Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Black-Scholes Option Pricing Model

The following assumptions were used by Scilex in the Black-Scholes option pricing model to estimate stock-based compensation on the date of grant for stock options granted and ESPP shares issued for the years ended December 31, 2025 and 2024:


	Year Ended December 31,
	2025		2024
Stock options:
Expected dividend yield		0.0%		0.0%
Expected volatility		72.5% - 99.1%		72.0% - 119.1%
Risk-free interest rate		3.6% - 4.2%		3.8% - 4.7%
Term of options (in years)		6.3		3.0 - 6.3
Employee stock purchase plan:
Expected dividend yield		0.0%		0.0%
Expected volatility		112.9%		129.3%
Risk-free interest rate		4.3%		5.4%
Expected life (in years)		0.5		0.5

Schedule of Stock-Based Compensation Expense

Total stock-based compensation expense recorded in the statements of operations was as follows (in thousands):


	Year Ended December 31,
	2025		2024
Research and development	$	205	$	128
General and administrative		142,230		532

Total stock-based compensation expense	$	142,435	$	660