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Side-by-side financial comparison of Scilex Holding Co (SCLX) and SES AI Corp (SES). Click either name above to swap in a different company.
Scilex Holding Co is the larger business by last-quarter revenue ($4.8M vs $4.6M, roughly 1.1× SES AI Corp). SES AI Corp runs the higher net margin — -373.5% vs -961.9%, a 588.5% gap on every dollar of revenue.
Scilex Holding Co is a commercial-stage biopharmaceutical firm focused on developing and commercializing innovative non-opioid pain management therapies for acute and chronic pain segments. It primarily serves the US market, offering prescription and over-the-counter pain relief solutions for patients and healthcare providers.
SES S.A. is a Luxembourgish communications satellite operator supplying video and data connectivity worldwide to broadcasters, content and internet service providers, mobile and fixed network operators, governments and institutions.
SCLX vs SES — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $4.8M | $4.6M |
| Net Profit | $-46.1M | $-17.0M |
| Gross Margin | 45.5% | 11.3% |
| Operating Margin | -2317.8% | -387.7% |
| Net Margin | -961.9% | -373.5% |
| Revenue YoY | -67.8% | — |
| Net Profit YoY | -613.7% | 50.7% |
| EPS (diluted) | $-4.63 | $-0.05 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $4.8M | $4.6M | ||
| Q3 25 | $10.6M | $7.1M | ||
| Q2 25 | $9.9M | $3.5M | ||
| Q1 25 | $5.0M | $5.8M | ||
| Q4 24 | $14.9M | — | ||
| Q3 24 | $14.4M | — | ||
| Q2 24 | $16.4M | — | ||
| Q1 24 | $10.9M | — |
| Q4 25 | $-46.1M | $-17.0M | ||
| Q3 25 | $-257.8M | $-20.9M | ||
| Q2 25 | $-44.0M | $-22.7M | ||
| Q1 25 | $-26.1M | $-12.4M | ||
| Q4 24 | $-6.5M | — | ||
| Q3 24 | $-4.4M | — | ||
| Q2 24 | $-37.6M | — | ||
| Q1 24 | $-24.4M | — |
| Q4 25 | 45.5% | 11.3% | ||
| Q3 25 | 68.5% | 51.1% | ||
| Q2 25 | 66.9% | 73.7% | ||
| Q1 25 | 72.3% | 78.7% | ||
| Q4 24 | 68.5% | — | ||
| Q3 24 | 73.9% | — | ||
| Q2 24 | 73.2% | — | ||
| Q1 24 | 64.7% | — |
| Q4 25 | -2317.8% | -387.7% | ||
| Q3 25 | -1766.2% | -262.0% | ||
| Q2 25 | -207.2% | -652.3% | ||
| Q1 25 | -557.5% | -401.7% | ||
| Q4 24 | -190.5% | — | ||
| Q3 24 | -138.0% | — | ||
| Q2 24 | -95.4% | — | ||
| Q1 24 | -179.0% | — |
| Q4 25 | -961.9% | -373.5% | ||
| Q3 25 | -2441.5% | -293.9% | ||
| Q2 25 | -445.1% | -642.2% | ||
| Q1 25 | -521.2% | -214.6% | ||
| Q4 24 | -43.4% | — | ||
| Q3 24 | -30.4% | — | ||
| Q2 24 | -229.6% | — | ||
| Q1 24 | -224.0% | — |
| Q4 25 | $-4.63 | $-0.05 | ||
| Q3 25 | $-22.17 | $-0.06 | ||
| Q2 25 | $-7.42 | $-0.07 | ||
| Q1 25 | $-2.26 | $-0.04 | ||
| Q4 24 | $8.53 | — | ||
| Q3 24 | $-0.58 | — | ||
| Q2 24 | $-7.67 | — | ||
| Q1 24 | $-8.33 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $5.0M | $29.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $-207.8M | $214.8M |
| Total Assets | $365.0M | $272.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $5.0M | $29.5M | ||
| Q3 25 | $878.0K | $35.3M | ||
| Q2 25 | $4.1M | $11.8M | ||
| Q1 25 | $5.8M | $56.1M | ||
| Q4 24 | $3.3M | — | ||
| Q3 24 | $77.0K | — | ||
| Q2 24 | $6.9M | — | ||
| Q1 24 | $1.8M | — |
| Q4 25 | $-207.8M | $214.8M | ||
| Q3 25 | $-176.9M | $228.2M | ||
| Q2 25 | $-249.0M | $249.2M | ||
| Q1 25 | $-211.5M | $269.9M | ||
| Q4 24 | $-192.6M | — | ||
| Q3 24 | $-211.3M | — | ||
| Q2 24 | $-214.7M | — | ||
| Q1 24 | $-189.8M | — |
| Q4 25 | $365.0M | $272.6M | ||
| Q3 25 | $275.9M | $288.8M | ||
| Q2 25 | $83.8M | $290.5M | ||
| Q1 25 | $79.0M | $306.0M | ||
| Q4 24 | $93.0M | — | ||
| Q3 24 | $100.4M | — | ||
| Q2 24 | $104.5M | — | ||
| Q1 24 | $91.2M | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-17.5M | $-10.4M |
| Free Cash FlowOCF − Capex | — | $-11.1M |
| FCF MarginFCF / Revenue | — | -243.7% |
| Capex IntensityCapex / Revenue | — | 15.6% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-61.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-17.5M | $-10.4M | ||
| Q3 25 | $8.2M | $-14.3M | ||
| Q2 25 | $7.0M | $-10.8M | ||
| Q1 25 | $6.0M | $-22.8M | ||
| Q4 24 | $2.5M | — | ||
| Q3 24 | $5.1M | — | ||
| Q2 24 | $2.3M | — | ||
| Q1 24 | $9.4M | — |
| Q4 25 | — | $-11.1M | ||
| Q3 25 | — | $-14.7M | ||
| Q2 25 | — | $-11.6M | ||
| Q1 25 | — | $-23.7M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | -243.7% | ||
| Q3 25 | — | -206.9% | ||
| Q2 25 | — | -329.6% | ||
| Q1 25 | — | -410.0% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | 15.6% | ||
| Q3 25 | — | 6.0% | ||
| Q2 25 | — | 22.8% | ||
| Q1 25 | — | 15.8% | ||
| Q4 24 | — | — | ||
| Q3 24 | 0.0% | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
