{"schema_version":"secwatch.filing_event.v1","accession":"0001193125-23-183184","form_type":"8-K","ticker":"SCLX","cik":"0001820190","company_name":"Scilex Holding Co","filed_at":"2023-07-07T23:59:59+00:00","discovered_at":"2026-05-14T18:03:35.436095+00:00","generated_at":"2026-06-13T11:12:05.349077+00:00","sec_items":["1.01","9.01"],"event_type":"debt","sentiment":"neutral","materiality_score":0.6,"calibrated_materiality_score":0.6,"confidence":"high","headline":"Scilex commits up to $20M junior DIP loan to Sorrento Therapeutics in Ch. 11","bullets":["Scilex provides Sorrento with $20M junior secured DIP term loan at 12% PIK interest, subject to bankruptcy court approval.","Loan carries 1% commitment fee, 1% funding fee, and 2% exit fee, payable in cash or PIK.","Maturity is earliest of Sep 30, 2023, plan effective date, or asset sale; subordinated to senior JMB DIP facility.","Sorrento's liquidity expected to last only until July 7, 2023; financing needed for working capital and bankruptcy expenses.","Proceeds used for working capital and Chapter 11 costs; DIP Lender gets first-priority lien on loan proceeds."],"urls":{"canonical":"https://secwatch.observer/filing/0001193125-23-183184","json":"https://secwatch.observer/filing/0001193125-23-183184.json","markdown":"https://secwatch.observer/filing/0001193125-23-183184.md","text":"https://secwatch.observer/filing/0001193125-23-183184.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1820190/000119312523183184/0001193125-23-183184-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1820190/000119312523183184/d507324d8k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-13T11:12:05.349077+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"3fb834b8775d83fac17eeca4da476e2b92a22496","claim":"Scilex Holding Co entered into Junior DIP Term Sheet with Sorrento Therapeutics, Inc. and Scintilla Pharmaceuticals, Inc. (the Debtors) valued at $20,000,000 (effective 2023-07-05).","evidence_excerpt":"On July 5, 2023, the Company and the Debtors executed that certain Debtor-in-Possession Term Loan Facility Summary of Terms and Conditions (the “Junior DIP Term Sheet”), pursuant to which the Company (or its designees or its assignees) will provide the Debtors with a non-amortizing super-priority junior secured term loan facility in an aggregate principal amount not to exceed the sum of (i) $20,000,000 (the “Base Amount”), plus (ii) the amount of the commitment fee and the funding fee, each equal to 1% of the Base Amount, plus (iii) the amount of the DIP Lender Holdback (as defined in the Interim DIP Order) (the “Junior DIP Facility”)","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1820190/000119312523183184/0001193125-23-183184-index.htm","confidence":0.9,"family_label":"Material Agreements","details":[{"label":"Action","value":"entry"},{"label":"Agreement","value":"credit facility"},{"label":"Counterparty","value":"Sorrento Therapeutics, Inc. and Scintilla Pharmaceuticals, Inc. (the Debtors)"},{"label":"Value","value":"$20,000,000"},{"label":"Effective","value":"2023-07-05"}],"fact_type":"material_agreement"},{"claim_id":"652c85c2946f8a2235f4fd77b4c63b9e224dd85e","claim":"Scilex Holding Co entered into Subordination Agreement with JMB Capital Partners Lending, LLC (the Senior DIP Lender) (effective 2023-07-05).","evidence_excerpt":"In connection with the Junior DIP Term Sheet, the Company entered into the Subordination Agreement with the Senior DIP Lender, which specifies that the Junior DIP Facility is subordinated in right of payment and security to the Senior DIP Facility as more fully set forth therein.","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1820190/000119312523183184/0001193125-23-183184-index.htm","confidence":0.9,"family_label":"Material Agreements","details":[{"label":"Action","value":"entry"},{"label":"Counterparty","value":"JMB Capital Partners Lending, LLC (the Senior DIP Lender)"},{"label":"Effective","value":"2023-07-05"}],"fact_type":"material_agreement"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}