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Side-by-side financial comparison of Scilex Holding Co (SCLX) and SWK Holdings Corp (SWKH). Click either name above to swap in a different company.
SWK Holdings Corp is the larger business by last-quarter revenue ($8.7M vs $4.8M, roughly 1.8× Scilex Holding Co). On growth, SWK Holdings Corp posted the faster year-over-year revenue change (-29.7% vs -67.8%). Over the past eight quarters, SWK Holdings Corp's revenue compounded faster (-12.5% CAGR vs -33.6%).
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.
SWK Holdings Corp is a specialty finance firm focused on the healthcare and life sciences sectors. It provides tailored financing solutions including royalty monetization, structured debt, and asset-backed lending to biotech, pharmaceutical, medical device and diagnostic companies, with its core market centered in North America.
SCLX vs SWKH — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $4.8M | $8.7M |
| Net Profit | $-46.1M | $-19.4M |
| Gross Margin | 45.5% | — |
| Operating Margin | -2317.8% | 9.9% |
| Net Margin | -961.9% | — |
| Revenue YoY | -67.8% | -29.7% |
| Net Profit YoY | -613.7% | -430.2% |
| EPS (diluted) | $-4.63 | $-1.59 |
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 | $8.7M | ||
| Q3 25 | $10.6M | $10.9M | ||
| Q2 25 | $9.9M | $10.1M | ||
| Q1 25 | $5.0M | $11.8M | ||
| Q4 24 | $14.9M | $12.4M | ||
| Q3 24 | $14.4M | $10.4M | ||
| Q2 24 | $16.4M | $10.8M | ||
| Q1 24 | $10.9M | $11.4M |
| Q4 25 | $-46.1M | $-19.4M | ||
| Q3 25 | $-257.8M | $8.8M | ||
| Q2 25 | $-44.0M | $3.5M | ||
| Q1 25 | $-26.1M | $4.5M | ||
| Q4 24 | $-6.5M | $5.9M | ||
| Q3 24 | $-4.4M | $3.5M | ||
| Q2 24 | $-37.6M | $3.7M | ||
| Q1 24 | $-24.4M | $468.0K |
| Q4 25 | 45.5% | — | ||
| Q3 25 | 68.5% | — | ||
| Q2 25 | 66.9% | — | ||
| Q1 25 | 72.3% | — | ||
| Q4 24 | 68.5% | — | ||
| Q3 24 | 73.9% | — | ||
| Q2 24 | 73.2% | — | ||
| Q1 24 | 64.7% | — |
| Q4 25 | -2317.8% | 9.9% | ||
| Q3 25 | -1766.2% | 61.3% | ||
| Q2 25 | -207.2% | 46.1% | ||
| Q1 25 | -557.5% | 68.6% | ||
| Q4 24 | -190.5% | 44.7% | ||
| Q3 24 | -138.0% | 39.2% | ||
| Q2 24 | -95.4% | 8.3% | ||
| Q1 24 | -179.0% | 9.5% |
| Q4 25 | -961.9% | — | ||
| Q3 25 | -2441.5% | 80.7% | ||
| Q2 25 | -445.1% | 35.2% | ||
| Q1 25 | -521.2% | 38.4% | ||
| Q4 24 | -43.4% | 47.5% | ||
| Q3 24 | -30.4% | 33.3% | ||
| Q2 24 | -229.6% | 33.9% | ||
| Q1 24 | -224.0% | 4.1% |
| Q4 25 | $-4.63 | $-1.59 | ||
| Q3 25 | $-22.17 | $0.72 | ||
| Q2 25 | $-7.42 | $0.29 | ||
| Q1 25 | $-2.26 | $0.37 | ||
| Q4 24 | $8.53 | $0.47 | ||
| Q3 24 | $-0.58 | $0.28 | ||
| Q2 24 | $-7.67 | $0.30 | ||
| Q1 24 | $-8.33 | $0.04 |
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 | $42.8M |
| Total DebtLower is stronger | — | $33.0M |
| Stockholders' EquityBook value | $-207.8M | $235.1M |
| Total Assets | $365.0M | $272.4M |
| Debt / EquityLower = less leverage | — | 0.14× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $5.0M | $42.8M | ||
| Q3 25 | $878.0K | $10.2M | ||
| Q2 25 | $4.1M | $8.0M | ||
| Q1 25 | $5.8M | $29.8M | ||
| Q4 24 | $3.3M | $5.9M | ||
| Q3 24 | $77.0K | $17.2M | ||
| Q2 24 | $6.9M | $5.5M | ||
| Q1 24 | $1.8M | $5.5M |
| Q4 25 | — | $33.0M | ||
| Q3 25 | — | $33.0M | ||
| Q2 25 | — | $33.0M | ||
| Q1 25 | — | $33.0M | ||
| Q4 24 | — | $33.0M | ||
| Q3 24 | — | $33.0M | ||
| Q2 24 | — | $33.0M | ||
| Q1 24 | — | $33.0M |
| Q4 25 | $-207.8M | $235.1M | ||
| Q3 25 | $-176.9M | $254.2M | ||
| Q2 25 | $-249.0M | $246.5M | ||
| Q1 25 | $-211.5M | $292.7M | ||
| Q4 24 | $-192.6M | $288.7M | ||
| Q3 24 | $-211.3M | $283.4M | ||
| Q2 24 | $-214.7M | $282.8M | ||
| Q1 24 | $-189.8M | $279.9M |
| Q4 25 | $365.0M | $272.4M | ||
| Q3 25 | $275.9M | $289.4M | ||
| Q2 25 | $83.8M | $285.7M | ||
| Q1 25 | $79.0M | $331.3M | ||
| Q4 24 | $93.0M | $332.2M | ||
| Q3 24 | $100.4M | $321.3M | ||
| Q2 24 | $104.5M | $321.0M | ||
| Q1 24 | $91.2M | $322.0M |
| Q4 25 | — | 0.14× | ||
| Q3 25 | — | 0.13× | ||
| Q2 25 | — | 0.13× | ||
| Q1 25 | — | 0.11× | ||
| Q4 24 | — | 0.11× | ||
| Q3 24 | — | 0.12× | ||
| Q2 24 | — | 0.12× | ||
| Q1 24 | — | 0.12× |
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 | $27.3M |
| Free Cash FlowOCF − Capex | — | $26.8M |
| FCF MarginFCF / Revenue | — | 308.1% |
| Capex IntensityCapex / Revenue | — | 5.9% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $43.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-17.5M | $27.3M | ||
| Q3 25 | $8.2M | $906.0K | ||
| Q2 25 | $7.0M | $7.8M | ||
| Q1 25 | $6.0M | $8.3M | ||
| Q4 24 | $2.5M | $23.0M | ||
| Q3 24 | $5.1M | $6.3M | ||
| Q2 24 | $2.3M | $5.4M | ||
| Q1 24 | $9.4M | $4.4M |
| Q4 25 | — | $26.8M | ||
| Q3 25 | — | $557.0K | ||
| Q2 25 | — | $7.7M | ||
| Q1 25 | — | $8.2M | ||
| Q4 24 | — | $22.9M | ||
| Q3 24 | — | $6.3M | ||
| Q2 24 | — | $5.4M | ||
| Q1 24 | — | — |
| Q4 25 | — | 308.1% | ||
| Q3 25 | — | 5.1% | ||
| Q2 25 | — | 77.0% | ||
| Q1 25 | — | 69.1% | ||
| Q4 24 | — | 185.3% | ||
| Q3 24 | — | 60.4% | ||
| Q2 24 | — | 49.7% | ||
| Q1 24 | — | — |
| Q4 25 | — | 5.9% | ||
| Q3 25 | — | 3.2% | ||
| Q2 25 | — | 0.6% | ||
| Q1 25 | — | 0.8% | ||
| Q4 24 | — | 1.1% | ||
| Q3 24 | 0.0% | 0.3% | ||
| Q2 24 | — | 0.2% | ||
| Q1 24 | — | 0.0% |
| Q4 25 | — | — | ||
| Q3 25 | — | 0.10× | ||
| Q2 25 | — | 2.21× | ||
| Q1 25 | — | 1.82× | ||
| Q4 24 | — | 3.93× | ||
| Q3 24 | — | 1.82× | ||
| Q2 24 | — | 1.47× | ||
| Q1 24 | — | 9.47× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
SCLX
Segment breakdown not available.
SWKH
| Finance Receivables Segment | $8.4M | 96% |
| Other | $329.0K | 4% |
