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.
Follow SCLX
Scilex Holding Company (SCLX) Beneish M-score
Scilex Holding Company's Beneish M-score for fiscal 2025 is −7.77; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
Embed this chart
Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −7.77 | (0.46) |
| FY2024 | −7.30 | 0.34 |
| FY2023 | −7.64 | (5.82) |
| FY2022 | −1.83 | 4.34 |
| FY2021 | −6.16 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.08 | — | 0.99 | |
| Gross margin index | 1.09 | — | 0.57 | |
| Asset quality index | 1.57 | — | 0.64 | |
| Sales growth index | 0.53 | — | 0.48 | |
| Depreciation index | 1.01 | — | 0.12 | |
| SG&A index | 4.19 | — | −0.72 | |
| Total accruals to total assets | (1.04) | — | −4.84 | |
| Leverage index | 0.47 | — | −0.16 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −7.77 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| SCLX Scilex Holding Company | −7.8× |
| AMRN Amarin Corporation PLC compare | −3.3× |
| OGN Organon & Co. compare | −2.7× |
| BIIB Biogen Inc. compare | −2.7× |
| SNY Sanofi compare | −2.6× |
| GRFS Grifols, S.A. compare | −2.6× |
| MIRA MIRA Pharmaceuticals, Inc. compare | — |
| MDCX Medicus Pharma Ltd compare | — |
| NSRX Nasus Pharma Ltd. compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI