SCLXScilex Holding Co · Nasdaq Capital Market · $16.53M mkt cap
Assessed Sep 23, 2026 · Float drift
Is the float you're seeing correct?
6.22M
Estimated float

Issued shares (8,493,000) less subsidiary-held treasury (958,263) = 7,534,737 outstanding.

Confirmed · within 1%
6.21M
Reported float

Data-service feed, fetched today. The number TradingView and most screeners show.

Your screener's float is right for SCLX. Trade off 6.22M shares. What it does not show you is what is about to be added to it.

Dilution risk9/10EXTREME
CONFIDENCE: MEDIUM

The float your screener shows is right, at 6.22M. 3 convertible notes can add another 321% of the float.

  • Variable-rate / at-market mandatory share settlement. The Oramed Note ($29.5M principal plus PIK, a $3.1M exit fee and an unpaid extension fee) matures 2026-09-30 — seven days from this assessment.

  • Near-zero-strike warrant overhang (reverse-split-exempt). Approximately 6,500,000 Penny Warrants at a $0.01 exercise price remain outstanding after the September 2025 repurchase of 6,500,000 of the original 13,000,000.

  • In-the-money registered warrant overhang. The FSF 33433 LLC Deposit Warrant covers 3,250,000 shares at a $1.20 exercise price against a $5.35 market — roughly 4.5x in the money, and 52% of the tradeable float from a single instrument.

From today's float to the ceiling

shares
6.22M
Estimated float
tradeable today
+9.75M can sell now
15.97M
Effective supply
float plus what sells on notice
+11.50M if floors are cut and warrants exercise
27.47M
Fully diluted
ceiling

Where the shares come from

each subtotal is a rung on the ladder above

Tradeable today
6.22M
Can sell now
Registered resale shares, issuable on notice
Already effective; the holder can sell without a further filing.
+3.25M
Warrants in the money, at or near a zero strike
Exercisable at or below the current tape.
+6.50M
Effective supply
15.97M
Converts only if floors are cut
Convertible notes, beyond the registered shares
At the stated conversion prices; a cut to those prices raises the count.
+3.19M
Notes with no conversion price set
Sized in dollars until a price or floor is set; not counted in the ceiling.
$5.00M
Above the current price
Warrants out of the money
Struck above the current tape; supply only if the stock rises.
+6.98M
Other, per engine ceiling
Included in the engine's fully-diluted count but not itemised in the filings we parsed.
+1.33M
Fully diluted
27.47M

Not counted anywhere: ATM and shelf capacity. Convertible share counts use stated conversion prices.

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The facts

Price
—
Market cap
$16.53M
Shares outstanding
7.03M
Reported float
6.21M
Avg volume
31.9K
Reverse splits
1 · latest 1-for-35 · Apr 15, 2025
Going concern
Yes · 0.15 quarters runway
Quarterly burn
$3.90M

Market data as of Oct 25, 2026

Key dates

  • Oct 29, 2026 · QScan $20M convertible note receivable matures (asset-side liquidity event that could avert a share settlement)
  • Jan 3, 2027 · Approximate Rule 144 eligibility for the 500,000 shares placed with Quantum Scan Holdings
  • Nov 10, 2027 · SPAC public and private warrant expiration (198,807 shares at $402.50) — expiry, not dilution