10-Q Filing

VIRNETX HOLDING CORP CIK: 1082324 Q1 2020

Filing Information

Form Type	10-Q
Accession Number	`0001140361-20-011246`
Period End Date	20200331
Filing Date	20200511
Fiscal Year	2020
Fiscal Period	Q1
XBRL Instance	vhc-20200331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 68 Income Statement 30 Cash Flow Statement 48 Stockholders Equity 22 Comprehensive Income 10

Balance Sheet 68 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
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$435.81M	USD	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
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Investments available for sale	`AvailableForSaleSecuritiesDebtSecuritiesCurrent`	$2.39M	USD	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Investments available for sale	`AvailableForSaleSecuritiesDebtSecuritiesCurrent`	$1.34M	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$5.00K	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
Accounts receivable	`AccountsReceivableNetCurrent`	$5.00K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$628.00K	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`	$237.00K	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`	$5.77M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$437.78M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	70.84M	shares	Point-in-time
Prepaid expenses and other assets	`PrepaidExpenseAndOtherAssetsNoncurrent`	$1.60M	USD	Point-in-time
Prepaid expenses and other assets	`PrepaidExpenseAndOtherAssetsNoncurrent`	$1.71M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	69.59M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$15.00K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$16.00K	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	70.84M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	69.59M	shares	Point-in-time
Deferred tax benefit	`DeferredIncomeTaxAssetsNet`	-	USD	Point-in-time
Deferred tax benefit	`DeferredIncomeTaxAssetsNet`	$8.72M	USD	Point-in-time
Total assets	`Assets`	$448.12M	USD	Point-in-time
Total assets	`Assets`	$7.50M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$4.62M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$1.35M	USD	Point-in-time
Accrued licensing costs	`AccruedLicensingCosts`	-	USD	Point-in-time
Accrued licensing costs	`AccruedLicensingCosts`	$90.10M	USD	Point-in-time
Accrued payroll and related expenses	`EmployeeRelatedLiabilitiesCurrent`	$223.00K	USD	Point-in-time
Accrued payroll and related expenses	`EmployeeRelatedLiabilitiesCurrent`	$287.00K	USD	Point-in-time
Other liabilities, current	`OtherLiabilitiesCurrent`	$53.00K	USD	Point-in-time
Other liabilities, current	`OtherLiabilitiesCurrent`	$193.00K	USD	Point-in-time
Income tax liability	`AccruedIncomeTaxesCurrent`	-	USD	Point-in-time
Income tax liability	`AccruedIncomeTaxesCurrent`	$41.48M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$136.48M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.83M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$31.00K	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$44.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$1.87M	USD	Point-in-time
Total liabilities	`Liabilities`	$136.51M	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 March 31, 2020 and December 31, 2019, Issued and outstanding: 0 shares at March 31, 2020 and December 31, 2019	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, par value $0.0001 per share Authorized: 10,000,000 shares at March 31, 2020 and December 31, 2019, Issued and outstanding: 0 shares at March 31, 2020 and December 31, 2019	`PreferredStockValue`	-	USD	Point-in-time
Common stock, par value $0.0001 per share Authorized: 100,000,000 shares at March 31, 2020 and December 31, 2019, Issued and outstanding: 70,838,177 shares and 69,586,764 shares, at March 31, 2020 and December 31, 2019, respectively	`CommonStockValue`	$7.00K	USD	Point-in-time
Common stock, par value $0.0001 per share Authorized: 100,000,000 shares at March 31, 2020 and December 31, 2019, Issued and outstanding: 70,838,177 shares and 69,586,764 shares, at March 31, 2020 and December 31, 2019, respectively	`CommonStockValue`	$7.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$223.24M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$229.27M	USD	Point-in-time
Retained earnings (Accumulated deficit)	`RetainedEarningsAccumulatedDeficit`	$82.34M	USD	Point-in-time
Retained earnings (Accumulated deficit)	`RetainedEarningsAccumulatedDeficit`	$-217.60M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-14.00K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-11.00K	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$9.89M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$8.73M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$311.61M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$5.63M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$7.50M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$448.12M	USD	Point-in-time

Income Statement 30 line items

Line Item	Tag	Value	Unit	Period
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$8.00K	USD	1 Quarter
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$302.58M	USD	1 Quarter
Licensing costs	`LicensingCosts`	$90.10M	USD	1 Quarter
Licensing costs	`LicensingCosts`	-	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$936.00K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$1.91M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$4.71M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$27.38M	USD	1 Quarter
Total operating expense	`OperatingExpenses`	$119.38M	USD	1 Quarter
Total operating expense	`OperatingExpenses`	$5.64M	USD	1 Quarter
Income (Loss) from operations	`OperatingIncomeLoss`	$183.19M	USD	1 Quarter
Income (Loss) from operations	`OperatingIncomeLoss`	$-5.63M	USD	1 Quarter
Gain	`GainLossRelatedToLitigationSettlement`	-	USD	1 Quarter
Gain	`GainLossRelatedToLitigationSettlement`	$41.27M	USD	1 Quarter
Interest and other income, net	`InterestAndOtherIncome`	$108.24M	USD	1 Quarter
Interest and other income, net	`InterestAndOtherIncome`	$28.00K	USD	1 Quarter
Income (Loss) before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$332.70M	USD	1 Quarter
Income (Loss) before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-5.61M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$2.00K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$32.76M	USD	1 Quarter
Net Income (loss)	`NetIncomeLoss`	$-5.61M	USD	1 Quarter
Net Income (loss)	`NetIncomeLoss`	$299.94M	USD	1 Quarter
Basic income (loss) per share (in dollars per share)	`EarningsPerShareBasic`	$-0.08	USD	1 Quarter
Basic income (loss) per share (in dollars per share)	`EarningsPerShareBasic`	$4.26	USD	1 Quarter
Diluted income (loss) per share (in dollars per share)	`EarningsPerShareDiluted`	$4.20	USD	1 Quarter
Diluted income (loss) per share (in dollars per share)	`EarningsPerShareDiluted`	$-0.08	USD	1 Quarter
Weighted average shares outstanding basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	70.36M	shares	1 Quarter
Weighted average shares outstanding basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	67.60M	shares	1 Quarter
Weighted average shares outstanding diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	71.38M	shares	1 Quarter
Weighted average shares outstanding diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	67.60M	shares	1 Quarter

Cash Flow Statement 48 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$-5.61M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$299.94M	USD	1 Quarter
Depreciation	`Depreciation`	$2.00K	USD	1 Quarter
Depreciation	`Depreciation`	$1.00K	USD	1 Quarter
Stock-based compensation	`AllocatedShareBasedCompensationExpense`	$778.00K	USD	1 Quarter
Stock-based compensation	`AllocatedShareBasedCompensationExpense`	$785.00K	USD	1 Quarter
Accounts receivables	`IncreaseDecreaseInAccountsReceivable`	$2.00K	USD	1 Quarter
Accounts receivables	`IncreaseDecreaseInAccountsReceivable`	-	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$201.00K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$281.00K	USD	1 Quarter
Deferred tax benefit	`IncreaseDecreaseInDeferredIncomeTaxes`	$8.72M	USD	1 Quarter
Deferred tax benefit	`IncreaseDecreaseInDeferredIncomeTaxes`	-	USD	1 Quarter
Other liabilities	`IncreaseDecreaseInOtherAccruedLiabilities`	$31.00K	USD	1 Quarter
Other liabilities	`IncreaseDecreaseInOtherAccruedLiabilities`	$-153.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$229.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$3.27M	USD	1 Quarter
Accrued licensing costs	`IncreaseDecreaseInAccruedLicensingCosts`	$90.10M	USD	1 Quarter
Accrued licensing costs	`IncreaseDecreaseInAccruedLicensingCosts`	-	USD	1 Quarter
Accrued payroll and related expenses	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-54.00K	USD	1 Quarter
Accrued payroll and related expenses	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-64.00K	USD	1 Quarter
Income tax liability	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$41.48M	USD	1 Quarter
Income tax liability	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-1.00K	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$426.36M	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-4.82M	USD	1 Quarter
Purchase of investments	`PaymentsToAcquireAvailableForSaleSecurities`	$200.00K	USD	1 Quarter
Purchase of investments	`PaymentsToAcquireAvailableForSaleSecurities`	$2.28M	USD	1 Quarter
Proceeds from sale or maturity of investments	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$1.05M	USD	1 Quarter
Proceeds from sale or maturity of investments	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$1.26M	USD	1 Quarter
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$1.06M	USD	1 Quarter
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.23M	USD	1 Quarter
Proceeds from exercise of options	`ProceedsFromStockOptionsExercised`	$816.00K	USD	1 Quarter
Proceeds from exercise of options	`ProceedsFromStockOptionsExercised`	$768.00K	USD	1 Quarter
Proceeds from sale of common stock	`ProceedsFromIssuanceOfCommonStock`	$2.85M	USD	1 Quarter
Proceeds from sale of common stock	`ProceedsFromIssuanceOfCommonStock`	$4.49M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$3.66M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$5.26M	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-2.38M	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$432.68M	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$435.81M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.13M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$7.61M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$5.23M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$435.81M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.13M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$7.61M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$5.23M	USD	Point-in-time
Cash paid for income taxes	`IncomeTaxesPaid`	$2.00K	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaid`	-	USD	1 Quarter

Stockholders Equity 22 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$9.89M	USD	Point-in-time
Balance	`StockholdersEquity`	$8.73M	USD	Point-in-time
Balance	`StockholdersEquity`	$311.61M	USD	Point-in-time
Balance	`StockholdersEquity`	$5.63M	USD	Point-in-time
Stock issued for cash, net	`StockIssuedDuringPeriodValueNewIssues`	$4.49M	USD	1 Quarter
Stock issued for cash, net	`StockIssuedDuringPeriodValueNewIssues`	$2.85M	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$778.00K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$785.00K	USD	1 Quarter
Stock issued for options and RSUs, net	`StockIssuedDuringPeriodValueShareBasedCompensation`	$768.00K	USD	1 Quarter
Stock issued for options and RSUs, net	`StockIssuedDuringPeriodValueShareBasedCompensation`	$816.00K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-5.61M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$299.94M	USD	1 Quarter
Change in unrealized gain, net	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$2.00K	USD	1 Quarter
Change in unrealized gain, net	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$1.00K	USD	1 Quarter
Change in foreign currency translation, net	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	-	USD	1 Quarter
Change in foreign currency translation, net	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$1.00K	USD	1 Quarter
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$299.95M	USD	1 Quarter
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$-5.61M	USD	1 Quarter
Balance	`StockholdersEquity`	$9.89M	USD	Point-in-time
Balance	`StockholdersEquity`	$8.73M	USD	Point-in-time
Balance	`StockholdersEquity`	$311.61M	USD	Point-in-time
Balance	`StockholdersEquity`	$5.63M	USD	Point-in-time

Comprehensive Income 10 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$-5.61M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$299.94M	USD	1 Quarter
Change in unrealized gain, net of tax	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$2.00K	USD	1 Quarter
Change in unrealized gain, net of tax	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$1.00K	USD	1 Quarter
Change in foreign currency translation, net of tax	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	-	USD	1 Quarter
Change in foreign currency translation, net of tax	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$1.00K	USD	1 Quarter
Total other comprehensive income (loss), net of tax	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$3.00K	USD	1 Quarter
Total other comprehensive income (loss), net of tax	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$1.00K	USD	1 Quarter
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$299.95M	USD	1 Quarter
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$-5.61M	USD	1 Quarter

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