SCLX · CIK 0001820190 · FY2025 live · 2025-12-31
Scilex Holding Co
View as
Model
Classic Z
FY2025
−8.26
Zone
Distress
Prior
—
Market DD
—
1y PD
—
Meridian Rank
9.36
0–100 · Classic Z tape · not a PD
Book standing
11
Year change
—
Market PD
—
O-score
5
−8.26
Z″ −22.99
Score −8.26 · distress below 1.80, grey to 2.99, safe at 3.00 and above.
Classic Z factor contributions
X1 Working capital / assets
Short-term liquidity versus the size of the balance sheet.
−1.221.2 × = −1.46X2 Retained earnings / assets
Cushion from years of profits. Share buybacks can push this negative at otherwise healthy firms.
−2.531.4 × = −3.54X3 EBIT / assets
Operating return on assets. Highest weight in the original model.
−0.953.3 × = −3.13X4 Book equity / liabilities
Book equity versus the liability stack. Mega-caps often look greyer here than they would if X4 used market cap.
−0.360.6 × = −0.22X5 Sales / assets
Asset turnover — how much revenue the asset base supports.
0.081 × = 0.08
Five-year path
Need two annual 10-Ks to draw a path. The desk will pull this issuer’s filings rather than invent a series.
Overview
rule-v1
Scilex Holding Co is on classic Z at −8.26 (distress) for FY2025, from an SEC 10-K. Retained earnings / assets is the line that sets the print; EBIT / assets is the runner-up. This is the first live year on the desk. No market tape loaded. Classic Z was fit on manufacturers; buybacks can send retained earnings negative at otherwise healthy issuers, and X4 is book equity, not market cap.
Book screen Distress; market PD —. Tape not priced — not a single default call.
Market DD · naive Merton
No market tape yet.
Pull a year of closes (Yahoo, Nasdaq if Yahoo is limited) and size equity from Nasdaq cap or EDGAR shares. Distance-to-default and 1-year PD stay blank until then.
Sector peers
Closest Classic Z scores · 19th percentile in Healthcare.
- SRZNDistressSurrozen, Inc./DE−8.25
- AKTXDistressAkari Therapeutics Plc−8.23
- GUTSDistressFRACTYL HEALTH, INC.−8.31
- PYXSDistressPyxis Oncology, Inc.−8.16
- ACRSDistressAclaris Therapeutics, Inc.−8.38
- PRLDDistressPrelude Therapeutics Inc−8.11
- VRCADistressVerrica Pharmaceuticals Inc.−8.42
- RMTIDistressROCKWELL MEDICAL, INC.−8.44
KPI widgets
Current assets
$38M
Total assets
$365M
Current liabilities
$484M
Total liabilities
$577M
Working capital
−$445M
Retained earnings
−$922M
EBIT
−$346M
Total sales
$30M
Book equity
−$208M
Accession 0001193125-26-151455. Live rank is the latest 10-K on EDGAR (FY2025, period 2025-12-31). Classic Z is the live score. View as does not rewrite the live rank. X4 is book equity. Pulled 13 Sept 2026.