Scilex Holding Company
Scilex Holding Company is a NasdaqNasdaqNasdaq is an exchange operator and financial technology company headquartered in New York. It runs The Nasdaq Stock Market and other markets and provides capital markets technology, regulatory technology, and data and index services. Founded in 1971, it combined with OMX AB in 2008, and in March 2026 the U.S. Securities and Exchange Commission approved its rules for trading tokenized securities.Open the full entry-listed pharmaceutical company headquartered in Palo Alto, California, that acquires, develops and commercializes non-opioid pain management products, including ZTlido, ELYXYB and GLOPERBA. It went public in November 2022 through a business combination with Vickers Vantage Corp. I, when Sorrento Therapeutics owned more than 96% of it. In September 2025 it exchanged shares of its majority-owned subsidiary Semnur Pharmaceuticals with BiconomyBiconomy.comBiconomy.com is a cryptocurrency exchange established in October 2019, founded and led by Dmitriy Sheludko, that offers spot and derivatives trading among other services. In April 2024 the Alberta Securities Commission placed Biconomy Ltd., whose associated website is biconomy.com, on its Investment Caution List. In September 2025 Biconomy bought shares of Semnur Pharmaceuticals from Scilex Holding for bitcoin; Datavault AI, which held bitcoin in a Biconomy digital wallet, had still not completed by October 26, 2026, a withdrawal it requested in June 2026. A separate Web3 infrastructure project also uses the name Biconomy (biconomy.io).Open the full entry for bitcoin and used $150 million in bitcoin to buy Datavault AIDatavault AIDatavault AI is a Nasdaq-listed American technology licensing company with data science and acoustic science businesses, headquartered in Philadelphia, Pennsylvania. Formed in 2010, it operated in wireless audio as Summit Semiconductor, Summit Wireless Technologies and WiSA Technologies before taking its current name in February 2025. In October 2026 it disclosed that, since a June 2026 request, it had been unable to withdraw bitcoin tied to an equity deal with Scilex Holding from a Biconomy digital wallet, and that its financial statements from the third quarter of 2025 through the second quarter of 2026 should no longer be relied upon.Open the full entry shares; in October 2026 Datavault AI said it would record the deal as a subscription receivable and restate its financial reports.
Contents9 sections
Key facts
2020–2022Listing Through Vickers Vantage
The listed entity was incorporated on February 21, 2020, as Vickers Vantage Corp. I, a Cayman Islands exempted company, and later domesticated to Delaware; after completing the business combination on November 10, 2022, it was renamed Scilex Holding Company.[1]
At closing Sorrento Therapeutics owned more than 96% of Scilex, whose shares and warrants were expected to trade on the Nasdaq Capital Market as SCLX and SCLXW; Jaisim Shah was president and chief executive officer and Henry Ji executive chairman.[2]
April 20251-for-35 Reverse Stock Split
Seeking to regain compliance with the Nasdaq Capital Market’s $1.00 minimum bid price requirement, the company carried out a 1-for-35 reverse stock split effective April 15, 2025, reducing its outstanding common stock from about 243 million to about 6.9 million shares.[3]
September 2025Semnur Shares Exchanged for Bitcoin
On September 23, 2025, the company agreed to sell 12.5 million shares of its majority-owned subsidiary Semnur Pharmaceuticals to Biconomy PTE.LTD at $16.00 each, payable in bitcoin; the sale closed on September 25.[4]
The company announced the deal as a $200 million exchange.[5]
September–November 2025: Bitcoin Investment in Datavault AI
On September 25, 2025, the company announced a $150 million bitcoin investment in Datavault AI for up to 278,914,094 shares at $0.5378 each, and said it planned to create a marketplace for tokenized real-world assets in biotech and pharmaceuticals.[6]
On September 26 it announced the closing of the first tranche, receiving 15 million Datavault shares, with the remainder to be issued as a pre-funded warrant.[7]
Scilex then credited the bitcoin to Datavault’s Biconomy account by off-chain transfer.[8]
June 2026Term Sheet for Datavault’s Bitcoin
On June 24, 2026, the company signed a binding term sheet with Datavault AI to buy the 837 bitcoin Datavault held in a Biconomy digital wallet for $50 million, with $20 million payable in installments through December 31, 2028, in cash or company stock.[9]
October 2026Datavault AI Changes Its Accounting for the Deal
In October 2026 Datavault AI said it would restate four financial reports and now treated the Scilex deal as a subscription receivable rather than a bitcoin asset.[8]
Business: Non-Opioid Pain Management
Marketed products include the lidocaine patch ZTlido, the migraine oral solution ELYXYB and the liquid colchicine GLOPERBA; candidates include SP-102 for sciatica, which has completed Phase 3.[10]
The company’s website states that it owns Scilex Pharmaceuticals and Semnur Pharmaceuticals.[11]
Leadership: Henry Ji
Henry Ji, a Sorrento Therapeutics co-founder, led Scilex Pharmaceuticals from 2016 to 2019 and is now the company’s chief executive, president and chairperson.[10]
Sources
- Scilex Holding Company Form S-1 2025 (opens in a new window)
- Scilex Holding Company Form 8-K, Exhibit 99.1, November 10, 2022 (opens in a new window)
- Scilex Holding Company Announces 1-for-35 Reverse Stock Split (opens in a new window)
- Scilex Holding Company Form 8-K, September 26, 2025 (opens in a new window)
- Scilex Holding Company Form 8-K, Exhibit 99.1, September 23, 2025 (opens in a new window)
- Scilex Holding Company Announces $150 Million Strategic Bitcoin Investment in Datavault AI (opens in a new window)
- Scilex Holding Company Announces Closing of Previously Announced Initial Tranche Investment in Datavault AI (opens in a new window)
- Bitcoin Treasury Datavault AI Says It Can’t Access Its BTC, Stock Tanks (opens in a new window)
- Scilex Holding Company Form 8-K, June 29, 2026 (opens in a new window)
- Scilex Holding Company Form 10-K 2025 (opens in a new window)
- Scilex Holding – Striving to Revolutionize the World of Pain Management (opens in a new window)