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Side-by-side financial comparison of Scilex Holding Co (SCLX) and Token Cat Ltd (TC). Click either name above to swap in a different company.
Scilex Holding Co is the larger business by last-quarter revenue ($4.8M vs $2.8M, roughly 1.7× Token Cat Ltd). Token Cat Ltd runs the higher net margin — -3.4% vs -961.9%, a 958.6% gap on every dollar of revenue. On growth, Token Cat Ltd posted the faster year-over-year revenue change (-37.9% vs -67.8%).
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.
SCLX vs TC — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2025
| Metric | | |
|---|---|---|
| Revenue | $4.8M | $2.8M |
| Net Profit | $-46.1M | $-93.0K |
| Gross Margin | 45.5% | 79.0% |
| Operating Margin | -2317.8% | -206.9% |
| Net Margin | -961.9% | -3.4% |
| Revenue YoY | -67.8% | -37.9% |
| Net Profit YoY | -613.7% | 98.3% |
| EPS (diluted) | $-4.63 | — |
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 | — | ||
| Q3 25 | $10.6M | — | ||
| Q2 25 | $9.9M | $2.8M | ||
| Q1 25 | $5.0M | — | ||
| Q4 24 | $14.9M | — | ||
| Q3 24 | $14.4M | — | ||
| Q2 24 | $16.4M | $4.4M | ||
| Q1 24 | $10.9M | — |
| Q4 25 | $-46.1M | — | ||
| Q3 25 | $-257.8M | — | ||
| Q2 25 | $-44.0M | $-93.0K | ||
| Q1 25 | $-26.1M | — | ||
| Q4 24 | $-6.5M | — | ||
| Q3 24 | $-4.4M | — | ||
| Q2 24 | $-37.6M | $-5.6M | ||
| Q1 24 | $-24.4M | — |
| Q4 25 | 45.5% | — | ||
| Q3 25 | 68.5% | — | ||
| Q2 25 | 66.9% | 79.0% | ||
| Q1 25 | 72.3% | — | ||
| Q4 24 | 68.5% | — | ||
| Q3 24 | 73.9% | — | ||
| Q2 24 | 73.2% | 69.2% | ||
| Q1 24 | 64.7% | — |
| Q4 25 | -2317.8% | — | ||
| Q3 25 | -1766.2% | — | ||
| Q2 25 | -207.2% | -206.9% | ||
| Q1 25 | -557.5% | — | ||
| Q4 24 | -190.5% | — | ||
| Q3 24 | -138.0% | — | ||
| Q2 24 | -95.4% | -146.9% | ||
| Q1 24 | -179.0% | — |
| Q4 25 | -961.9% | — | ||
| Q3 25 | -2441.5% | — | ||
| Q2 25 | -445.1% | -3.4% | ||
| Q1 25 | -521.2% | — | ||
| Q4 24 | -43.4% | — | ||
| Q3 24 | -30.4% | — | ||
| Q2 24 | -229.6% | -125.9% | ||
| Q1 24 | -224.0% | — |
| Q4 25 | $-4.63 | — | ||
| Q3 25 | $-22.17 | — | ||
| Q2 25 | $-7.42 | — | ||
| Q1 25 | $-2.26 | — | ||
| 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 | $150.0K |
| Total DebtLower is stronger | — | $1.4M |
| Stockholders' EquityBook value | $-207.8M | $4.6M |
| Total Assets | $365.0M | $28.4M |
| Debt / EquityLower = less leverage | — | 0.30× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $5.0M | — | ||
| Q3 25 | $878.0K | — | ||
| Q2 25 | $4.1M | $150.0K | ||
| Q1 25 | $5.8M | — | ||
| Q4 24 | $3.3M | — | ||
| Q3 24 | $77.0K | — | ||
| Q2 24 | $6.9M | $689.0K | ||
| Q1 24 | $1.8M | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | $1.4M | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | $1.8M | ||
| Q1 24 | — | — |
| Q4 25 | $-207.8M | — | ||
| Q3 25 | $-176.9M | — | ||
| Q2 25 | $-249.0M | $4.6M | ||
| Q1 25 | $-211.5M | — | ||
| Q4 24 | $-192.6M | — | ||
| Q3 24 | $-211.3M | — | ||
| Q2 24 | $-214.7M | $-787.0K | ||
| Q1 24 | $-189.8M | — |
| Q4 25 | $365.0M | — | ||
| Q3 25 | $275.9M | — | ||
| Q2 25 | $83.8M | $28.4M | ||
| Q1 25 | $79.0M | — | ||
| Q4 24 | $93.0M | — | ||
| Q3 24 | $100.4M | — | ||
| Q2 24 | $104.5M | $12.5M | ||
| Q1 24 | $91.2M | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 0.30× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $-23.7M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-17.5M | — | ||
| Q3 25 | $8.2M | — | ||
| Q2 25 | $7.0M | $-23.7M | ||
| Q1 25 | $6.0M | — | ||
| Q4 24 | $2.5M | — | ||
| Q3 24 | $5.1M | — | ||
| Q2 24 | $2.3M | $-1.5M | ||
| Q1 24 | $9.4M | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | $-1.5M | ||
| Q1 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | -34.4% | ||
| Q1 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 0.0% | — | ||
| Q2 24 | — | 0.0% | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
