10-Q Filing

VIRNETX HOLDING CORP CIK: 1082324 Q1 2021

Filing Information

Form Type	10-Q
Accession Number	`0001140361-21-016630`
Period End Date	20210331
Filing Date	20210510
Fiscal Year	2021
Fiscal Period	Q1
XBRL Instance	brhc10023938_10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 66 Income Statement 30 Cash Flow Statement 50 Stockholders Equity 14 Comprehensive Income 10

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
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$192.91M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$197.20M	USD	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Investments available for sale	`AvailableForSaleSecuritiesDebtSecuritiesCurrent`	$19.84M	USD	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Investments available for sale	`AvailableForSaleSecuritiesDebtSecuritiesCurrent`	$28.35M	USD	Point-in-time
Preferred stock, shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Accounts receivables	`AccountsReceivableNetCurrent`	$8.00K	USD	Point-in-time
Accounts receivables	`AccountsReceivableNetCurrent`	$6.00K	USD	Point-in-time
Preferred stock, shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Prepaid income tax	`PrepaidTaxes`	$2.90M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Prepaid income tax	`PrepaidTaxes`	$2.90M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$263.00K	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$586.00K	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	71.06M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$220.53M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$224.43M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	71.06M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	71.06M	shares	Point-in-time
Prepaid expenses and other assets	`PrepaidExpenseAndOtherAssetsNoncurrent`	$1.21M	USD	Point-in-time
Prepaid expenses and other assets	`PrepaidExpenseAndOtherAssetsNoncurrent`	$1.30M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	71.06M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$11.00K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$10.00K	USD	Point-in-time
Deferred tax assets	`DeferredIncomeTaxAssetsNet`	$16.25M	USD	Point-in-time
Deferred tax assets	`DeferredIncomeTaxAssetsNet`	$9.05M	USD	Point-in-time
Total assets	`Assets`	$238.00M	USD	Point-in-time
Total assets	`Assets`	$234.79M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$532.00K	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$654.00K	USD	Point-in-time
Accrued payroll and related expenses	`EmployeeRelatedLiabilitiesCurrent`	$274.00K	USD	Point-in-time
Accrued payroll and related expenses	`EmployeeRelatedLiabilitiesCurrent`	$220.00K	USD	Point-in-time
Accrued licensing costs	`AccruedLicensingCosts`	$9.44M	USD	Point-in-time
Accrued licensing costs	`AccruedLicensingCosts`	-	USD	Point-in-time
Accrued legal expenses (Note 7)	`AccruedProfessionalFeesCurrent`	$38.28M	USD	Point-in-time
Accrued legal expenses (Note 7)	`AccruedProfessionalFeesCurrent`	-	USD	Point-in-time
Other liabilities, current	`OtherLiabilitiesCurrent`	$44.00K	USD	Point-in-time
Other liabilities, current	`OtherLiabilitiesCurrent`	$31.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$10.36M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$39.12M	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, 2021 and December 31, 2019, Issued and outstanding: 0 shares at March 31, 2021 and December 31, 2020	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, par value $0.0001 per share Authorized: 10,000,000 shares at March 31, 2021 and December 31, 2019, Issued and outstanding: 0 shares at March 31, 2021 and December 31, 2020	`PreferredStockValue`	-	USD	Point-in-time
Common stock, par value $0.0001 per share Authorized: 100,000,000 shares at March 31, 2021 and December 31, 2020, Issued and outstanding: 71,058,570 shares and 71,058,570 shares, at March 31, 2021 and December 31, 2020, respectively	`CommonStockValue`	$7.00K	USD	Point-in-time
Common stock, par value $0.0001 per share Authorized: 100,000,000 shares at March 31, 2021 and December 31, 2020, Issued and outstanding: 71,058,570 shares and 71,058,570 shares, at March 31, 2021 and December 31, 2020, respectively	`CommonStockValue`	$7.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$233.34M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$232.46M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-34.46M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-8.01M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-13.00K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-11.00K	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$5.63M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$224.44M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$198.88M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$311.61M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$234.79M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$238.00M	USD	Point-in-time

Income Statement 30 line items

Line Item	Tag	Value	Unit	Period
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$302.58M	USD	1 Quarter
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$5.00K	USD	1 Quarter
Licensing costs	`LicensingCosts`	$-9.44M	USD	1 Quarter
Licensing costs	`LicensingCosts`	$90.10M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$1.15M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$1.91M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$27.38M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$41.94M	USD	1 Quarter
Total operating expense	`OperatingExpenses`	$33.66M	USD	1 Quarter
Total operating expense	`OperatingExpenses`	$119.38M	USD	1 Quarter
(Loss) income from operations	`OperatingIncomeLoss`	$-33.65M	USD	1 Quarter
(Loss) income from operations	`OperatingIncomeLoss`	$183.19M	USD	1 Quarter
Gain on settlement	`GainLossRelatedToLitigationSettlement`	$41.27M	USD	1 Quarter
Gain on settlement	`GainLossRelatedToLitigationSettlement`	-	USD	1 Quarter
Interest and other income, net	`InterestAndOtherIncome`	$16.00K	USD	1 Quarter
Interest and other income, net	`InterestAndOtherIncome`	$108.24M	USD	1 Quarter
(Loss) income before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$332.70M	USD	1 Quarter
(Loss) income before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-33.64M	USD	1 Quarter
Income tax benefit (expense)	`IncomeTaxExpenseBenefit`	$32.76M	USD	1 Quarter
Income tax benefit (expense)	`IncomeTaxExpenseBenefit`	$-7.19M	USD	1 Quarter
Net (Loss) income	`NetIncomeLoss`	$-26.44M	USD	1 Quarter
Net (Loss) income	`NetIncomeLoss`	$299.94M	USD	1 Quarter
Basic (loss) income per share (in dollars per share)	`EarningsPerShareBasic`	$-0.37	USD	1 Quarter
Basic (loss) income per share (in dollars per share)	`EarningsPerShareBasic`	$4.26	USD	1 Quarter
Diluted (loss) income per share (in dollars per share)	`EarningsPerShareDiluted`	$4.20	USD	1 Quarter
Diluted (loss) income per share (in dollars per share)	`EarningsPerShareDiluted`	$-0.37	USD	1 Quarter
Weighted average shares outstanding basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	71.06M	shares	1 Quarter
Weighted average shares outstanding basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	70.36M	shares	1 Quarter
Weighted average shares outstanding diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	71.06M	shares	1 Quarter
Weighted average shares outstanding diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	71.38M	shares	1 Quarter

Cash Flow Statement 50 line items

Line Item	Tag	Value	Unit	Period
Net (loss) income	`NetIncomeLoss`	$-26.44M	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$299.94M	USD	1 Quarter
Depreciation	`Depreciation`	$1.00K	USD	1 Quarter
Depreciation	`Depreciation`	$1.00K	USD	1 Quarter
Deferred tax assets	`IncreaseDecreaseInDeferredIncomeTaxes`	$8.72M	USD	1 Quarter
Deferred tax assets	`IncreaseDecreaseInDeferredIncomeTaxes`	$7.20M	USD	1 Quarter
Amortization of warrant issuance costs	`AmortizationOfWarrantIssuedForService`	$26.00K	USD	1 Quarter
Amortization of warrant issuance costs	`AmortizationOfWarrantIssuedForService`	-	USD	1 Quarter
Stock-based compensation	`AllocatedShareBasedCompensationExpense`	$778.00K	USD	1 Quarter
Stock-based compensation	`AllocatedShareBasedCompensationExpense`	$879.00K	USD	1 Quarter
Accounts receivables	`IncreaseDecreaseInAccountsReceivable`	-	USD	1 Quarter
Accounts receivables	`IncreaseDecreaseInAccountsReceivable`	$-2.00K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$261.00K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$281.00K	USD	1 Quarter
Other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$-153.00K	USD	1 Quarter
Other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$-13.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-122.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$3.27M	USD	1 Quarter
Accrued licensing costs	`IncreaseDecreaseInAccruedLicensingCosts`	$90.10M	USD	1 Quarter
Accrued licensing costs	`IncreaseDecreaseInAccruedLicensingCosts`	$-9.44M	USD	1 Quarter
Accrued payroll and related expenses	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-64.00K	USD	1 Quarter
Accrued payroll and related expenses	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$54.00K	USD	1 Quarter
Income tax payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$2.00K	USD	1 Quarter
Income tax payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$41.48M	USD	1 Quarter
Accrued legal expenses	`IncreaseDecreaseInAccruedLegalExpenses`	-	USD	1 Quarter
Accrued legal expenses	`IncreaseDecreaseInAccruedLegalExpenses`	$38.28M	USD	1 Quarter
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$426.36M	USD	1 Quarter
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-4.22M	USD	1 Quarter
Purchase of investments	`PaymentsToAcquireAvailableForSaleSecurities`	$2.48M	USD	1 Quarter
Purchase of investments	`PaymentsToAcquireAvailableForSaleSecurities`	$200.00K	USD	1 Quarter
Proceeds from sale or maturity of investments	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$10.99M	USD	1 Quarter
Proceeds from sale or maturity of investments	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$1.26M	USD	1 Quarter
Net cash provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$8.52M	USD	1 Quarter
Net cash provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$1.06M	USD	1 Quarter
Proceeds from exercise of options	`ProceedsFromStockOptionsExercised`	$768.00K	USD	1 Quarter
Proceeds from exercise of options	`ProceedsFromStockOptionsExercised`	-	USD	1 Quarter
Proceeds from sale of common stock	`ProceedsFromIssuanceOfCommonStock`	-	USD	1 Quarter
Proceeds from sale of common stock	`ProceedsFromIssuanceOfCommonStock`	$4.49M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	-	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$5.26M	USD	1 Quarter
Net increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$4.29M	USD	1 Quarter
Net increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$432.68M	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$197.20M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$192.91M	USD	Point-in-time
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, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$197.20M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$192.91M	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

Stockholders Equity 14 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$5.63M	USD	Point-in-time
Balance	`StockholdersEquity`	$224.44M	USD	Point-in-time
Balance	`StockholdersEquity`	$198.88M	USD	Point-in-time
Balance	`StockholdersEquity`	$311.61M	USD	Point-in-time
Net (loss) income	`NetIncomeLoss`	$-26.44M	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$299.94M	USD	1 Quarter
Change in unrealized investment gain/loss, net	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$5.00K	USD	1 Quarter
Change in unrealized investment gain/loss, net	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$2.00K	USD	1 Quarter
Change in foreign currency translation, net	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-3.00K	USD	1 Quarter
Change in foreign currency translation, net	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$1.00K	USD	1 Quarter
Balance	`StockholdersEquity`	$5.63M	USD	Point-in-time
Balance	`StockholdersEquity`	$224.44M	USD	Point-in-time
Balance	`StockholdersEquity`	$198.88M	USD	Point-in-time
Balance	`StockholdersEquity`	$311.61M	USD	Point-in-time

Comprehensive Income 10 line items

Line Item	Tag	Value	Unit	Period
Net (loss) income	`NetIncomeLoss`	$-26.44M	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$299.94M	USD	1 Quarter
Change in unrealized gain, net of tax	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$5.00K	USD	1 Quarter
Change in unrealized gain, net of tax	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$2.00K	USD	1 Quarter
Change in foreign currency translation, net of tax	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-3.00K	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`	$2.00K	USD	1 Quarter
Comprehensive (loss) income	`ComprehensiveIncomeNetOfTax`	$299.95M	USD	1 Quarter
Comprehensive (loss) income	`ComprehensiveIncomeNetOfTax`	$-26.44M	USD	1 Quarter

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