Scilex Holding
SCLX on Nasdaq. Market value $25m.
Should I look at this?
Look carefully before going further
Why it could be worth it
Nothing stands out yet.
What to watch out for
Read the warning sign in its own filings
This is not advice.
Who owns it
None of the long-term investors we follow own it. 73 funds in all.
Largest holders overall
- Vanguard Capital Management$2mAdded
- BlackRock$853,453Added
- Vanguard Fiduciary Trust$357,412Added
- Jacobs Levy Equity Management$321,071New
- State Street$275,933
- UBS Group AG$260,333Added
- Renaissance Technologies$257,899Cut
- Citadel Advisors$214,477New
- Price T Rowe Associates$164,000New
- Ashton Thomas Private Wealth$144,160Added
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
1 investor owns more than 5%.
- SCLX Stock Acquisition JV LLC11.4%−9.7 ptsSince 3 July 2026
What they said
Item 4 of the Schedule 13D is hereby amended and supplemented as follows: On April 15, 2025, the Issuer effected a reverse stock split of the Common Stock at a ratio of 1-for-35 (the "Reverse Stock Split"). The share information in this Amendment No. 6 reflects the effect of the…
Read the filing - Oramed Pharmaceuticals Inc.Passive investorSold down below 5%Since 31 December 2025
| Holder | Stake | Since | |
|---|---|---|---|
SCLX Stock Acquisition JV LLC | 11.4%−9.7 pts | 3 July 2026 | What they saidItem 4 of the Schedule 13D is hereby amended and supplemented as follows: On April 15, 2025, the Issuer effected a reverse stock split of the Common Stock at a ratio of 1-for-35 (the "Reverse Stock Split"). The share information in this Amendment No. 6 reflects the effect of the… Read the filing |
Oramed Pharmaceuticals Inc. Passive investor | Sold down below 5% | 31 December 2025 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought or sold on the open market in the last 12 months.
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
1 serious warning sign in Scilex Holding’s filings.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 10 Apr 2026, plus the 10-Q filed 14 Aug 2026 and 9 later 8-Ks.
Doubt it can keep going
SeriousThe company or its auditor warned it may not have enough money to last the next year.
“As a result, management has concluded that the aforementioned conditions, among other things, raise substantial doubt about the Company’s ability to continue as a going concern for one year after the date the unaudited condensed consolidated financial statements are issued.”
Show the full paragraph
Although the Company believes such plans, if executed, should provide the Company with financing to meet its needs, successful completion of such plans is dependent on factors outside the Company’s control. As a result, management has concluded that the aforementioned conditions, among other things, raise substantial doubt about the Company’s ability to continue as a going concern for one year after the date the unaudited condensed consolidated financial statements are issued.
From the 10-Q filed 14 August 2026, Part I, Item 1. Financial Statements. Read it in the filing
Changed auditor
Worth knowingThe company changed its auditor (the firm that checks its books) in the last two years.
“On November 19, 2024, because of EY’s inability to provide such assurance regarding the completion of its review of the Q3 Financials, the Audit Committee determined to dismiss EY, effective immediately.”
From an 8-K filed 20 November 2024: Change of auditor. Read it in the filing
One big customer
Worth knowingOne customer brings in a big share of sales: 33% last year. Losing that customer would hurt.
“The Company had four and three customers during the years ended December 31, 2025 and 2024, respectively, each of which individually generated 10% or more of the Company’s total revenue. These customers accounted for 98% and 86% of the Company’s revenue for the years ended December 31, 2025 and 2024, respectively, individually ranging from 12% to 33% and 23% to 34%, respectively.”
From the 10-K filed 10 April 2026, Item 8. Financial Statements and Notes. Read it in the filing
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.