Scilex Holding regains compliance with Nasdaq minimum bid price rule

Scilex Holding Company (Nasdaq: SCLX) said on April 30, 2025 that The Nasdaq Stock Market LLC had notified it that it regained compliance with the minimum closing bid price requirement under Nasdaq Listing Rule 5550(a)(2). To regain compliance, the company had to keep its closing bid at or above $1.00 per share for at least 10 consecutive trading days. The requirement was met on April 30, 2025. The company's common stock and public warrants will continue to trade on the Nasdaq Capital Market under the symbols SCLX and SCLXW.

The Palo Alto company announced the notice in a press release filed as an exhibit to a Form 8-K. The release does not give the date of the original deficiency notice or the share prices across the cure period, so the length of time the stock traded below $1.00 cannot be measured from it.

What the cure does and does not show

The release treats the notice as a bid price test that the stock has now passed for ten days. It does not describe any change in the business that produced the price. The same release lists among the risks to Scilex's forward-looking statements its "ability to remain in compliance with the Nasdaq continued listing requirements and to maintain the listing" of its securities. It also cites the unpredictability of trading markets and whether a market will be established for the common stock.

The commercial products

Scilex describes itself, in its annual report for 2024 filed March 31, 2025, as an innovative revenue-generating company focused on non-opioid pain products. Its three commercial products are ZTlido, a lidocaine topical system approved for neuropathic pain associated with postherpetic neuralgia; ELYXYB, a ready-to-use oral solution for the acute treatment of migraine in adults; and GLOPERBA, a liquid oral form of colchicine for the prophylaxis of painful gout flares in adults. The company says it commercialized GLOPERBA in June 2024 and has a direct distribution network to national and regional wholesalers and pharmacies.

The company has three product candidates, none of them approved. SP-102, sold under the SEMDEXA name, is a viscous gel corticosteroid for epidural injections aimed at lumbosacral radicular pain, or sciatica, for which the company says it has completed a Phase 3 study. The annual report says SP-102 is designed to address the risks of off-label epidural steroid injections, which it says are administered more than 12 million times a year. The company acquired SP-102 from Semnur Pharmaceuticals in March 2019, and the release points readers to a separate Semnur website.

SP-103 is a triple-strength formulation of ZTlido for acute pain, with a Phase 2 trial completed in acute low back pain. SP-104 is a low-dose, delayed-release naltrexone for fibromyalgia, with Phase 1 trials completed. The annual report says the company believes its approved products and future candidates could address significant unmet needs in their indications, and that the candidates would need FDA approval first.

Reading the two together

A regained bid price is a narrower event than a return to strength. The stock needed to hold above $1.00 for ten consecutive trading days, and the release gives no figure for the company's revenue, cash or net loss in the same period. The annual report describes a commercial base of three marketed products and three candidates at different stages, and the company's own forward-looking warnings still cover its ability to meet Nasdaq's continued listing rules.

The release does not mention a financing or a reverse split, and it does not say whether the company expects to stay above the $1.00 floor.

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