Scilex is a small specialty pharmaceutical company focused on non-opioid pain management. Its primary marketed product is ZTlido (lidocaine topical system 1.8%), a prescription lidocaine patch approved for neuropathic pain from postherpetic neuralgia. ZTlido differentiates itself from legacy hydrogel-based patches through a drug-in-adhesive hot-melt system that maintains strong adhesion throughout the full 12-hour wear period. Scilex also markets ELYXYB, an oral liquid celecoxib for acute migraine, and GLOPERBA, a liquid colchicine for gout prophylaxis — both niche "first liquid formulation" products. Scilex sells all three through an outsourced sales force of over 30 reps targeting pain specialists, neurologists, and primary care physicians, leveraging shared call points across all three products. Scilex does not manufacture its products; ZTlido is licensed from Oishi in Japan, and Scilex pays royalties of 25–35% of net quarterly profits on ZTlido. The most notable pipeline asset is SEMDEXA, a gel dexamethasone formulation for epidural injection to treat sciatica, which has completed one Phase 3 trial and would be the first FDA-approved epidural steroid injection for sciatica if approved. A key near-term headwind is the March 2025 FDA approval of a generic 1.8% lidocaine patch, which enables pharmacy substitution and pressures ZTlido's pricing and volume. Scilex has also announced plans to hold bitcoin and other cryptocurrencies as its primary treasury asset.