Scilex Holding Co (SCLX) - Dilution Analysis

Visualizing historical and potential share dilution over time

Dilution Analysis

High Risk
Significant dilution risk
Last updated: June 02, 2026

Risk Assessment Details

Potential Dilution: 34.04% of current shares
Recent Dilution: 53.77% (2 years)
Historical Dilution Factor: significant recent dilution
Outstanding Shares
8.5M
Potential Supply
2.9M
Additional shares possible
Splits
None
Past 2 years

Summary

SCLX currently has 8.49M outstanding shares. with moderate dilution risk from 2.89M authorized shares representing 34.0% potential dilution. The company has significantly diluted shareholders by 53.77% over the past 2 years, indicating aggressive capital raising.

Share Structure Timeline

Outstanding Shares
Total Supply

Historical Data Points

Date Event Outstanding Supply
Jun 02, 2026

S-3 filing: This filing registers the potential issuance of common stock underlying various outstanding warrants and a convertible note, as well as the resale of shares by selling securityholders.

8.5M 2.9M
May 20, 2026

10-Q filing | 8.5M shares outstanding

8.5M 2.9M
May 05, 2026

8-K filing: Scilex Holding Company's subsidiary, ACEA Therapeutics, Inc., entered into a Stock Acquisition Agreement with Phoenix Asia Holdings Limited, where ACEA Thera will transfer 100% of ACEA Pharma's shares in exchange for 100,000,000 newly-issued ordinary shares of Phoenix Asia at $10.00 per share. ($1000.0M proceeds)

7.6M 2.9M
Apr 16, 2026

S-3 filing: SCILEX HOLDING COMPANY is offering up to $500,000,000 in the aggregate of any combination of common stock, preferred stock, and debt securities.

7.6M 2.9M
Dec 05, 2025

8-K filing: Scilex Holding Company entered into a Non-Recourse Loan and Securities Pledge Agreement with The St. James Bank & Trust Company Ltd., pledging approximately 39.2 million shares of Datavault AI Inc. common stock as security for a loan of up to $50 million.

7.6M 2.9M
Nov 14, 2025

10-Q filing | 7.6M shares outstanding

7.6M 2.9M
Sep 26, 2025

8-K filing: Scilex Holding Company, along with Scilex, Inc., sold 12,500,000 shares of Semnur Pharmaceuticals, Inc. common stock to Biconomy PTE.LTD for $16.00 per share, with the transaction closing on September 25, 2025. ($200.0M proceeds)

7M 2.9M
Sep 26, 2025

8-K filing: Scilex Holding Company entered into a Securities Purchase Agreement with Datavault AI Inc. to purchase 15.0 million shares of Datavault Common Stock and a pre-funded warrant to purchase 263,914,094 shares of Datavault Common Stock for $150 million; 15.0 million shares were issued on September 26, 2025 at $0.5378 per share. ($149.97M proceeds)

7M 2.9M
Aug 13, 2025

10-Q filing | 7.0M shares outstanding

7M 2.9M
Aug 04, 2025

S-1 filing: This S-1 filing registers the resale of common stock by a selling stockholder, with the company having the option to sell shares to the stockholder under a purchase agreement.

7M 2.9M
May 14, 2025

10-Q filing | 7.0M shares outstanding

7M 1.5M
May 07, 2025

POS AM filing: This POS AM filing relates to the issuance of up to 3,593,288 shares of common stock upon exercise of warrants and conversion of notes, and the offer and sale of up to 3,250,000 shares of common stock by the Selling Securityholder upon exercise of a warrant.

7M 1.5M
May 07, 2025

POS AM filing: This is a POS AM filing to register the issuance of common stock upon exercise of warrants, and the resale of common stock and warrants by selling securityholders.

7M 1.5M
May 07, 2025

POS AM filing: This prospectus relates to the offer and sale from time to time by the Selling Stockholder of up to an aggregate of 6,685,714 shares of Common Stock, consisting of (i) up to 6,500,000 Penny Warrant Shares and (ii) up to 185,714 Issued Shares.

7M 1.5M
Mar 31, 2025

10-K filing | 243.3M shares outstanding

240M 1.5M
Jan 17, 2025

10-Q filing | 243.3M shares outstanding

240M 1.5M
Sep 23, 2024

8-K filing: Scilex Holding Company entered into a Letter Agreement with Oramed Pharmaceuticals Inc. on September 20, 2024, regarding a Senior Secured Promissory Note and warrants, including an agreement for Oramed to purchase the Purchased Warrants for $300,000 and the ability to immediately exercise the CS-5 Warrant for up to 1,062,500 shares of Common Stock. ($0.3M proceeds)

190M 1.5M
Aug 13, 2024

10-Q filing | 191.8M shares outstanding

190M 1.5M
Jul 18, 2024

S-3 filing: This is an S-3 filing for the resale of common stock by selling securityholders.

180M 1.5M
May 13, 2024

10-Q filing | 181.2M shares outstanding

180M 1.5M
Mar 27, 2024

POS AM filing: This is a POS AM filing for the offer and sale from time to time by the selling stockholders of up to 69,738,977 shares of common stock, the issuance by the company of up to 10,958,309 shares of common stock upon exercise of warrants, and the offer and sale from time to time by the selling warrantholders of up to 5,402,955 warrants.

170M 1.5M
Mar 27, 2024

POS AM filing: This is a Post-Effective Amendment to deregister 2,657,569 Conversion Shares that are issuable upon the conversion of Convertible Debentures as the company has fully repaid the Convertible Debentures and terminated the offering.

170M 1.5M
Mar 27, 2024

POS AM filing: Scilex Holding Company is removing 16,429,616 shares of common stock from registration after terminating the amended and restated standby equity purchase agreement.

170M 1.5M
Mar 27, 2024

POS AM filing: This is a filing for the resale of up to 13,324,683 shares of common stock by selling stockholders, including shares issued under a settlement agreement and shares issuable upon exercise of warrants.

170M 1.5M
Mar 12, 2024

10-K filing | 166.2M shares outstanding

170M 18M
Feb 23, 2024

POS AM filing: This is a deregistration of unsold securities related to a standby equity purchase agreement.

150M 18M
Jan 08, 2024

S-3/A filing: SCILEX HOLDING COMPANY files an S-3/A form to offer and sell up to $500,000,000 in the aggregate of common stock, preferred stock, and debt securities.

150M 18M
Dec 22, 2023

S-3 filing: SciLex Holding Company is filing an S-3 to offer and sell up to $500,000,000 in the aggregate of any combination of common stock, preferred stock, and debt securities.

150M 18M
Nov 20, 2023

S-1/A filing: This S-1/A filing registers the resale of up to 13,474,683 shares of common stock by selling stockholders, including shares issued under a Settlement Agreement and shares issuable upon exercise of warrants.

150M 18M
Nov 14, 2023

10-Q filing | 155.9M shares outstanding

160M 18M
Nov 06, 2023

S-1/A filing: This prospectus relates to the resale from time to time by the selling stockholders of up to an aggregate of 13,474,683 shares of our common stock.

150M 18M
Oct 20, 2023

S-1 filing: This S-1 filing is for the issuance of up to 13,000,000 shares of common stock issuable upon the exercise of warrants and the offer and sale of up to 13,474,683 shares of common stock by selling stockholders.

150M 31M
Sep 27, 2023

RW filing: Scilex Holding Company is requesting to withdraw their Registration Statement on Form S-1 (File No. 333-271401) because they have decided not to pursue the offering due to market conditions.

140M 4.8M
Aug 11, 2023

10-Q filing | 142.6M shares outstanding

140M 20M
Jul 19, 2023

S-1/A filing: Scilex Holding Company is offering 13,274,336 shares of its common stock at an assumed public offering price of $5.65 per share.

150M 20M
Jul 13, 2023

S-1/A filing: This is an S-1/A filing for a common stock offering to be used for working capital and general corporate purposes, which may include capital expenditures, commercialization expenditures, research and development expenditures, regulatory affairs expenditures, clinical trial expenditures, acquisitions of new technologies and investments, business combinations and the repayment, refinancing, redemption or repurchase of indebtedness or capital stock.

160M 20M
Jun 29, 2023

S-1/A filing: SCILEX HOLDING COMPANY is offering shares of its common stock at an assumed public offering price based upon the last reported sale price of its Common Stock on the Nasdaq Capital Market on June 28, 2023.

150M 14M
Jun 20, 2023

S-1/A filing: SCILEX HOLDING COMPANY is offering shares of its common stock at an assumed public offering price based upon the last reported sale price of its Common Stock on the Nasdaq Capital Market on May, 2023.

150M 14M
Jun 05, 2023

S-1/A filing: SCILEX HOLDING COMPANY is offering shares of its common stock at an assumed public offering price based upon the last reported sale price of its Common Stock on the Nasdaq Capital Market on June 2, 2023, which was $6.41.

150M 14M
May 23, 2023

S-1/A filing: SCILEX HOLDING COMPANY is offering shares of its common stock with a total proposed amount of $75,000,000, based upon the last reported sale price of its Common Stock on the Nasdaq Capital Market on May 22, 2023, which was $7.84 per share.

150M 14M
May 12, 2023

10-Q filing | 141.7M shares outstanding

140M 4.8M
Apr 10, 2023

S-1 filing: Scilex Holding Company registers the offer and sale of up to 3,290,000 shares of common stock by YA II PN, Ltd. upon conversion of convertible debentures.

150M 4.8M
Mar 14, 2023

POS AM filing: This POS AM filing registers the resale of up to 71,459,469 shares of common stock by selling stockholders and warrantholders, as well as the issuance of up to 11,003,988 shares of common stock upon the exercise of warrants.

150M 1.5M
Mar 13, 2023

POS AM filing: This prospectus relates to the resale from time to time of up to 28,078,672 shares of common stock of Scilex Holding Company by YA II PN, Ltd.

140M 310M
Mar 13, 2023

POS AM filing: This prospectus relates to the resale from time to time of up to 28,128,422 shares of common stock by B. Riley Principal Capital II, LLC pursuant to a standby equity purchase agreement, where Scilex has committed to sell up to $500,000,000 of common stock to B. Riley.

140M 310M
Mar 07, 2023

10-K filing | 145.8M shares outstanding

150M 510M
Jan 12, 2023

S-1 filing: Scilex Holding Company is filing an S-1 to register the resale of up to 28,128,422 shares of common stock by B. Riley Principal Capital II, LLC, which includes shares issued as a commitment and shares that may be issued under a purchase agreement, potentially generating up to $500,000,000 in gross proceeds for the company.

140M 510M
Dec 20, 2022

S-1/A filing: This S-1/A filing relates to the issuance of up to 11,003,988 shares of common stock upon exercise of warrants and the offer and sale of up to 145,200,264 shares of common stock and warrants by selling securityholders.

140M 440M
Nov 30, 2022

S-1 filing: This S-1 filing covers the offer and sale of up to 144,975,423 shares of common stock by selling stockholders, the issuance of up to 11,003,988 shares of common stock upon the exercise of warrants, and up to 5,265,776 warrants.

140M 300M
Nov 30, 2022

S-1 filing: This S-1 filing relates to the resale from time to time of up to 28,078,672 shares of common stock of Scilex Holding Company by YA II PN, Ltd., and also the potential issuance and sale of up to $500,000,000 of common stock to YA II PN, Ltd. under a standby equity purchase agreement.

140M 300M
Nov 04, 2022

10-Q filing | 13.2M shares outstanding

13M 1.5M
Aug 12, 2022

10-Q filing | 13.2M shares outstanding

13M 1.5M
Jul 05, 2022

8-K filing: Vickers Vantage Corp. I amended its Amended and Restated Memorandum and Articles of Association to extend the date to consummate an initial business combination, and 4,073,605 ordinary shares were redeemed at $10.25 per share, resulting in approximately $41.8 million being removed from the trust account. ($41.8M proceeds)

9.7M 1.5M
May 16, 2022

10-Q filing | 17.3M shares outstanding

17M 1.5M
Feb 24, 2022

10-K filing | 16.8M shares outstanding

17M 1.5M
Nov 10, 2021

10-Q filing | 17.3M shares outstanding

17M 1.5M
Aug 19, 2021

10-Q filing | 23.7M shares outstanding

24M 1.5M
Jul 23, 2021

10-Q filing | 17.3M shares outstanding

17M 1.5M
Mar 31, 2021

10-K filing | 17.3M shares outstanding

17M 1.5M
Jan 15, 2021

8-K filing: Vickers Vantage Corp. I consummated an IPO of 13,800,000 units at $10.00 per unit, generating gross proceeds of $138,000,000 and consummated a private placement of 6,840,000 warrants at $0.75 per warrant, generating gross proceeds of $5,130,000. ($143.13M proceeds)

N/A 1.5M
Dec 28, 2020

S-1/A filing: The company is offering an over-allotment option to purchase up to an additional 1,500,000 units at $10.00 per unit.

N/A 1.5M
Dec 15, 2020

S-1 filing: S-1 filing for units consisting of ordinary shares and warrants.

N/A 120M
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