<SEC-DOCUMENT>0001193125-24-046980.txt : 20240227
<SEC-HEADER>0001193125-24-046980.hdr.sgml : 20240227
<ACCEPTANCE-DATETIME>20240227063141
ACCESSION NUMBER:		0001193125-24-046980
CONFORMED SUBMISSION TYPE:	424B3
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20240227
DATE AS OF CHANGE:		20240227

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Scilex Holding Co
		CENTRAL INDEX KEY:			0001820190
		STANDARD INDUSTRIAL CLASSIFICATION:	BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836]
		ORGANIZATION NAME:           	03 Life Sciences
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-268607
		FILM NUMBER:		24681848

	BUSINESS ADDRESS:	
		STREET 1:		960 SAN ANTONIO ROAD
		CITY:			PALO ALTO
		STATE:			CA
		ZIP:			94303
		BUSINESS PHONE:		(650) 516-4310

	MAIL ADDRESS:	
		STREET 1:		960 SAN ANTONIO ROAD
		CITY:			PALO ALTO
		STATE:			CA
		ZIP:			94303

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Scilex Holding Company/DE
		DATE OF NAME CHANGE:	20221117

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Vickers Vantage Corp. I
		DATE OF NAME CHANGE:	20200804
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B3
<SEQUENCE>1
<FILENAME>d800519d424b3.htm
<DESCRIPTION>424B3
<TEXT>
<HTML><HEAD>
<TITLE>424B3</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Filed Pursuant to Rule 424(b)(3)<BR>Registration No. 333-268607 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>PROSPECTUS SUPPLEMENT NO. 21 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(to Prospectus dated
March&nbsp;17, 2023) </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>Scilex Holding Company </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman" ALIGN="center"><B>Up to 28,078,672 Shares of Common Stock </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This prospectus
supplement supplements the prospectus dated March&nbsp;17, 2023 (the &#147;Prospectus&#148;), which forms a part of our registration statement on Form <FONT STYLE="white-space:nowrap">S-1</FONT> (No.
<FONT STYLE="white-space:nowrap">333-268607)</FONT> for which Post-Effective Amendment No.&nbsp;1 was filed with the Securities and Exchange Commission on March&nbsp;13, 2023 and declared effective by the Securities and Exchange Commission on
March&nbsp;17, 2023. This prospectus supplement is being filed to update and supplement the information in the Prospectus with the information contained in our Current Report on Form <FONT STYLE="white-space:nowrap">8-K,</FONT> filed with the
Securities and Exchange Commission on February&nbsp;27, 2024 (the &#147;Current Report&#148;). Accordingly, we have attached the Current Report to this prospectus supplement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Prospectus and this prospectus supplement relate to the resale from time to time of up to 28,078,672 shares of our common stock, par value
$0.0001 per share (the &#147;Common Stock&#148;), by YA II PN, Ltd., a Cayman Islands exempt limited partnership (the &#147;Selling Securityholder&#148;). The shares included in the Prospectus and this prospectus supplement consist of shares of
Common Stock that we have issued or that we may, in our discretion, elect to issue and sell to the Selling Securityholder, from time to time, pursuant to a standby equity purchase agreement we entered into with the Selling Securityholder on
November&nbsp;17, 2022, as amended and restated on February&nbsp;8, 2023 (the &#147;A&amp;R Yorkville Purchase Agreement&#148;), in which the Selling Securityholder has committed to purchase from us, at our direction, up to $500,000,000 of our
Common Stock, subject to terms and conditions specified in the A&amp;R Yorkville Purchase Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our Common Stock is listed on the
Nasdaq Capital Market under the symbol &#147;SCLX&#148;. On February&nbsp;26, 2024, the last reported sales price per share of our Common Stock was $2.07. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This prospectus supplement updates and supplements the information in the Prospectus and is not complete without, and may not be delivered or
utilized except in combination with, the Prospectus, including any amendments or supplements thereto. This prospectus supplement should be read in conjunction with the Prospectus and if there is any inconsistency between the information in the
Prospectus and this prospectus supplement, you should rely on the information in this prospectus supplement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:12pt; font-family:Times New Roman"><B>See the section entitled
&#147;Risk Factors&#148; beginning on page&nbsp;15 of the Prospectus as well as risks and uncertainties described under similar headings in any amendments or supplements to the Prospectus to read about factors you should consider before buying our
securities. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of
these securities or passed upon the accuracy or adequacy of this prospectus supplement or the Prospectus. Any representation to the contrary is a criminal offense. </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>The date of this prospectus supplement is February&nbsp;27, 2024 </B></P>
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 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P> <P STYLE="font-size:9pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:9pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM 8-K
</B></P> <P STYLE="font-size:9pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:9pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>CURRENT REPORT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PURSUANT
TO SECTION 13 OR 15(d) </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>OF THE SECURITIES EXCHANGE ACT OF 1934 </B></P>
<P STYLE="margin-top:9pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Date of Report (Date of earliest event reported): February 26, 2024 </B></P>
<P STYLE="font-size:9pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:9pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>SCILEX HOLDING COMPANY </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact name of registrant as specified in its charter) </B></P> <P STYLE="font-size:9pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:9pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" ALIGN="center"><B>Delaware</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>001-39852</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>92-1062542</B></TD></TR>
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<TD VALIGN="top" ALIGN="center"><B>(State or other jurisdiction<BR>of incorporation)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>(Commission<BR>File Number)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>(IRS Employer<BR>Identification No.)</B></TD></TR>
</TABLE> <P STYLE="margin-top:9pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>960 San Antonio Road, Palo Alto, California, 94303 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address of principal executive offices, including zip code) </B></P>
<P STYLE="margin-top:9pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Registrant&#146;s telephone number, including area code: (650) 516-4310 </B></P>
<P STYLE="margin-top:9pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>N/A </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Former name or
former address, if changed since last report) </B></P> <P STYLE="font-size:9pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:9pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the appropriate box below
if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: </P> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </P></TD></TR></TABLE>
<P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </P></TD></TR></TABLE>
<P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
</P></TD></TR></TABLE> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
</P></TD></TR></TABLE> <P STYLE="margin-top:9pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities registered pursuant to Section 12(b) of the Act </P> <P STYLE="font-size:9pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Title of each class</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Trading<BR>Symbol(s)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Name of each exchange<BR>on which registered</B></P></TD></TR>


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<TD VALIGN="top" ALIGN="center">Common stock, par value $0.0001 per share</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">SCLX</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">The Nasdaq Stock Market LLC</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">Warrants to purchase one share of common stock, each at an exercise price of $11.50 per share</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">SCLXW</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">The Nasdaq Stock Market LLC</TD></TR>
</TABLE> <P STYLE="margin-top:9pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of
1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter). </P> <P STYLE="margin-top:9pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Emerging growth
company &#9746; </P> <P STYLE="margin-top:9pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. &#9746; </P> <P STYLE="font-size:9pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&#8201;1.01. Entry into a Material Definitive Agreement. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As previously disclosed by Scilex Holding Company (the &#147;Company&#148;), on March&nbsp;12, 2021, Scilex Pharmaceuticals Inc., the Company&#146;s wholly
owned subsidiary (&#147;Scilex Pharma&#148;), and Sorrento Therapeutics, Inc. (&#147;Sorrento&#148;, together with Scilex Pharma, the &#147;Plaintiffs&#148;) filed an action (the &#147;Action&#148;) in the Delaware Court of Chancery (the
&#147;Court&#148;) against the former President of Scilex Pharma, Anthony Mack, and Virpax Pharmaceuticals, Inc. (&#147;Virpax&#148;, together with Anthony Mack, the &#147;Defendants&#148;), a company founded and then headed by Mr.&nbsp;Mack,
alleging, among other things, breach by Mr.&nbsp;Mack of a restrictive covenant agreement with Sorrento related to his sale of his Scilex Pharma stock to Sorrento, tortious interference with that agreement by Virpax, breach of Mr.&nbsp;Mack&#146;s
fiduciary duties to Scilex Pharma, aiding and abetting of that breach by Virpax, and misappropriation of Scilex Pharma&#146;s trade secrets by Mr.&nbsp;Mack and Virpax. Such lawsuit sought, among other relief, damages and various forms of injunctive
relief. The case was tried from September&nbsp;12, 2022 to September&nbsp;14, 2022. On September&nbsp;1, 2023, the Court found in favor of the Plaintiffs on all but three counts deemed to have been waived. In its
<FONT STYLE="white-space:nowrap">95-page</FONT> opinion, the Court instructed the parties to submit supplemental briefing on the appropriate remedy to implement its rulings. On October&nbsp;18, 2023, Plaintiffs submitted a supplemental brief on
remedies. On November&nbsp;29, 2023, Defendants submitted a supplemental brief on remedies. On December&nbsp;21, 2023, Plaintiffs submitted a supplemental reply brief on remedies. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On February&nbsp;26, 2024, the Plaintiffs and Virpax entered into a term sheet regarding a mutual release and settlement agreement (the &#147;Settlement Term
Sheet&#148;), pursuant to which the parties have agreed to enter a definitive settlement agreement by or before March&nbsp;1, 2024 to resolve their ongoing disputes and provide for, among other things, that Virpax will be obligated to make the
following payments to the Company to settle the Action: (i) $3.5&nbsp;million by March&nbsp;1, 2024 (the &#147;Initial Payment&#148;); (ii) $2.5&nbsp;million by July&nbsp;1, 2024 and (iii)&nbsp;to the extent any of the following drug candidates are
ever sold, royalty payments of (a) 6% of annual Net Sales (as defined therein) of Epoladerm; (b) 6% of annual Net Sales of Probudur and (c) 6% of annual Net Sales of Envelta. Such royalty payments will end upon (i)&nbsp;expiration of the <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">last-to-expire</FONT></FONT> valid patent claim of Virpax or its licensor covering the manufacture, use or sale of such product in such country; and (ii)&nbsp;expiration of any period of
regulatory exclusivity for such product in such country. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In addition, the Settlement Term Sheet provides that Virpax will be obligated to remove from its
computing systems, and destroy all hard copies of, any nonpublic information of the Company, and create a preservation copy of such information that shall be maintained until a binding settlement or final,
<FONT STYLE="white-space:nowrap">non-appealable</FONT> decision is reached as to all parties to the litigation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Each of the Plaintiffs and Virpax
provides mutual releases of all claims that exist as of the date of the execution of the Settlement Term Sheet, whether known or unknown, arising from any allegations set forth in the Action. The Plaintiffs&#146; release relates to claims against
Virpax only, which shall not affect the Plaintiffs&#146; claims against Mr.&nbsp;Mack. Plaintiffs have not released Mr.&nbsp;Mack, and litigation against him remains ongoing. Plaintiffs&#146; release as to Virpax is conditioned upon Virpax&#146;s
Initial Payment. The Plaintiffs and Virpax are required to make best efforts to enter into a definitive agreement with respect to the terms set forth in the Settlement Term Sheet, but if they fail to do so by or before March&nbsp;1, 2024, such term
sheet will be binding and enforceable with respect to all the terms set forth therein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The foregoing is a summary of the material terms of the Settlement
Term Sheet, does not purport to be complete and is subject to, and qualified in its entirety by, such document attached as Exhibit 10.1, to this Current Report on Form <FONT STYLE="white-space:nowrap">8-K,</FONT> which is incorporated herein by
reference. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&#8201;8.01. Other Events. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On
February&nbsp;26, 2024, the Company issued a press release announcing the Settlement. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form <FONT STYLE="white-space:nowrap">8-K</FONT> and is incorporated herein by
reference. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&#8201;9.01. Financial Statements and Exhibits. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(d) Exhibits. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" NOWRAP>10.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Settlement Term Sheet, dated February&nbsp;26, 2024, by and between Scilex Pharmaceuticals Inc., Sorrento Therapeutics, Inc. and Virpax Pharmaceuticals, Inc.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top" NOWRAP>99.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Press Release, dated February&nbsp;26, 2024.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>104</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Cover Page Interactive Data File, formatted in Inline Extensible Business Reporting Language (iXBRL).</TD></TR>
</TABLE> <P STYLE="font-size:18pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3"><B>SCILEX HOLDING COMPANY</B></TD></TR>
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<TD VALIGN="bottom">Date:&nbsp;February 27, 2024</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Jaisim Shah</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name: Jaisim Shah</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title: Chief Executive Officer and President</TD></TR>
</TABLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TERM SHEET </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This Term Sheet summarizes
the principal terms of a mutual release and settlement agreement (the &#147;Definitive Agreement&#148;) between Plaintiffs Sorrento Therapeutics, Inc. and Scilex Pharmaceuticals Inc. and Defendant Virpax Pharmaceuticals, Inc. to fully resolve the
Parties&#146; ongoing disputes. The Parties will make best efforts to enter into the Definitive Agreement, but if they fail to do so by or before March&nbsp;1, 2024, this Term Sheet will be binding and enforceable in all of its terms. This Term
Sheet outlines terms which shall be embodied in the Definitive Agreement that will include additional provisions and terms as the Parties shall negotiate and agree. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"><B>A. GLOBAL SETTLEMENT</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
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<TD VALIGN="top"><B><I>1. Dismissal of the Action Against Virpax</I></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">On February&nbsp;26, 2024, the Parties will notify the Court that the Parties have reached a conditional settlement agreement as to the claims against Virpax only and ask the Court to refrain from issuing any opinion or order as to
Virpax. By March&nbsp;1, 2024, upon Virpax&#146;s initial payment as set forth in Section A.3, the Parties will file a stipulation of dismissal, with prejudice, their claims, counterclaims, and defenses against each other in Delaware Court of
Chancery, Case No. <FONT STYLE="white-space:nowrap">2021-0210-PAF</FONT> (the &#147;Action&#148;).</TD></TR>
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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B><I>2. Mutual Releases</I></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Each Party releases all claims against the other Party that exist as of the date of the execution of the Term Sheet, whether known or unknown
(including, waiving the protections of California Civil Code &#167; 1542), arising from any allegations set forth in the Action. Plaintiffs release will be as to Virpax only, and Plaintiffs are not releasing Mr. Anthony Mack. Plaintiffs&#146;
release as to Virpax will become effective upon Virpax&#146;s initial payment of $3.5&nbsp;million as set forth in Section A.3.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">For the avoidance of doubt, each Party retains the right to bring an action against the other Party or Parties to enforce the terms of this Term
Sheet.</P></TD></TR>
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<TD VALIGN="top"><B><I>3. Monetary Payments</I></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Virpax will pay Plaintiffs a total of $6&nbsp;million to settle Plaintiffs&#146; claims against Virpax. This will be paid as followed:</P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.50em; font-size:10pt; font-family:Times New Roman">&#149;&#8195;&#8202;By March&nbsp;1, 2024, Virpax
will pay Plaintiffs $3.5&nbsp;million, payable to Scilex.</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.50em; font-size:10pt; font-family:Times New Roman">&#149;&#8195;&#8202;By July&nbsp;1, 2024 Virpax will pay Plaintiffs $2.5&nbsp;million, payable to Scilex.</P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Each Party shall bear its own attorneys&#146; fees and costs associated with this
litigation.</P></TD></TR></TABLE>
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<TD VALIGN="top"><B><I>4. Royalty Payments</I></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">To the extent any of the below drug candidates are ever sold, Virpax will pay Plaintiffs royalties in the following amounts:</TD></TR>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.50em; font-size:10pt; font-family:Times New Roman">&#149;&#8195;&#8202;6% of annual Net Sales of Epoladerm;</P></TD></TR>
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.50em; font-size:10pt; font-family:Times New Roman">&#149;&#8195;&#8202;6% of annual Net Sales of Probudur;</P></TD></TR>
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.50em; font-size:10pt; font-family:Times New Roman">&#149;&#8195;&#8202;6% of annual Net Sales of Envelta.</P></TD></TR>
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&#147;Net Sales&#148; shall mean, with respect to any product, the gross amount invoiced with respect thereto, whether by Virpax, any affiliate of Virpax, any <FONT STYLE="white-space:nowrap">sub-licensee,</FONT> <FONT
STYLE="white-space:nowrap">co-marketer,</FONT> collaborator, joint venturer or other partner (collectively, the &#147;Selling Parties&#148;) in an arm&#146;s length transaction exclusively for money or, where the sale is not at arm&#146;s length or
not exclusively for money, the price that would have been so invoiced if it had been at arm&#146;s length exclusively for money, less the following to the extent allowed, paid or accrued with respect to such sales consistent with relevant accounting
standards:</TD></TR>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">(a) normal and customary trade, cash and/or quantity discounts allowed and taken, and wholesaler and inventory management fees paid, with respect to sales of such product or products;</TD></TR>
<TR STYLE="font-size:1pt">
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">(b) amounts paid, repaid or credited by reason of defects, rejection, recalls, returns and allowances with respect to such product or products;</TD></TR>
<TR STYLE="font-size:1pt">
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">(c) any applicable sales, use or value-added taxes;</TD></TR>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">(d) charges, chargebacks, rebates, discounts and amounts under rebate programs paid or accrued on sale or dispensing of the such product;</TD></TR>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">(e) all transportation charges, including freight, postage and insurance related directly to such product, in each case to the extent included in the invoice price to a buyer; and</TD></TR>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">(f) all other deductions allowed by relevant accounting standards, as consistently applied by Virpax and its affiliates (or their licensees or <FONT STYLE="white-space:nowrap">sub-licensees,</FONT> as applicable) in determining net
product sales.</TD></TR></TABLE>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">For clarification, sale of product by a selling party to another selling party for resale by such entity to a third party shall not be deemed a sale for purposes of this definition of &#147;Net Sales,&#148; provided that the
subsequent resale is included in the computation of Net Sales. Further, transfers or dispositions of Product, without consideration: (A)&nbsp;in connection with patient assistance programs; (B)&nbsp;for charitable or promotional purposes;
(C)&nbsp;for preclinical, clinical, regulatory or governmental purposes or under <FONT STYLE="white-space:nowrap">so-called</FONT> &#147;named patient&#148; or other limited access programs; or (D)&nbsp;for use in any tests or studies reasonably
necessary to comply with applicable law, regulation or request by a regulatory authority, shall not, in each case of (A)&nbsp;through (D), be deemed sales of such product for purposes of this definition of &#147;Net Sales.&#148;</TD></TR>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Royalty term will end upon:</TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">(a) expiration of the <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">last-to-expire</FONT></FONT> valid patent claim of Virpax or its licensor covering the manufacture, use or sale of such product in such country;
and</TD></TR>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">(b) expiration of any period of regulatory exclusivity for such product in such country</TD></TR>
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>B. SEARCH FOR AND REMOVAL OF SCILEX DOCUMENTS</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B><I>1. Search for and Destruction of Scilex Information</I></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Within 30 days of the execution of the Definitive Agreement, or 60 days from the date this Term Sheet is fully executed, whichever is earlier, Virpax shall perform a search of its systems for Scilex&#146;s nonpublic information,
including all documents identified in the pleadings and alleged to be Scilex&#146;s confidential information. Virpax shall destroy all hard copies of such information and shall remove any such information from its computing systems but shall create
a preservation copy of such information on a hard drive that shall be maintained by Virpax&#146;s counsel Ballard Spahr during the pendency of this Action until there is a binding settlement or final,
<FONT STYLE="white-space:nowrap">non-appealable</FONT> decision as to all Parties.</TD></TR>
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>C. OTHER MATTERS</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"><B><I>1. No admission of liability</I></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">By entering into this Term Sheet or any Definitive Agreement, neither Party is admitting liability for any claim including those asserted in the Action.</TD></TR>
<TR STYLE="font-size:1pt">
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B><I>2. Governing Law</I></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Delaware.</TD></TR>
</TABLE>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Jaisim Shah</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">On behalf of Scilex Pharmaceuticals Inc.</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By: Jaisim Shah</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Its: CEO</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Date: February 26, 2024</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s Moshin Meghji</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">On behalf of Sorrento Therapeutics, Inc.</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By: Moshin Meghji</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Its: CRO</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Date: February 26, 2024</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Gerald W. Bruce</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">On behalf of Virpax Pharmaceuticals, Inc.</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By: Gerald W. Bruce</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title: CEO</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Date: February&nbsp;26, 2024</TD></TR>
</TABLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.1 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

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</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>FOR IMMEDIATE RELEASE</B></P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B>February&nbsp;26, 2024</B></P></TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Scilex Holding Company&#146;s Wholly Owned Subsidiary, Scilex Pharmaceuticals Inc., Enters into a Term Sheet with Virpax
Pharmaceuticals, Inc. Regarding a Mutual Release and Settlement Agreement </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>PALO ALTO, CALIFORNIA &#150; February</B><B></B><B>&nbsp;26, 2024 (GLOBE
NEWSWIRE)&#151;</B>Scilex Holding Company (Nasdaq: SCLX, &#147;Scilex&#148; or &#147;Company&#148;), an innovative revenue-generating company focused on acquiring, developing and commercializing <FONT STYLE="white-space:nowrap">non-opioid</FONT>
pain management products for the treatment of acute and chronic pain, today announced that its wholly owned subsidiary, Scilex Pharmaceuticals Inc. (&#147;Scilex Pharma&#148;), and Sorrento Therapeutics, Inc. (&#147;Sorrento&#148;) entered into a
term sheet with Virpax Pharmaceuticals, Inc. (&#147;Virpax&#148;) regarding a mutual release and settlement agreement (the &#147;Settlement Term Sheet&#148;) relating to an action (the &#147;Action&#148;) filed by Scilex Pharma and Sorrento
(together, the &#147;Plaintiffs&#148;) against Anthony Mack, former President of Scilex Pharma and Virpax, a company founded and then headed by Mr.&nbsp;Mack. Pursuant to the Settlement Term Sheet, the parties have agreed to enter a definitive
settlement agreement by or before March&nbsp;1, 2024 to resolve their ongoing disputes and provide for, among other things, that Virpax will be obligated to make the following payments to the Company to settle the Action: (i) $3.5&nbsp;million by
March&nbsp;1, 2024 (the &#147;Initial Payment&#148;); (ii) $2.5&nbsp;million by July&nbsp;1, 2024 (the &#147;Second Payment&#148;) and (iii)&nbsp;to the extent any of the following drug candidates are ever sold, royalty payments of (a) 6% of annual
Net Sales (as defined in the Settlement Term Sheet) of Epoladerm; (b) 6% of annual Net Sales of Probudur and (c) 6% of annual Net Sales of Envelta. Such royalty payments will end upon (i)&nbsp;expiration of the <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">last-to-expire</FONT></FONT> valid patent claim of Virpax or its licensor covering the manufacture, use or sale of such product in such country; and (ii)&nbsp;expiration of any period of regulatory exclusivity for such
product in such country. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Each of the Plaintiffs and Virpax provides mutual releases of all claims that exist as of the date of the execution of the
Settlement Term Sheet, whether known or unknown, arising from any allegations set forth in the Action. The Plaintiffs&#146; release relates to claims against Virpax only, which does not affect their claims against Mr.&nbsp;Mack. Plaintiffs have not
released Mr.&nbsp;Mack, and litigation against him remains ongoing. Plaintiffs&#146; release as to Virpax is conditioned upon Virpax&#146;s Initial Payment. The Plaintiffs and Virpax are required to make best efforts to enter into a definitive
agreement with respect to the terms set forth in the Settlement Term Sheet, but if they fail to do so by or before March&nbsp;1, 2024, such term sheet will be binding and enforceable with respect to all the terms set forth therein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For more information on ZTlido<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP> including Full Prescribing Information, refer to
<U>www.ztlido.com</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For more information on ELYXYB<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP>, including Full Prescribing Information,
refer to www.elyxyb.com. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page | 1 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For more information on Gloperba<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP>, including Full
Prescribing Information, refer to <U>www.gloperba.com</U>. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>About Scilex Holding Company </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Scilex Holding Company is an innovative revenue-generating company focused on acquiring, developing and commercializing
<FONT STYLE="white-space:nowrap">non-opioid</FONT> pain management products for the treatment of acute and chronic pain. Scilex targets indications with high unmet needs and large market opportunities with
<FONT STYLE="white-space:nowrap">non-opioid</FONT> therapies for the treatment of patients with acute and chronic pain and are dedicated to advancing and improving patient outcomes. Scilex&#146;s commercial products include: (i)&nbsp;ZTlido<SUP
STYLE="font-size:75%; vertical-align:top">&reg;</SUP> (lidocaine topical system) 1.8%, a prescription lidocaine topical product approved by the U.S. Food and Drug Administration (the &#147;FDA&#148;) for the relief of neuropathic pain associated
with postherpetic neuralgia, which is a form of post-shingles nerve pain; (ii)&nbsp;ELYXYB<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP>, a potential first-line treatment and the only <FONT STYLE="white-space:nowrap">FDA-approved,</FONT>
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">ready-to-use</FONT></FONT> oral solution for the acute treatment of migraine, with or without aura, in adults; and
(iii)&nbsp;GLOPERBA<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP>, the first and only liquid oral version of the anti-gout medicine colchicine indicated for the prophylaxis of painful gout flares in adults, expected to launch in 2024.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In addition, Scilex has three product candidates: <FONT STYLE="white-space:nowrap">(i)&nbsp;SP-102</FONT> (10 mg, dexamethasone sodium phosphate viscous
gel) (&#147;SEMDEXA<SUP STYLE="font-size:75%; vertical-align:top">TM</SUP>&#148; or <FONT STYLE="white-space:nowrap">&#147;SP-102&#148;),</FONT> a novel, viscous gel formulation of a widely used corticosteroid for epidural injections to treat
lumbosacral radicular pain, or sciatica for which Scilex has completed a Phase 3 study; <FONT STYLE="white-space:nowrap">(ii)&nbsp;SP-103</FONT> (lidocaine topical system) 5.4%, <FONT STYLE="white-space:nowrap">(&#147;SP-103&#148;),</FONT> a
next-generation, triple-strength formulation of ZTlido, for the treatment of chronic neck pain and for which Scilex has recently completed a Phase 2 trial in low back pain; and <FONT STYLE="white-space:nowrap">(iii)&nbsp;SP-104</FONT> (4.5 mg, <FONT
STYLE="white-space:nowrap">low-dose</FONT> naltrexone hydrochloride delayed-release capsules) <FONT STYLE="white-space:nowrap">(&#147;SP-104&#148;),</FONT> a novel <FONT STYLE="white-space:nowrap">low-dose</FONT> delayed-release naltrexone
hydrochloride being developed for the treatment of fibromyalgia, for which Phase 1 trials were completed in the second quarter of 2022 and a Phase 2 clinical trial is expected to commence in 2024. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Scilex Holding Company is headquartered in Palo Alto, California. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Forward-Looking Statements </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This press release and any
statements made for and during any presentation or meeting concerning the matters discussed in this press release contain forward-looking statements related to Scilex and its subsidiaries under the safe harbor provisions of Section&nbsp;21E of the
Private Securities Litigation Reform Act of 1995 and are subject to risks and uncertainties that could cause actual results to differ materially from those projected. <FONT STYLE="white-space:nowrap">Forward-looking</FONT> statements include
statements regarding the timing of the Initial Payment and Second Payment, timing of entering into a definitive settlement agreement, the settlement of the Action, each parties&#146; mutual releases of all claims arising from the Action, and the
extent to which any of the noted drug candidates are ever sold and any related royalty payments in respect thereof. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page | 2 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Risks and uncertainties that could cause Scilex&#146;s actual results to differ materially and adversely
from those expressed in our forward-looking statements, include, but are not limited to: risks associated with the unpredictability of trading markets and whether a market will be established for Scilex&#146;s common stock; general economic,
political and business conditions; risks related to <FONT STYLE="white-space:nowrap">COVID-19</FONT> (and other similar disruptions); the risk that the potential product candidates that Scilex develops may not progress through clinical development
or receive required regulatory approvals within expected timelines or at all; risks relating to uncertainty regarding the regulatory pathway for Scilex&#146;s product candidates; the risk that Scilex will be unable to successfully market or gain
market acceptance of its product candidates; the risk that Scilex&#146;s product candidates may not be beneficial to patients or successfully commercialized; the risk that Scilex has overestimated the size of the target patient population, their
willingness to try new therapies and the willingness of physicians to prescribe these therapies; risks that the outcome of the trials and studies for <FONT STYLE="white-space:nowrap">SP-102,</FONT> <FONT STYLE="white-space:nowrap">SP-103</FONT> or <FONT
STYLE="white-space:nowrap">SP-104</FONT> may not be successful or reflect positive outcomes; risks that the prior results of the clinical and investigator-initiated trials of <FONT STYLE="white-space:nowrap">SP-102</FONT> (SEMDEXA<SUP
STYLE="font-size:75%; vertical-align:top">&#153;</SUP>), <FONT STYLE="white-space:nowrap">SP-103</FONT> or <FONT STYLE="white-space:nowrap">SP-104</FONT> may not be replicated; regulatory and intellectual property risks; and other risks and
uncertainties indicated from time to time and other risks described in Scilex&#146;s most recent periodic reports filed with the Securities and Exchange Commission, including Scilex&#146;s Annual Report on Form
<FONT STYLE="white-space:nowrap">10-K</FONT> for the year ended December&nbsp;31, 2022 and subsequent Quarterly Reports on Form <FONT STYLE="white-space:nowrap">10-Q</FONT> filed with the Securities and Exchange Commission, including the risk
factors set forth in those filings. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release, and Scilex undertakes no obligation to update any forward-looking statement
in this press release except as may be required by law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Contacts: </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Investors and Media </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Scilex Holding Company </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">960 San Antonio Road </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Palo Alto, CA 94303 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office: (650) <FONT STYLE="white-space:nowrap">516-4310</FONT> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Email: investorrelations@scilexholding.com </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Website:
<U>www.scilexholding.com</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"># # # </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SEMDEXA<SUP
STYLE="font-size:75%; vertical-align:top">&#153;</SUP> <FONT STYLE="white-space:nowrap">(SP-102)</FONT> is a trademark owned by Semnur Pharmaceuticals, Inc., a wholly-owned subsidiary of Scilex Holding Company. A proprietary name review by the FDA
is planned. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">ZTlido<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP> is a registered trademark owned by Scilex Pharmaceuticals Inc., a
wholly-owned subsidiary of Scilex Holding Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Gloperba<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP> is the subject of an exclusive,
transferable license to use the registered trademark by Scilex Holding Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">ELYXYB<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP> is the
subject of an exclusive, transferable license to use the registered trademark by Scilex Holding Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All other trademarks are the property of their
respective owners. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><SUP STYLE="font-size:75%; vertical-align:top">&copy;</SUP> 2024 Scilex Holding Company All Rights Reserved. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page | 3 </P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
