Scilex Holding Company completed the second tranche of its investment in Datavault AI on November 25 2025. The company purchased a pre‑funded warrant and exercised it, resulting in the issuance of Datavault common stock valued at $583.3 million based on the $2.21 per‑share closing price on that day.
The first tranche, closed in September 2025, brought in roughly $8 million. Together, the two tranches provide Scilex with a total of $591.3 million in new capital, a significant boost to a company that has been operating with negative working capital and mounting debt obligations.
Scilex’s financial statements show declining net revenues and increasing net losses in recent quarters, underscoring the urgency of the liquidity infusion. The capital raise is earmarked for working capital needs, general corporate purposes, and the expansion of its non‑opioid pain‑management portfolio and pipeline candidates.
In a statement, Scilex CEO Henry Ji emphasized the strategic fit: “Datavault AI’s cutting‑edge data‑analytics platform aligns perfectly with our need for advanced AI‑driven insights. This investment reflects our confidence in Datavault’s ability to transform markets where trust and precision are critical.” The partnership is intended to embed AI capabilities into Scilex’s biotech operations.
Datavault AI operates a cloud‑based platform that monetizes data assets across multiple industries. By integrating this technology, Scilex aims to unlock new revenue streams and accelerate the commercialization of its pipeline, potentially offsetting the dilution impact of the new equity issuance.
Investor sentiment has been mixed. While the capital infusion is viewed as a necessary step to shore up liquidity, concerns remain about the dilution of existing shareholders and the company’s ongoing financial challenges. The market’s reaction reflects a balance between the immediate cash benefit and the longer‑term implications for Scilex’s capital structure.
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