10-Q Filing

VIRNETX HOLDING CORP CIK: 1082324 Q3 2018

Filing Information

Form Type	10-Q
Accession Number	`0001140361-18-042786`
Period End Date	20180930
Filing Date	20181108
Fiscal Year	2018
Fiscal Period	Q3
XBRL Instance	vhc-20180930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 66 Income Statement 44 Cash Flow Statement 46 Comprehensive Income 20

Balance Sheet 66 line items

Line Item	Tag	Value	Unit	Period
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$6.63M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.65M	USD	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$3.13M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$11.40M	USD	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Accounts receivables	`AccountsReceivableNetCurrent`	-	USD	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Accounts receivables	`AccountsReceivableNetCurrent`	$4.00K	USD	Point-in-time
Investments available for sale	`AvailableForSaleSecuritiesDebtSecuritiesCurrent`	$1.45M	USD	Point-in-time
Preferred stock, shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred stock, shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Investments available for sale	`AvailableForSaleSecuritiesDebtSecuritiesCurrent`	$645.00K	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$591.00K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$791.00K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$12.84M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$5.18M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	66.38M	shares	Point-in-time
Prepaid expenses, non-current	`PrepaidExpenseNoncurrent`	$1.99M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	59.05M	shares	Point-in-time
Prepaid expenses, non-current	`PrepaidExpenseNoncurrent`	$1.70M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$7.00K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$13.00K	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	59.05M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	66.38M	shares	Point-in-time
Total assets	`Assets`	$14.55M	USD	Point-in-time
Total assets	`Assets`	$7.17M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$414.00K	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$396.00K	USD	Point-in-time
Accrued payroll and related expenses	`EmployeeRelatedLiabilitiesCurrent`	$2.17M	USD	Point-in-time
Accrued payroll and related expenses	`EmployeeRelatedLiabilitiesCurrent`	$251.00K	USD	Point-in-time
Income tax liability	`AccruedIncomeTaxesCurrent`	$398.00K	USD	Point-in-time
Income tax liability	`AccruedIncomeTaxesCurrent`	$393.00K	USD	Point-in-time
Deferred revenue, current portion	`ContractWithCustomerLiabilityCurrent`	$1.50M	USD	Point-in-time
Deferred revenue, current portion	`ContractWithCustomerLiabilityCurrent`	-	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$4.48M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.04M	USD	Point-in-time
Deferred revenue, non-current portion	`ContractWithCustomerLiabilityNoncurrent`	$1.00M	USD	Point-in-time
Deferred revenue, non-current portion	`ContractWithCustomerLiabilityNoncurrent`	-	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$140.00K	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$140.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$5.62M	USD	Point-in-time
Total liabilities	`Liabilities`	$1.19M	USD	Point-in-time
Commitments and contingencies (Note 4)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 4)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock, par value $0.0001 per share. Authorized: 10,000,000 shares at September 30, 2018 and December 31, 2017, Issued and outstanding: 0 shares at September 30, 2018 and December 31, 2017	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, par value $0.0001 per share. Authorized: 10,000,000 shares at September 30, 2018 and December 31, 2017, Issued and outstanding: 0 shares at September 30, 2018 and December 31, 2017	`PreferredStockValue`	-	USD	Point-in-time
Common stock, par value $0.0001 per share. Authorized: 100,000,000 shares at September 30, 2018 and December 31, 2017, Issued and outstanding: 66,376,184 shares and 59,051,978 shares, at September 30, 2018 and December 31, 2017, respectively	`CommonStockValue`	$7.00K	USD	Point-in-time
Common stock, par value $0.0001 per share. Authorized: 100,000,000 shares at September 30, 2018 and December 31, 2017, Issued and outstanding: 66,376,184 shares and 59,051,978 shares, at September 30, 2018 and December 31, 2017, respectively	`CommonStockValue`	$6.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$177.08M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$205.38M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-175.52M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-192.00M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-14.00K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-13.00K	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$1.55M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$13.36M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$14.55M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$7.17M	USD	Point-in-time

Income Statement 44 line items

Line Item	Tag	Value	Unit	Period
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$28.00K	USD	3 Qtrs
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$1.15M	USD	3 Qtrs
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$375.00K	USD	1 Quarter
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$7.00K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$783.00K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$2.66M	USD	3 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$932.00K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$3.12M	USD	3 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$15.92M	USD	3 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$9.77M	USD	3 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$3.15M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$4.02M	USD	1 Quarter
Total operating expense	`OperatingExpenses`	$3.94M	USD	1 Quarter
Total operating expense	`OperatingExpenses`	$4.96M	USD	1 Quarter
Total operating expense	`OperatingExpenses`	$12.43M	USD	3 Qtrs
Total operating expense	`OperatingExpenses`	$19.05M	USD	3 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-19.02M	USD	3 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-11.28M	USD	3 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-4.95M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-3.56M	USD	1 Quarter
Interest and other income, net	`InterestAndOtherIncomeExpenseNonoperatingNet`	$14.00K	USD	1 Quarter
Interest and other income, net	`InterestAndOtherIncomeExpenseNonoperatingNet`	$34.00K	USD	3 Qtrs
Interest and other income, net	`InterestAndOtherIncomeExpenseNonoperatingNet`	$9.00K	USD	1 Quarter
Interest and other income, net	`InterestAndOtherIncomeExpenseNonoperatingNet`	$40.00K	USD	3 Qtrs
Loss before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-4.93M	USD	1 Quarter
Loss before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-18.98M	USD	3 Qtrs
Loss before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-3.55M	USD	1 Quarter
Loss before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-11.24M	USD	3 Qtrs
Income tax benefit (expense)	`IncomeTaxExpenseBenefit`	$5.00K	USD	3 Qtrs
Income tax benefit (expense)	`IncomeTaxExpenseBenefit`	$4.00K	USD	3 Qtrs
Income tax benefit (expense)	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Income tax benefit (expense)	`IncomeTaxExpenseBenefit`	$-1.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-18.99M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-11.24M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-4.93M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-3.55M	USD	1 Quarter
Basic and diluted loss per share (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.31	USD	3 Qtrs
Basic and diluted loss per share (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.19	USD	3 Qtrs
Basic and diluted loss per share (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.08	USD	1 Quarter
Basic and diluted loss per share (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.06	USD	1 Quarter
Weighted average shares outstanding basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	58.22M	shares	3 Qtrs
Weighted average shares outstanding basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	58.31M	shares	1 Quarter
Weighted average shares outstanding basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	63.38M	shares	1 Quarter
Weighted average shares outstanding basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	61.69M	shares	3 Qtrs

Cash Flow Statement 46 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-18.99M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-11.24M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-4.93M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-3.55M	USD	1 Quarter
Depreciation	`Depreciation`	$21.00K	USD	3 Qtrs
Depreciation	`Depreciation`	$14.00K	USD	3 Qtrs
Stock-based compensation	`AllocatedShareBasedCompensationExpense`	$2.78M	USD	3 Qtrs
Stock-based compensation	`AllocatedShareBasedCompensationExpense`	$3.03M	USD	3 Qtrs
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-184.00K	USD	3 Qtrs
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-89.00K	USD	3 Qtrs
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-18.00K	USD	3 Qtrs
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-1.00M	USD	3 Qtrs
Accrued payroll and related expenses	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-1.27M	USD	3 Qtrs
Accrued payroll and related expenses	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-1.88M	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$4.00K	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	-	USD	3 Qtrs
Other current liabilities	`IncreaseDecreaseInOtherCurrentLiabilities`	$140.00K	USD	3 Qtrs
Other current liabilities	`IncreaseDecreaseInOtherCurrentLiabilities`	-	USD	3 Qtrs
Income tax liability	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-2.00K	USD	3 Qtrs
Income tax liability	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$5.00K	USD	3 Qtrs
Deferred revenue	`IncreaseDecreaseInContractWithCustomerLiability`	$-1.12M	USD	3 Qtrs
Deferred revenue	`IncreaseDecreaseInContractWithCustomerLiability`	-	USD	3 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-11.52M	USD	3 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-17.76M	USD	3 Qtrs
Purchase of investments	`PaymentsToAcquireAvailableForSaleSecurities`	$1.43M	USD	3 Qtrs
Purchase of investments	`PaymentsToAcquireAvailableForSaleSecurities`	$756.00K	USD	3 Qtrs
Proceeds from sale or maturity of investments	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$7.34M	USD	3 Qtrs
Proceeds from sale or maturity of investments	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$2.22M	USD	3 Qtrs
Net cash provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$789.00K	USD	3 Qtrs
Net cash provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$6.58M	USD	3 Qtrs
Proceeds from sale of common stock	`ProceedsFromIssuanceOfCommonStock`	-	USD	3 Qtrs
Proceeds from sale of common stock	`ProceedsFromIssuanceOfCommonStock`	$25.27M	USD	3 Qtrs
Payments of taxes on cashless exercise of restricted stock units	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$42.00K	USD	3 Qtrs
Payments of taxes on cashless exercise of restricted stock units	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$42.00K	USD	3 Qtrs
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-42.00K	USD	3 Qtrs
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$25.23M	USD	3 Qtrs
Net increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-4.98M	USD	3 Qtrs
Net increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$8.26M	USD	3 Qtrs
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$6.63M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.65M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$3.13M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$11.40M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$6.63M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.65M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$3.13M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$11.40M	USD	Point-in-time

Comprehensive Income 20 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-18.99M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-11.24M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-4.93M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-3.55M	USD	1 Quarter
Change in equity adjustment from foreign currency translation, net of tax	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	-	USD	3 Qtrs
Change in equity adjustment from foreign currency translation, net of tax	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	-	USD	1 Quarter
Change in equity adjustment from foreign currency translation, net of tax	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-1.00K	USD	3 Qtrs
Change in equity adjustment from foreign currency translation, net of tax	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-1.00K	USD	1 Quarter
Change in unrealized gain (loss) on investments, net of tax	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-2.00K	USD	3 Qtrs
Change in unrealized gain (loss) on investments, net of tax	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	-	USD	1 Quarter
Change in unrealized gain (loss) on investments, net of tax	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	-	USD	3 Qtrs
Change in unrealized gain (loss) on investments, net of tax	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$3.00K	USD	1 Quarter
Total other comprehensive income gain (loss)	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-2.00K	USD	3 Qtrs
Total other comprehensive income gain (loss)	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-1.00K	USD	1 Quarter
Total other comprehensive income gain (loss)	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-1.00K	USD	3 Qtrs
Total other comprehensive income gain (loss)	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$3.00K	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-11.25M	USD	3 Qtrs
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-18.99M	USD	3 Qtrs
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-3.55M	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-4.93M	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.