SCLXW · Scilex Holding Co · Holdings
Substantial doubt about the company's ability to continue as a going concern.
“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.”View the 10-Q filed Aug 14, 2026
4 customers — 96% of revenue (the three months ended June 30, 2026)
“The Company had four customers during the three and six months ended June 30, 2026, each of which individually generated 10% or more of the Company’s total revenue. These customers accounted for 96% and 95% of the Company’s revenue for the three and six months ended June 30, 2026, respectively, individually ranging from 22% to 27% and 19% to 27%.”
4 customers — 95% of revenue (the six months ended June 30, 2026)
“The Company had four customers during the three and six months ended June 30, 2026, each of which individually generated 10% or more of the Company’s total revenue. These customers accounted for 96% and 95% of the Company’s revenue for the three and six months ended June 30, 2026, respectively, individually ranging from 22% to 27% and 19% to 27%.”
4 customers — 80% of receivables (As of June 30, 2026)
“As of each of June 30, 2026 and 2025, these customers represented 80% and 99% of the Company’s outstanding accounts receivable, individually ranging between 16% and 37%, and 19% and 30% for respective periods.”
Institutional ownership from SEC Form 13F filings. Investment managers with more than $100 million in U.S. equities must disclose their positions every quarter, within 45 days of quarter-end, so the holdings shown can lag the market by up to a quarter.
Institutional Ownership Trend
Holder Concentration
Across 5 13F filers · Δ vs Mar 31, 2026Who Holds SCLXW
Last 8 quarters through Jun 30, 2026Each kind of 13F filer's share of the common shares 13F filers report. Holder type comes from regulatory records, never the filer's name; style, turnover and horizon are measured from each filer's own 13F book. The quarter selector does not change this card.
Jun 30, 2026: 5 filers, like-for-like change -2.5%; actively managed books -2.5%.
| Holder type | Share | Filers | Change |
|---|---|---|---|
| Registered adviser | 70.9% | 2 | 0.0% |
| Bank | 0.1% | 1 | new |
| Adviser | 0.0% | 0 | — |
| Broker-dealer | 0.0% | 0 | — |
| Unknown | 28.9% | 2 | -8.3% |
| Style | Share | Filers | Change |
|---|---|---|---|
| Systematic-like | 32.5% | 1 | 0.0% |
| Concentrated | 67.4% | 3 | -3.8% |
| Diversified active | 0.1% | 1 | new |
| Not measured | 0.0% | 0 | — |
| Unknown | 0.0% | 0 | — |
| Turnover | Share | Filers | Change |
|---|---|---|---|
| Medium turnover | 38.5% | 2 | +0.3% |
| High turnover | 59.3% | 2 | -4.3% |
| Low turnover | 0.0% | 0 | — |
| Unknown | 2.2% | 1 | 0.0% |
| Not measured | 0.0% | 0 | — |
| Holding horizon | Share | Filers | Change |
|---|---|---|---|
| Short horizon | 28.9% | 2 | -8.3% |
| Long horizon | 38.5% | 2 | +0.3% |
| Medium horizon | 0.0% | 0 | — |
| Unknown | 32.5% | 1 | 0.0% |
| Not measured | 0.0% | 0 | — |
| 13F book size | Share | Filers | Change |
|---|---|---|---|
| Under $1B | 38.4% | 1 | 0.0% |
| $1B to $10B | 59.3% | 2 | -4.3% |
| $10B to $100B | 2.2% | 1 | 0.0% |
| $100B or more | 0.1% | 1 | new |
| Not measured | 0.0% | 0 | — |
| Client base | Share | Filers | Change |
|---|---|---|---|
| Pooled investment vehicles | 70.9% | 2 | 0.0% |
| Unknown | 29.1% | 3 | -8.0% |
| Private funds | Share | Filers | Change |
|---|---|---|---|
| Hedge funds | 70.9% | 2 | 0.0% |
| Unknown | 29.1% | 3 | -8.0% |
| Location | Share | Filers | Change |
|---|---|---|---|
| United States | 99.9% | 4 | -2.6% |
| Outside the US | 0.1% | 1 | new |
How the mix is measured
Shares are 13F common shares restated to today's split basis; options and principal amounts are left out. The change compares only filers with a 13F in both quarters and keeps each filer in its bucket of the later quarter on both sides; a filer that continues under a new CIK is compared through its successor. Holder type comes from each filer's current regulatory profile; client base and private funds come from the Form ADV roster current at each quarter end (rosters from December 2019, so an earlier quarter reads Unknown). Style, turnover, horizon and book size are measured from each filer's 13F book in the newest measured quarter, and Not measured means none was. Actively managed books are those measured systematic-like, concentrated or diversified active.
Conviction and Crowding
5 13F filers, quarter ended Jun 30, 2026Measured across every 13F filer's common-share book once the quarter's filing window closed. Crowding counts filers with high turnover or that advise private funds on Form ADV.
Managers in the top fifth by current three-year FundScore alpha were net buyers of $0 (0 buying, 0 selling).
Shareholder Targets
13F filers that own its peers but not SCLXW, quarter ended Jun 30, 2026SCLXW has no holder-overlap peers, so these filers hold the largest Healthcare stocks: LLY, JNJ, ABBV, UNH, MRK, TMO, AMGN, AZN, GILD, ABT, ISRG, VRTX, CVS, DHR, SYK, BMY, PFE, MDT, MCK, ELV. 6,221 filers in all.
| # | Filer | In peers | Largest peers |
|---|---|---|---|
| 1 | VANGUARD PORTFOLIO MANAGEMENT LLC Registered adviser, Diversified active | $116,012,260,024 20 held | LLY, JNJ, ABBV |
| 2 | GEODE CAPITAL MANAGEMENT, LLC Registered adviser, Index-like | $112,944,926,328 19 held | LLY, JNJ, ABBV |
| 3 | LILLY ENDOWMENT INC Unknown, Unknown | $108,400,867,760 1 held | LLY |
| 4 | Capital World Investors Adviser, Diversified active | $89,827,396,720 14 held | LLY, VRTX, UNH |
| 5 | NORGES BANK Non-US, Index-like | $70,478,623,091 20 held | LLY, JNJ, ABBV |
| 6 | PNC FINANCIAL SERVICES GROUP, INC. Bank, Concentrated | $67,493,367,200 20 held | LLY, JNJ, ABBV |
| 7 | Capital Research Global Investors Adviser, Diversified active | $66,678,636,531 16 held | LLY, VRTX, ABBV |
| 8 | WELLINGTON MANAGEMENT GROUP LLP Holding company, Diversified active | $62,277,671,744 20 held | LLY, MRK, JNJ |
| 9 | BANK OF AMERICA CORP /DE/ Bank, Diversified active | $57,925,881,972 20 held | LLY, JNJ, ABBV |
| 10 | CHARLES SCHWAB INVESTMENT MANAGEMENT INC Registered adviser, Diversified active | $56,501,508,732 20 held | UNH, LLY, MRK |
Quarterly Activity
New and Sold Out count only filers that reported a 13F for both quarters: a first-time filer's book is not a buy, and a fund that has not filed, or withheld its positions under confidential treatment, has not sold.
Top Buyers
vs Mar 31, 2026Top Sellers
vs Mar 31, 2026| Institution | Sold | Now Holds | Open |
|---|---|---|---|
| Mid Virtu Financial LLC | −3,432 | 34,797 |
Top New Positions
vs Mar 31, 2026| Institution | Acquired | Value (USD) | Open |
|---|---|---|---|
| Mega UBS Group AG | 155 | $20 |
Top Sold-Out Positions
vs Mar 31, 2026| Holder | Value (USD) | % of 13F | Shares | Type | Filed | Open |
|---|---|---|---|---|---|---|
| Small Cruiser Capital Advisors, LLC Registered adviser SCLXW | $6,485 | 52.40% | 49,999 | Shares | 2026-08-14 | |
| Mid LANDSCAPE CAPITAL MANAGEMENT, L.L.C. Registered adviser SCLXW | $5,492 | 44.38% | 42,343 | Shares | 2026-08-12 | |
| Large Clear Street Group Inc. SCLXW | $374 | 3.02% | 2,880 | Shares | 2026-08-12 | |
| Mega UBS Group AG Bank SCLXW | $20 | 0.16% | 155 | Shares | 2026-08-13 | |
| Mid Virtu Financial LLC SCLXW | $4 | 0.03% | 34,797 | Shares | 2026-08-13 |