candidates: SP-102, SP-103, and SP-104. The company is currently focused on increasing the commercialization efforts for its products and has plans to enhance its sales and marketing organization. However, the ongoing need for substantial funding and the challenges in achieving profitability remain critical issues for the company moving forward.
About Scilex Holding Co
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