Scilex Holding Company
SCLX Healthcare Drug Manufacturers General
Scilex Holding Company’s revenue for fiscal 2025 (year ended December 2025) was $30.3 million, down 46.5% from fiscal 2024. In the quarter to June 2026, revenue fell 22.8%, EPS fell 124.4%, free cash flow fell 203.8% and total debt rose 102.7%, each against the same quarter a year earlier.
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Scilex Holding Company (SCLX) Altman Z-score
Scilex Holding Company's Altman Z-score for fiscal 2025 is −7.96, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | −7.96 | 5.49 |
| FY2024 | −13.45 | (1.65) |
| FY2023 | −11.80 | (7.99) |
| FY2022 | −3.80 | (344.50) |
| FY2022 | 340.70 | 348.75 |
| FY2021 | −8.05 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | (1.22) | — | −1.46 | |
| Retained earnings / total assets | (2.53) | — | −3.54 | |
| EBIT / total assets | (0.95) | — | −3.13 | |
| Market value of equity / total liabilities | 0.15 | — | 0.09 | |
| Sales / total assets | 0.08 | — | 0.08 | |
| Altman Z-score | Distress zone | −7.96 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −22.99 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| BIIB Biogen Inc. compare | 3.1× |
| SNY Sanofi compare | 2.5× |
| GRFS Grifols, S.A. compare | 1.4× |
| OGN Organon & Co. compare | 1.1× |
| AMRN Amarin Corporation PLC compare | −1.9× |
| SCLX Scilex Holding Company | −8.0× |
| MIRA MIRA Pharmaceuticals, Inc. compare | — |
| MDCX Medicus Pharma Ltd compare | — |
| NSRX Nasus Pharma Ltd. compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets