Scilex Holding (SCLX) Q2 2026 earnings summary

Executive summary

• Net revenue for Q2 2026 was $7.6M, down from $9.9M in Q2 2025, mainly due to a $4.0M decrease in ZTlido sales, partially offset by Vivasor contract revenue and higher Elyxyb sales.

• Net loss for Q2 2026 was $115.0M, compared to $44.0M in Q2 2025; net loss for the first half of 2026 was $160.6M, up from $70.1M in the prior year.

• As of June 30, 2026, cash and cash equivalents were $0.6M, with an accumulated deficit of $1,078.6M and negative working capital of $476.0M.

• Management concluded there is substantial doubt about the ability to continue as a going concern for the next year.

Financial highlights

• Q2 2026 net revenue: $7.6M (down $2.3M YoY); H1 2026 net revenue: $16.3M (up $1.4M YoY).

• Q2 2026 net loss: $115.0M (vs. $44.0M in Q2 2025); H1 2026 net loss: $160.6M (vs. $70.1M in H1 2025).

• Operating expenses for Q2 2026: $37.1M, up from $30.4M in Q2 2025, driven by higher SG&A and contract costs.

• Significant non-operating losses included $50.7M unrealized loss on Datavault investment and $9.3M unrealized loss on digital assets in Q2 2026.

• Interest expense for Q2 2026 was $6.1M, primarily related to Vivasor debts and rebate programs.

Outlook and guidance

• The company expects continued investment in marketing and R&D for ZTlido, GLOPERBA, ELYXYB, and pipeline candidates.

• Plans to fund operations through equity, debt, collaborations, or strategic transactions; success depends on future product sales and financing.

• Management warns of potential need to reduce operations or delay development if additional funding is not secured.